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Registered number: 05848070










DUNMOORE GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
DUNMOORE GROUP LIMITED
 

COMPANY INFORMATION


Directors
J R Hobby 
T Souto 
A Marshall 
M Gibbon (resigned 17 October 2023)
A Scott (resigned 4 June 2024)




Company secretary
Mrs L P Hobby



Registered number
05848070



Registered office
Brightwalton House
Brightwalton

Newbury

Berkshire

RG20 7BZ




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
DUNMOORE GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10 - 11
Company balance sheet
 
12 - 13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 41


 
DUNMOORE GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

Introduction
 
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.

Business review
 
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.

Page 1

 
DUNMOORE GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.  

Outlook
 
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.



J R Hobby
Director

Date: 24 March 2025

Page 2

 
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.

Directors

The directors who served during the period were:

J R Hobby 
T Souto 
A Marshall 
M Gibbon (resigned 17 October 2023)
A Scott (resigned 4 June 2024)

Directors' responsibilities statement

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.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Results and dividends

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).

Future developments

Details of the future developments can be found in the Outlook section of the Strategic Rerport. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Page 3

 
DUNMOORE GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Post balance sheet events

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.

Auditor

The auditor, James Cowper Kreston Auditwill 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.
 





J R Hobby
Director

Date: 24 March 2025

Page 4

 
DUNMOORE GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNMOORE GROUP LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
DUNMOORE GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNMOORE GROUP LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
DUNMOORE GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNMOORE GROUP LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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.


Other matters 
 

The financial statements for the year ended 31 December 2022 are unaudited.


Use of our report
 

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 2006Our 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.


Page 7

 
DUNMOORE GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUNMOORE GROUP LIMITED (CONTINUED)





Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

26 March 2025
Page 8

 
DUNMOORE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024

18 months ended
30 June
Year ended
31 December
2024
2022
£
£

  

Turnover
 4 
25,390,329
17,705,328

Cost of sales
  
(21,419,199)
(24,051,932)

Gross profit/(loss)
  
3,971,130
(6,346,604)

Administrative expenses
  
(5,040,305)
(3,683,868)

Fair value movements
  
(849,384)
(2,321,066)

Operating loss
 5 
(1,918,559)
(12,351,538)

Interest receivable and similar income
  
15,659
592

Interest payable and similar expenses
 10 
(3,593,707)
(1,845,912)

Other finance income/(charges)
  
(1,369,700)
2,990,715

Loss before taxation
  
(6,866,307)
(11,206,143)

Tax on loss
 11 
2,463,481
1,215,825

Loss for the financial period
  
(4,402,826)
(9,990,318)

(Loss) for the period attributable to:
  

Owners of the parent Company
  
(4,402,826)
(9,990,318)

  
(4,402,826)
(9,990,318)

There was no other comprehensive income for 2024 (2022:£NIL).

The notes on pages 19 to 41 form part of these financial statements.

Page 9

 
DUNMOORE GROUP LIMITED
REGISTERED NUMBER: 05848070

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

30 June
31 December
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,239,082
46,985

Investments
 14 
526,720
526,720

Investment property
 15 
12,345,000
29,225,000

  
15,110,802
29,798,705

Current assets
  

Stocks
 16 
55,894,847
54,192,670

Debtors due after more than 1 year
 17 
2,099,151
3,312,578

Debtors due within 1 year
 17 
3,038,061
3,803,754

Cash at bank and in hand
 18 
1,026,744
3,489,899

  
62,058,803
64,798,901

Creditors: amounts falling due within one year
 19 
(40,270,545)
(50,817,342)

Net current assets
  
 
 
21,788,258
 
 
13,981,559

Total assets less current liabilities
  
36,899,060
43,780,264

Creditors: amounts falling due after more than one year
 20 
(4,680,003)
(2,400,000)

Provisions for liabilities
  

Deferred taxation
 23 
(5,609,846)
(8,073,227)

  
 
 
(5,609,846)
 
 
(8,073,227)

Net assets
  
26,609,211
33,307,037


Capital and reserves
  

Called up share capital 
 24 
139
139

Share premium account
 25 
1,999,969
1,999,969

Profit and loss account
 25 
24,609,103
31,306,929

  
26,609,211
33,307,037


Page 10

 
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: 




J R Hobby
Director

Date: 24 March 2025

The notes on pages 19 to 41 form part of these financial statements.

