Registered number:
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
COMPANY INFORMATION
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DUNMOORE GROUP LIMITED
CONTENTS
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DUNMOORE GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
I am pleased to report on the performance of The Group during a transformative 18-month period, as we navigated a challenging period for commercial property following the impacts of Covid. Our proactive asset management strategy has enabled us to continue to focus on opportunistic disposals and strategic planning-based repositioning.
During the period, we completed disposal of over £19 million of asset sales, all at or above their respective valuations, achieving a profit on cost across all assets of 24.7%. Proceeds were strategically deployed to reduce high-cost debt and reinvest in our existing sites.
The office market has been disproportionately impacted by significant drop off in letting activity post-Covid-19, compounded by an outward movement in yields. In response, we have repositioned our London office assets in Isleworth and Uxbridge to capitalise on residential conversion opportunities, enhancing value and future returns. This change of strategy runs in line with the incoming governments push to fulfil revised housing targets. At Uxbridge, the property was strategically divided into two parts. The mews building in the car park was sold to an owner-occupier to remain as an office, while a sale was agreed for the main building following a successful planning application for conversion to residential at a premium to valuation. During the year Isleworth was repositioned as a phased residential development, with planning secured for 33 flats on the first phase and a sale agreed with a Housing Association to purchase the site on a forward fund basis, validating our strategic approach. Planning for the second phase was also prepared and submitted in the financial period. Despite the challenging office market dynamics, our office at Bennetts Hill in Birmingham continues to perform strongly with high occupancy rates and rental growth. However, a significant write-down in valuation was recorded due to outward yield movements. However, we believe this prime asset still has good short to medium term prospects. The industrial sector remains robust, with strong occupancy rates and sustained rental growth across all sites. Letting across all locations have continued to set increased rental values , reflecting the continued demand for good, well-located industrial assets. This rental growth has effectively mitigated the outward movement in yields, which have now begun to stabilise. With yields stabilising and build cost inflation showing signs of moderation, the valuations of our development sites have remained largely consistent. Since the year end, we have exchanged contracts on a subject to planning sale of a 3-acre plot at Billingshurst, well ahead of the existing valuation. The consolidated accounts reflect a decrease of approximately £4.4 million in net assets, excluding distributions made to shareholders. This decline is partly attributable to the reduction in value of our £35 million interest rate cap as it approached maturity amid a stabilising interest rate environment. Additionally, write downs against the office stock, which we anticipate the ongoing conversion and redevelopment to residential will more than mitigate. Since the financial year, we successfully refinanced all facilities with our lending partners, HSBC until May 2026 and NatWest to June 2027. We continue to benefit from a £35 million interest rate cap at 1.883% SONIA, expiring in 2027. Following post-year-end redemptions, this cap now fully hedges the Group’s debt exposure, offering substantial protection against potential interest rate volatility. To further safeguard against economic uncertainties, two additional caps were secured post-balance sheet, extending interest rate protection until 2032.
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DUNMOORE GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
The recent budget has introduced uncertainty within the property sector, with the potential changes impacting investment decisions. Economic factors such as inflation, interest rate fluctuations, and changes in taxation are contributing to a cautious market outlook, with stakeholders closely monitoring how these shifts may influence investment and development decisions.
With a strategic shift towards residential we’ve sought to reduce future market risk by securing site sales, forward funding and or block presales prior to development. Our team remain vigilant in managing construction, contractor, supply chains and material risks. We also have robust vetting procedures for all contractors and suppliers.
The key performance indicator monitored by the Directors is the Group's net assets. During the period net assets decreased from £33.3m to £26.6m for the reasons noted above.
Looking ahead, The Group is well-positioned for future growth. Since the year end, we have successfully completed on both the sales at our London office projects. Planning permission for the second phase at Isleworth has now been secured, continuing to successfully unlock further value growth. The management team continue to rely on strong in house asset management skill, trusted teams of contractors and advisors and, due to the shareholder structure, remain nimble and pro-active in our decision-making process to continue to stay ahead of any market changes.
This report was approved by the board and signed on its behalf.
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DUNMOORE GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
The directors present their report and the financial statements for the period ended 30 June 2024.
The directors who served during the period were:
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £4,402,826 (2022 - loss £9,990,318).
Dividends of £2,295,000 were declared during the period (2022: £310,000).
Details of the future developments can be found in the Outlook section of the Strategic Rerport.
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DUNMOORE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
Post year end the Group refinanced a loan with its existing lender, HSBC, for £30,381,615 with an extended repayment date of the 3rd May 2026. The Group also refinanced a loan with its existing lender, NatWest, for £2,575,000 with the same original repayment date. .
The Group also completed on two sales post year end, with the £2,762,175 sale of the site at Phase 1 Isleworth and the £5,000,000 sale of Wellington House, Uxbridge.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DUNMOORE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNMOORE GROUP LIMITED
We have audited the financial statements of Dunmoore Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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DUNMOORE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNMOORE GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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DUNMOORE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNMOORE GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
The financial statements for the year ended 31 December 2022 are unaudited.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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DUNMOORE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNMOORE GROUP LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Greenham
Berkshire
RG19 6AB
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DUNMOORE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
REGISTERED NUMBER: 05848070
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
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DUNMOORE GROUP LIMITED
REGISTERED NUMBER: 05848070
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 41 form part of these financial statements.
