Company Registration No. SC421714 (Scotland)
DORCHESTER OPERATIONS (NO. 1) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DORCHESTER OPERATIONS (NO. 1) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DORCHESTER OPERATIONS (NO. 1) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
306,175
278,468
Cash at bank and in hand
314,728
156,297
620,903
434,765
Creditors: amounts falling due within one year
4
(644,616)
(437,900)
Net current liabilities
(23,713)
(3,135)
Capital and reserves
Called up share capital
5
3
3
Profit and loss reserves
6
(23,716)
(3,138)
Total equity
(23,713)
(3,135)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 February 2025 and are signed on its behalf by:
B Dawson
Director
Company Registration No. SC421714
DORCHESTER OPERATIONS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Dorchester Operations (No. 1) Limited is a private company limited by shares incorporated in Scotland. The registered office is Turnberry House, 175 West George Street, Glasgow, United Kingdom, G2 2LB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on a going concern basis which assumes the company will continue to trade for the foreseeable future. This is made possible by the continued support of the parent company, Interstate UK Holdco Limited. The directors of the parent company advise that continued financial support will be provided should the need arise in the period of at least 12 months from the date of signing these financial statements. Therefore, the directors are satisfied that the going concern basis is appropriate. true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable under the terms of the relevant management contract, excluding value added tax. Turnover represents payroll expenses recharged to clients and is recognised in the month in which the payroll expenses are incurred.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DORCHESTER OPERATIONS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
DORCHESTER OPERATIONS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
132
121
No remuneration was paid to the directors through this company. The directors receive remuneration through another subsidiary within the group.
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
306,175
278,468
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
216,334
65,618
Taxation and social security
223,830
196,330
Other creditors
204,452
175,952
644,616
437,900
Amounts owed to group undertakings are interest free and repayable on demand.
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
6
Profit and loss reserves
Profit and loss reserves represent accumulated comprehensive income for the year and prior periods less dividends paid.
DORCHESTER OPERATIONS (NO. 1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Allyson Banford and the auditor was Johnston Carmichael LLP.
8
Related party transactions
The company has taken advantage of the exemption in FRS 102 Section 33.1A from the requirement to disclose transactions with 100% owned group companies.
9
Parent company
The smallest group in which the results are consolidated is Interstate UK Holdco Limited. The registered office of Interstate UK Holdco Limited is Riverbank House, 2 Swan Lane, London, England, EC4R 3TT. The accounts of Interstate UK Holdco Limited can be obtained from Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF or from the Companies house website at https://www.gov.uk/government/organisations/companies-house.
The ultimate parent company and the largest group in which the results are consolidated Aimbridge Acquisition Co, Inc. Copies of the group financial statements of Aimbridge Acquisition Co, Inc, are available from 5301 Headquarters Drive, Plano, TX 75024. The ultimate controlling party is Aimbridge Group Holdings L.P, a US registered entity.