Page 11

 
DUNMOORE GROUP LIMITED
REGISTERED NUMBER: 05848070

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

30 June
31 December
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
60,490
29,098

Fixed asset investments
 14 
23,863
23,862

  
84,353
52,960

Current assets
  

Stocks
 16 
995,288
986,733

Debtors
 17 
8,546,722
11,762,549

Cash at bank and in hand
 18 
129,852
414,901

  
9,671,862
13,164,183

Creditors: amounts falling due within one year
 19 
(2,908,121)
(2,784,763)

Net current assets
  
 
 
6,763,741
 
 
10,379,420

Total assets less current liabilities
  
6,848,094
10,432,380

  

Creditors: amounts falling due after more than one year
  
(2,000,000)
-

Provisions for liabilities
  

Deferred taxation
 23 
(70,533)
(57,192)

  
 
 
(70,533)
 
 
(57,192)

Net assets
  
4,777,561
10,375,188


Capital and reserves
  

Called up share capital 
 24 
139
139

Share premium account
 25 
1,999,969
1,999,969

Profit and loss account
  
2,777,453
8,375,080

  
4,777,561
10,375,188


Page 12

 
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: 


J R Hobby
Director

Date: 24 March 2025

The notes on pages 19 to 41 form part of these financial statements.

Page 13

 
DUNMOORE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 January 2023
139
1,999,969
31,306,929
33,307,037
33,307,037



Loss for the period
-
-
(4,402,826)
(4,402,826)
(4,402,826)

Dividends: Equity capital
-
-
(2,295,000)
(2,295,000)
(2,295,000)


At 30 June 2024
139
1,999,969
24,609,103
26,609,211
26,609,211



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 January 2022
139
1,999,969
41,607,247
43,607,355
43,607,355



Loss for the year
-
-
(9,990,318)
(9,990,318)
(9,990,318)

Dividends: Equity capital
-
-
(310,000)
(310,000)
(310,000)


At 31 December 2022
139
1,999,969
31,306,929
33,307,037
33,307,037


The notes on pages 19 to 41 form part of these financial statements.

Page 14

 
DUNMOORE GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
139
1,999,969
8,375,080
10,375,188



Loss for the period
-
-
(3,302,627)
(3,302,627)

Dividends: Equity capital
-
-
(2,295,000)
(2,295,000)


At 30 June 2024
139
1,999,969
2,777,453
4,777,561



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
139
1,999,969
10,988,934
12,989,042



Loss for the year
-
-
(2,303,854)
(2,303,854)

Dividends: Equity capital
-
-
(310,000)
(310,000)


At 31 December 2022
139
1,999,969
8,375,080
10,375,188


The notes on pages 19 to 41 form part of these financial statements.

Page 15

 
DUNMOORE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024

18 months ended
30 June
Year ended
31 December
2024
2022
£
£

Cash flows from operating activities

Loss for the financial period
(4,402,826)
(9,990,318)

Adjustments for:

Depreciation of tangible assets
44,483
18,960

Interest paid
3,593,707
1,845,912

Interest received
(15,659)
(592)

Taxation charge
(2,463,481)
(1,215,825)

Decrease in stocks
14,367,823
8,615,853

Decrease/(increase) in debtors
856,620
(257,461)

(Decrease) in creditors
(57,430)
(65,397)

Corporation tax (paid)
(368,683)
(997,287)

Fair value movement on investment properties
849,384
2,321,066

Fair value movement on interest rate cap
1,369,700
(2,990,715)

Net cash generated from operating activities

13,773,638
(2,715,804)


Cash flows from investing activities

Purchase of tangible fixed assets
(2,236,580)
(33,622)

Purchase of investment properties
(39,384)
(1,255,766)

Sale of investment properties
-
265,000

Interest received
15,659
592

Net cash from investing activities

(2,260,305)
(1,023,796)

Cash flows from financing activities

Bank loan drawdowns
3,886,165
1,415,000

Repayment of loans
(13,973,946)
(3,319,500)

Other new loans
2,000,000
-

Dividends paid
(2,295,000)
(310,000)

Interest paid
(3,593,707)
(1,845,912)

Net cash used in financing activities
(13,976,488)
(4,060,412)


Net (decrease) in cash and cash equivalents
(2,463,155)
(7,800,012)
Page 16

 
DUNMOORE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

18 months ended
30 June
Year ended
31 December

2024
2022

£
£



Cash and cash equivalents at beginning of period
3,489,899
11,289,911

Cash and cash equivalents at the end of period
1,026,744
3,489,899


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,026,744
3,489,899

1,026,744
3,489,899


The notes on pages 19 to 41 form part of these financial statements.

