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Registered number: 917525










DALMORN LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024



 
DALMORN LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
917525



REGISTERED OFFICE
12th Floor
Aldgate Tower

2 Leman Street

London

E1W 9US





 
DALMORN LIMITED
 

CONTENTS



Page
Directors' Report
1
Statement of Comprehensive Income
2
Statement of Financial Position
3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 9


 
DALMORN LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is property dealing.

DIRECTORS

The directors who served during the year were:

Mark Pears 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 3 October 2024 and signed on its behalf.
 





William Bennett
Secretary

Page 1

 
DALMORN LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 3 
25,928
117,315

Cost of sales
 3 
(7,956)
(36,952)

GROSS PROFIT
 3 
17,972
80,363

Administrative expenses
  
(2,420)
(2,466)

OPERATING PROFIT
  
15,552
77,897

Interest receivable and similar income
 5 
378,928
211,863

Interest payable and similar expenses
  
-
(4,571)

PROFIT BEFORE TAX
  
394,480
285,189

Tax on profit
 6 
(98,620)
(55,592)

PROFIT FOR THE FINANCIAL YEAR
  
295,860
229,597

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
295,860
229,597

The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
DALMORN LIMITED
REGISTERED NUMBER:917525

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

  

CURRENT ASSETS
  

Stocks
 7 
47,588
47,635

Debtors: amounts falling due within one year
 8 
6,467,066
6,177,727

Cash at bank and in hand
  
2,330
7,476

  
6,516,984
6,232,838

Creditors: amounts falling due within one year
 9 
(125,723)
(137,437)

NET CURRENT ASSETS
  
 
 
6,391,261
 
 
6,095,401

TOTAL ASSETS LESS CURRENT
LIABILITIES
  
6,391,261
6,095,401

  

NET ASSETS
  
6,391,261
6,095,401


CAPITAL AND RESERVES
  

Called up share capital 
  
100
100

Profit and loss account
 10 
6,391,161
6,095,301

TOTAL EQUITY
  
6,391,261
6,095,401


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2024.




David Pears
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
DALMORN LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
100
6,095,301
6,095,401


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
295,860
295,860
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
295,860
295,860


AT 30 APRIL 2024
100
6,391,161
6,391,261



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
100
5,865,704
5,865,804


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
229,597
229,597
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
229,597
229,597


AT 30 APRIL 2023
100
6,095,301
6,095,401


The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
DALMORN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Dalmorn Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor Aldgate Tower, 2 Leman Street, London, E1W 9US. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The company's functional and presentational currency is GBP and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the rents receivable and sales of property trading stock.

  
2.4

PROPERTY TRANSACTIONS

Purchases and sales of properties are included on the basis of completions occuring during the year.

 
2.5

STOCKS

Stocks of properties are valued at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, Stocks are assessed for impairment. If property is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Income statement.
All repairs, maintenance costs and renewals are written off as incurred.
Certain refurbishment costs which are part of major property refurbishment programmes may,depending on the nature of the works being undertaken, be capitalised in the Statement of financial position as part of property stock.

Page 5

 
DALMORN LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.8

CREDITORS

Short term creditors are measured at the transaction price.

 
2.9

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


TURNOVER

All turnover arose within the United Kingdom.

Turnover 2024
2023
Cost of Sales 
2024
2023
Gross Profit 2024
2023
        £
        £
        £
        £
        £
        £

Sales of trading stock properties

5,000

95,000

(5,673)
 
(34,333)
 
(673)

60,667

Rental income

20,928

22,315

(2,283)
 
(2,619)
 
18,645

19,696

Total


25,928

117,315

(7,956)
 
(36,952)
 
17,972

80,363


Cost of sales of rental income comprises property outgoings.

Page 6

 
DALMORN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3


5.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
378,928
211,863

378,928
211,863


6.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
98,620
55,592


98,620
55,592


TOTAL CURRENT TAX
98,620
55,592

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is the same as (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
394,480
285,189


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19.5%)
98,620
55,612


Short term timing difference leading to a decrease in taxation
-
(20)

TOTAL TAX CHARGE FOR THE YEAR
98,620
55,592

Page 7

 
DALMORN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
6.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


7.


STOCKS

2024
2023
£
£

Freehold and leasehold properties
47,588
47,635

47,588
47,635



8.


DEBTORS

2024
2023
£
£


Sundry loan
6,395,726
6,060,860

Other debtors
71,340
116,867

6,467,066
6,177,727



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Corporation tax
53,769
25,149

Other creditors
65,309
105,792

Accruals and deferred income
6,645
6,496

125,723
137,437



10.


RESERVES

Profit & loss account

The profit and loss account includes all current and prior year retained profits and losses.

Page 8

 
DALMORN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


RELATED PARTY TRANSACTIONS

During the year there were the following transactions with companies and entities in which the directors, Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.


2024
2023
£
£

Management fees payable
2,400
2,400
Loan interest receivable from The William Pears Group of Companies
Limited
378,833
211,863

At the year end there were the following balances with companies and entities in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.

2024
2023
£
£



Loan due from The William Pears Group of Companies Limited
6,395,726
6,060,860

Balance due from Hamways Limited
43,236
113,309




Page 9