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DUNMOORE GROUP LIMITED
REGISTERED NUMBER: 05848070
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
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DUNMOORE GROUP LIMITED
REGISTERED NUMBER: 05848070
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 41 form part of these financial statements.
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DUNMOORE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
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DUNMOORE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
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DUNMOORE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
The company is limited by shares and is incorporated in England and Wales with a registered office at Brightwalton House, Brightwalton, Newbury, RG20 7BZ. Registered number 05848070.
The principal activity of the Group is that of property development.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The company has extended its year end from 31 December 2023 to 30 June 2024 to align with its subsidiaries year ends, therefore the figures are not entirely comparable.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
At year end the Group had HSBC bank loans of £36.325m which were due to be repaid by May 2025 and since the year end these have been renewed until May 2026. All Group debt also benefits from being capped at SONIA 1.89% until March 2027, with additional caps reducing the risk on interest rates until March 2032.
The Group has substantial net assets and whilst there was a reduction during the year, after dividends, this principally related to a combination of the reduction in value of the interest rate cap, as it progresses towards maturity, and valuation reductions in the office assets because the office market has been disproportionately impacted by significant drop offs in letting activity post-Covid-19. The Group’s exposure on offices has since the year end been significantly reduced by the profitable sale of the Uxbridge office property for residential redevelopment and the increased value, as a result of further planning consents for change of use to residential recently granted, on the Offices at Isleworth. The Directors have prepared detailed cashflow forecasts for a period in excess of one year of the approval of the financial statements which show the Group has sufficient cash and working capital to meet all liabilities as they fall due during the period.
Functional and presentation currency
Transactions and balances
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
Income from the sales of properties held as stock are recognised on completion and in line with the sales contract. Rentals income from operating leases is credited to the statement of comprehensive income on a straight line basis over the term of the relevant lease. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard, 1 January 2015, to continue to be charged over the period to the first market rent review rather than the term of the lease Other income in relation to the tenancies are recognised in the period in which they relate. Sale of bloodstock Revenue from the sale of bloodstock is recognised when all of the following conditions are satisfied:
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
Bloodstock (mares, horses in training, youngstock and foals) is valued individually under the cost model at the lower of cost or valuation at the balance sheet date.
The book value of broodmares and horses in training is considered on an annual basis and impairment adjustments are made where necessary. This is considered to be more appropriate than applying a systematic depreciation charge. The cost of the homebred foals and youngstock is determined as the aggregate of the cost of keep of the broodmares for one year and the annual write off of the stallion share utilised or the cost of the nomination, as appropriate. The book value of foals and youngstock is considered on an annual basis and impairment adjustments are made where necessary. This is considered to be more appropriate than applying a systematic depreciation charge. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance sheet when the Group 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
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Other financial instruments
The Group uses interest rate caps to manage its exposure to fair value risk on interest rate movements. These derivatives are measuresd at fair value at each balance sheet date. Valuation of investment properties Investment properties are held at fair value. Where the fair value of the properties is determined by the directors this is determined using external inputs such as rental yields for equivilant properties. The key judgment made by management in respect of investment properties is whether, at a given point in time, the properties held represent investment properties or trading stock held for development. At the point that a property's intended use changes adjustments are made to transfer the properties between investment properties and stock. Development stock Stock represents property acquired for development together with work in progress on those properties. These assets are included at the lower of cost and net realisable value. NRV in respect of inventory is assessed with reference to market prices at the reporting date for similar completed property, less estimated costs to complete construction. Where the NRV of the site falls below the cost incurred, a provision is included to impair the value. Bloodstock Determining the net realisable value of bloodstock involves judgment in the absence of post year end sales proceeds. In order to determine the net realisable value of the bloodstock management utilise all available information including sales data and professional valuations provided to the Group.
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Analysis of turnover by country of destination:
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
11.Taxation (continued)
There are no factors that may affect future tax charges.
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
13.Tangible fixed assets (continued)
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Page 34
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
The 2024 valuations were made by The Directors, on an open market value for existing use basis.
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
The bank loans are secured against the groups investment properties and freehold properties held for development, included in stocks.
The other loan relates to a loan provided to the company by J R Hobby which is interest bearing and is repayable in March 2026.
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Page 39
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Share premium account
Profit & loss account
The pension charge represents contributions payable by the group to personal pension plans and
amounted to £45,372 (2022: £20,602). No contributions were payable at the balance sheet date in 2024 or 2022.
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DUNMOORE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
The Group also completed on two sales post year end, with the £2,762,175 sale of the site at Phase 1 Isleworth and the £5,000,000 sale of Wellington House, Uxbridge.
The group is controlled by
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