Page 17

 
DUNMOORE GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 JUNE 2024




At 1 January 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

3,489,899

(2,463,155)

1,026,744

Debt due after 1 year

(2,400,000)

(280,003)

(2,680,003)

Debt due within 1 year

(48,196,718)

10,367,974

(37,828,744)


(47,106,819)
7,624,816
(39,482,003)

The notes on pages 19 to 41 form part of these financial statements.

Page 18

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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.

Page 19

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

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.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 20

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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:
 
The Group has transferred the significant risks and rewards of ownership to the buyer;
The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
The amount of revenue can be measured reliably;
It is probable that the Group will receive the consideration due under the transaction; and
The costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 21

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (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:

Freehold property
-
2% straight line
Plant & machinery
-
10% straight line
Fixtures & fittings
-
25% straight line
Office equipment
-
3 years straight line

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.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Stocks

Stocks relate to properties held for development and are stated at the lower of cost and net realisable value. Costs include all direct costs.
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.

Page 23

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.14

Bloodstock

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.

 
2.15

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.

 
2.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

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
Page 24

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.19
Financial instruments (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.
 
Page 25

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.19
Financial instruments (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.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:
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.

Page 26

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


18 months ended
30 June
Year ended
31 December
2024
2022
£
£

Property sales
19,222,083
14,574,244

Rent receivable
4,102,350
2,543,346

Other income
965,977
65,393

Livestock sales
1,099,919
522,345


Analysis of turnover by country of destination:

18 months ended
30 June
Year ended
31 December
2024
2022
£
£

United Kingdom
25,390,329
17,705,328



5.


Operating loss

The operating loss is stated after charging:

18 months ended
30 June
Year ended
31 December
2024
2022
£
£

Depreciation of tangible fixed assets
44,483
18,960

Exchange differences
(1,984)
4,669

Other operating lease rentals
362,530
103,588

Page 27

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Auditor's remuneration

During the period, the Group obtained the following services from the Company's auditor:


18 months ended
30 June
Year ended
31 December
2024
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
20,500
-

Audit and preparation of the financial statements of the subsidiaries
59,350
49,845

Tax compliance services
14,000
12,655


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
30 June
Group
31 December
Company
30 June
Company
31 December
2024
2022
2024
2022
£
£
£
£


Wages and salaries
1,451,085
1,057,929
1,286,623
1,057,929

Social security costs
156,366
135,832
156,366
135,832

Cost of defined contribution scheme
45,372
20,602
45,372
20,602

1,652,823
1,214,363
1,488,361
1,214,363


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



Group
Group
Company
Company
  18 months ended
        30 June
       Year ended
      31 December
  18 months ended
        30 June
       Year ended
      31 December
        2024
        2022
        2024
        2022
            No.
            No.
            No.
            No.









Employees
13
8
13
8

Page 28

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

8.


Directors' remuneration

18 months ended
30 June
Year ended
31 December
2024
2022
£
£

Directors' emoluments
772,025
733,858

Group contributions to defined contribution pension schemes
4,848
12,907

776,873
746,765


During the period retirement benefits were accruing to 5 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £360,014 (2022 - £ 296,346).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £770 (2022 - £NIL).


9.


Interest receivable

18 months ended
30 June
Year ended
31 December
2024
2022
£
£


Other interest receivable
15,659
592


10.


Interest payable and similar expenses

18 months ended
30 June
Year ended
31 December
2024
2022
£
£


Bank interest payable
3,567,345
1,845,912

Other loan interest payable
26,362
-

Page 29

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

11.


Taxation


18 months ended
30 June
Year ended
31 December
2024
2022
£
£

Corporation tax


Current tax on profits for the year
(100)
159,365

Adjustments in respect of previous periods
-
106,361


(100)
265,726


Total current tax
(100)
265,726

Deferred tax


Origination and reversal of timing differences
(2,469,392)
(1,481,551)

Adjustments for prior periods
6,011
-

Total deferred tax
(2,463,381)
(1,481,551)


Tax on loss
(2,463,481)
(1,215,825)
Page 30

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 24% (2022 - 19%). The differences are explained below:

18 months ended
30 June
Year ended
31 December
2024
2022
£
£


Loss on ordinary activities before tax
(6,866,307)
(11,206,143)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2022 - 19%)
(1,653,571)
(2,129,167)

Effects of:


Expenses not deductible for tax purposes
20,049
391,931

Fixed asset differences
53,282
154,027

Deferred tax adjustments
(10,606)
-

Adjustments to tax charge in respect of prior periods
-
91,053

Adjustments to deferred tax charge in respect of prior periods
(745,767)
33,939

Remeasurement of deferred tax for change in tax rate
(124,497)
1,145

Non-taxable income
-
(304,000)

Unrelieved tax losses carried forward
-
545,247

Other movements
(2,371)
-

Total tax charge for the period/year
(2,463,481)
(1,215,825)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


12.


Dividends

30 June
31 December
2024
2022
£
£


Dividends
2,295,000
310,000

2,295,000
310,000

Page 31

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

13.


Tangible fixed assets

Group








Freehold property
Plant & machinery
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
-
26,500
10,838
187,448
224,786


Additions
1,331,274
842,642
-
62,664
2,236,580



At 30 June 2024

1,331,274
869,142
10,838
250,112
2,461,366



Depreciation


At 1 January 2023
-
8,613
10,838
158,350
177,801


Charge for the year
4,888
8,323
-
31,272
44,483



At 30 June 2024

4,888
16,936
10,838
189,622
222,284



Net book value



At 30 June 2024
1,326,386
852,206
-
60,490
2,239,082



At 31 December 2022
-
17,887
-
29,098
46,985




The net book value of land and buildings may be further analysed as follows:


30 June
31 December
2024
2022
£
£

Freehold
1,326,386
-


Included in freehold property is land at cost of £1,268,000 (2022: £nil) which is not depreciated.

Page 32

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

           13.Tangible fixed assets (continued)


Company









Office equipment

£

Cost or valuation


At 1 January 2023
187,448


Additions
62,664



At 30 June 2024

250,112



Depreciation


At 1 January 2023
158,350


Charge for the year
31,272



At 30 June 2024

189,622



Net book value



At 30 June 2024
60,490



At 31 December 2022
29,098







14.


Fixed asset investments

Group








Unlisted investments

£



Cost or valuation


At 1 January 2023
526,720



At 30 June 2024
526,720




Page 33

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Company








Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
23,863



At 30 June 2024
23,863





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Class of shares

Holding

Dunmoore Limited
Ordinary
100%
Dunmoore Ventures Limited
Ordinary
100%
Dunmoore (West London) Limited*
Ordinary
100%
Dunmoore Properties Limited
Ordinary
100%
Middlegreen Limited*
Ordinary
100%
MG Flats LLP*
-
100%
Leckhampstead Farm Limited
Ordinary
100%
Brightwalton Stud Limited (Formerly Brightwalton Bloodstock Limited)
Ordinary
100%
Billingshurst Management Company Limited
Ordinary
100%
Brightwalton Bloodstock Limited (Formerly Dunmoore DM Limited)
Ordinary
100%

*Denotes indirect shareholding.
The registered office for all subsidiary undertakings is the same as the parent, listed on the Company
information page.



The following companies are exempt from the requirements under Companies Act 2006 relating to the audit of financial statements under Section 479A of the Companies Act 2006:

Name

Registered number



Dunmoore Ventures Limited
04750371
Middlegreen Limited
04766640
MG Flats LLP
OC398021
Brightwalton Stud Limited
08467045

Page 34

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

15.


Investment property

Group





Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 January 2023
28,410,000
815,000
29,225,000


Additions at cost
39,384
-
39,384


Surplus on revaluation
(849,384)
-
(849,384)


Transfers between classes
(16,070,000)
-
(16,070,000)



At 30 June 2024
11,530,000
815,000
12,345,000

The 2024 valuations were made by The Directors, on an open market value for existing use basis.









16.


Stocks

Group
30 June
Group
31 December
Company
30 June
Company
31 December
2024
2022
2024
2022
£
£
£
£

Development sites
51,891,069
51,028,420
995,288
986,733

Bloodstock
4,003,778
3,164,250
-
-

55,894,847
54,192,670
995,288
986,733


Page 35

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

17.


Debtors

Group

30 June
Group
As restated
31 December
Company

30 June
Company
As restated
31 December
2024
2022
2024
2022
£
£
£
£

Due after more than one year

Financial instruments
2,099,151
3,312,578
-
-

2,099,151
3,312,578
-
-

Due within one year

Trade debtors
354,098
1,184,742
-
-

Amounts owed by group undertakings
-
166,680
7,358,367
10,756,006

Other debtors
1,831,767
1,279,197
1,180,208
994,089

Prepayments and accrued income
852,196
1,016,861
8,147
12,454

Financial instruments
-
156,273
-
-

5,137,212
7,116,331
8,546,722
11,762,549



18.


Cash and cash equivalents

Group

30 June
Group
31 December
Company

30 June
Company
31 December
2024
2022
2024
2022
£
£
£
£

Cash at bank and in hand
1,026,744
3,489,899
129,852
414,901

1,026,744
3,489,899
129,852
414,901


Page 36

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

19.


Creditors: Amounts falling due within one year

Group

30 June
Group
As restated
31 December
Company

30 June
Company
As restated
31 December
2024
2022
2024
2022
£
£
£
£

Bank loans
37,826,347
48,194,131
-
-

Trade creditors
829,931
1,202,438
35,841
92,881

Amounts owed to group undertakings
-
-
2,713,186
2,626,504

Corporation tax
-
368,783
-
-

Other taxation and social security
122,901
121,783
67,948
44,593

Other creditors
596,415
148,805
66,788
15,667

Accruals and deferred income
894,951
781,402
24,358
5,118

40,270,545
50,817,342
2,908,121
2,784,763



20.


Creditors: Amounts falling due after more than one year

Group
30 June
Group
31 December
Company
30 June
Company
31 December
2024
2022
2024
2022
£
£
£
£

Bank loans
2,680,003
2,400,000
-
-

Other loans
2,000,000
-
2,000,000
-

4,680,003
2,400,000
2,000,000
-


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.

Page 37

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
30 June
Group
31 December
2024
2022
£
£

Amounts falling due within one year

Bank loans
37,826,347
48,194,131

Amounts falling due 1-2 years

Bank loans
11,300
2,400,000

Amounts falling due 2-5 years

Bank loans
2,668,703
-


40,506,350
50,594,131



22.


Financial instruments

Group
30 June
Group
31 December
Company
30 June
Company
31 December
2024
2022
2024
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,099,151
3,468,851
-
-

Cash and cash equivalents
1,026,744
3,489,899
129,852
414,901

3,125,895
6,958,750
129,852
414,901




Financial assets measured at fair value through profit or loss comprise interest rate caps.

Page 38

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

23.


Deferred taxation


Group



2024
2022


£

£






At beginning of year
(8,073,227)
(9,554,778)


Charged to profit or loss
2,463,381
1,481,551



At end of year
(5,609,846)
(8,073,227)

Company


2024
2022


£

£






At beginning of year
(57,192)
(57,192)


Charged to profit or loss
(13,341)
-



At end of year
(70,533)
(57,192)

Group
30 June
Group
31 December
Company
30 June
Company
31 December
2024
2022
2024
2022
£
£
£
£

Accelerated capital allowances
277,568
(323,845)
(14,883)
(1,724)

Short term timing differences
(4,698,069)
(4,433,824)
(55,650)
(55,468)

Investment property revaluations
(1,189,345)
(3,315,558)
-
-

(5,609,846)
(8,073,227)
(70,533)
(57,192)

Page 39

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

24.


Share capital

30 June
31 December
2024
2022
£
£
Allotted, called up and fully paid



96,000 (2022 - 96,000) A Ordinary shares of £0.001 each
96
96
5,000 (2022 - 5,000) B Ordinary shares of £0.001 each
5
5
25,150 (2022 - 25,150) C Ordinary shares of £0.001 each
25
25
12,588 (2022 - 12,590) D Ordinary shares of £0.001 each
13
13

139

139


All shares have attached to them full voting rights, and rights to dividends and capital distributions. They do not confer any rights of redemption.


25.


Reserves

Share premium account

This represents the premium paid for the historic issue of shares in excess of the nominal value.

Profit & loss account

Retained earnings represents the cumulative profits available for distribution. 


26.


Pension commitments

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.

Page 40

 
DUNMOORE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

27.


Related party transactions

The Group has taken advantage of the exemption under FRS 102 not to disclose related party transactions with wholly owned group companies. 
During the period the Group was charged costs of £716,949 (2022: £523,488) by a business operated by a director. At the period end the Group was owed £104,042 by that business (2022: £442,624).
At the period end the Group owed £nil (2022: £166,680) to Hobby Family Limited, a company with common directors.
At the period end J R Hobby owed the company £289,223 (2022: £508,734). The amount is non interest bearing and repayable on demand. 
At the period end the company owed L P Hobby £nil (2022: £2,587). The amount is not interest bearing and repayable on demand.
During the period a loan of £2,000,000 (2022: £nil) was made to the company by J R Hobby, the loan is interest bearing and is repayable in March 2026. £2,000,000 (2022: £nil) of this loan was outstanding at the period end. 
There are no key management personnel other than the directors and details of remuneration paid to directors is included in note 8.


28.


Post balance sheet events

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.


29.


Controlling party

The group is controlled by J R Hobby by virtue of his shareholding in the parent company. 

Page 41