Dunview Limited
Annual Report and Financial Statements
For the year ended 31 August 2024
Company Registration No. 05690732 (England and Wales)
Dunview Limited
Company Information
Directors
N. McGrail
D. Quinlan
M. Evans
C Randall
Secretary
M. Evans
Company number
05690732
Registered office
Stepping Stones
Broadoak
Newham-on-Severn
Gloucestershire
GL14 1JF
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Dunview Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
Dunview Limited
Strategic Report
For the year ended 31 August 2024
Page 1
The directors present the strategic report and financial statements for the year ended 31 August 2024.
Fair review of the business
The Group operates residential care homes for adults with learning disabilities and mental health diagnosis. This is across a variety of locations and settings to allow us to tailor the services provided to the individual’s needs. The strategy of the business is to provide high quality care at all homes and maintain occupancy levels, and also a focus on recruitment, retention and training of staff to ensure service provision is consistent and appropriate to the needs of our service users.
Government cuts in social care and public sector spending combined with wage inflation continue to present challenges to turnover and operating profit. The Directors expect a further period of challenge and consolidation.
Key performance indicators
We consider that our key financial performance indicators are those that communicate the financial performance of the group as a whole, these being occupancy, turnover and operating profit margin.
2024
2023
Occupancy at the year end
82
83
Turnover
£8,712,336
£8,273,166
Staff costs as a percentage of fee income
67%
64%
Gross profit margin
40.9%
42.6%
Operating profit margin
12.2%
13.0%
Principal risks and uncertainties
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
D. Quinlan
Director
14 May 2025
Dunview Limited
Directors' Report
For the year ended 31 August 2024
Page 2
The directors present their annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activity of the company throughout the period was that of an investment holding company. There are no plans to diversify in the future.
The company owns three subsidiaries:-
Stepping Stones Resettlement Unit Limited - Operator of residential care homes for people with learning disabilities and mental health diagnosis.
Pfera Hall Limited - Dormant
Stones Holdings Limited - Dormant
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
N. McGrail
D. Quinlan
M. Evans
C Randall
Auditor
In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
D. Quinlan
Director
14 May 2025
Dunview Limited
Directors' Responsibilities Statement
For the year ended 31 August 2024
Page 3
The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Dunview Limited
Independent Auditor's Report
To the Members of Dunview Limited
Page 4
Opinion
We have audited the financial statements of Dunview Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including 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).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 August 2024 and of the group's profit for the year 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.
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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.
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.
Dunview Limited
Independent Auditor's Report (Continued)
To the Members of Dunview Limited
Page 5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the 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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Dunview Limited
Independent Auditor's Report (Continued)
To the Members of Dunview Limited
Page 6
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 financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Dunview Limited
Independent Auditor's Report (Continued)
To the Members of Dunview Limited
Page 7
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and the Care Quality Commission.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.
Jonathan Sutcliffe (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
15 May 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Dunview Limited
Group Statement of Comprehensive Income
For the year ended 31 August 2024
Page 8
2024
2023
Notes
£
£
Turnover
3
8,712,336
8,273,166
Cost of sales
(5,147,433)
(4,749,777)
Gross profit
3,564,903
3,523,389
Administrative expenses
(2,527,381)
(2,508,248)
Other operating income
22,822
59,509
Operating profit
4
1,060,344
1,074,650
Interest receivable and similar income
30,915
13,023
Interest payable and similar expenses
7
(325,817)
(313,158)
Profit before taxation
765,442
774,515
Tax on profit
9
(374,458)
(261,406)
Profit for the financial year
390,984
513,109
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Dunview Limited
Group Balance Sheet
As at 31 August 2024
Page 9
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
12,865,984
13,086,897
Current assets
Debtors
13
1,381,652
1,196,188
Investments
14
793,938
763,023
Cash at bank and in hand
915,876
965,237
3,091,466
2,924,448
Creditors: amounts falling due within one year
15
(1,719,853)
(1,771,694)
Net current assets
1,371,613
1,152,754
Total assets less current liabilities
14,237,597
14,239,651
Creditors: amounts falling due after more than one year
16
(3,542,782)
(4,058,656)
Provisions for liabilities
Deferred tax liability
20
(2,031,428)
(1,908,592)
(2,031,428)
(1,908,592)
Net assets
8,663,387
8,272,403
Capital and reserves
Called up share capital
21
1,180
1,180
Share premium account
3,203,500
3,203,500
Profit and loss reserves
5,458,707
5,067,723
Total equity
8,663,387
8,272,403
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
14 May 2025
D. Quinlan
Director
Dunview Limited
Company Balance Sheet
As at 31 August 2024
31 August 2024
Page 10
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
9,594,757
9,594,757
Current assets
Debtors
13
4,590,913
4,390,235
Investments
14
793,938
763,023
Cash at bank and in hand
467,283
370,922
5,852,134
5,524,180
Creditors: amounts falling due within one year
15
(9,227,786)
(8,101,186)
Net current liabilities
(3,375,652)
(2,577,006)
Total assets less current liabilities
6,219,105
7,017,751
Creditors: amounts falling due after more than one year
16
(3,500,366)
(4,008,861)
Net assets
2,718,739
3,008,890
Capital and reserves
Called up share capital
21
1,180
1,180
Share premium account
3,203,500
3,203,500
Profit and loss reserves
(485,941)
(195,790)
Total equity
2,718,739
3,008,890
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £290,151 (2023 - £297,901 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
14 May 2025
D. Quinlan
Director
Company Registration No. 05690732 (England and Wales)
Dunview Limited
Group Statement of Changes in Equity
For the year ended 31 August 2024
Page 11
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,000
3,203,500
4,554,614
7,759,114
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
513,109
513,109
Issue of share capital
21
180
-
180
Balance at 31 August 2023
1,180
3,203,500
5,067,723
8,272,403
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
390,984
390,984
Balance at 31 August 2024
1,180
3,203,500
5,458,707
8,663,387
Dunview Limited
Company Statement of Changes in Equity
For the year ended 31 August 2024
Page 12
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,000
3,203,500
102,111
3,306,611
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
-
(297,901)
(297,901)
Issue of share capital
21
180
-
180
Balance at 31 August 2023
1,180
3,203,500
(195,790)
3,008,890
Year ended 31 August 2024:
Loss and total comprehensive income for the year
-
-
(290,151)
(290,151)
Balance at 31 August 2024
1,180
3,203,500
(485,941)
2,718,739
Dunview Limited
Group Statement of Cash Flows
For the year ended 31 August 2024
Page 13
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,110,929
558,248
Interest paid
(325,817)
(313,158)
Income taxes paid
(352,123)
(250,000)
Net cash inflow/(outflow) from operating activities
432,989
(4,910)
Investing activities
Proceeds on disposal of tangible fixed assets
2,751
6,950
Interest received
30,915
13,023
Net cash generated from investing activities
33,666
19,973
Financing activities
Proceeds from issue of shares
-
180
Repayment of bank loans
(450,450)
(1,167,644)
Payment of finance leases obligations
(34,651)
(46,425)
Net cash used in financing activities
(485,101)
(1,213,889)
Net decrease in cash and cash equivalents
(18,446)
(1,198,826)
Cash and cash equivalents at beginning of year
1,728,260
2,927,086
Cash and cash equivalents at end of year
1,709,814
1,728,260
Relating to:
Cash at bank and in hand
915,876
965,237
Short term deposits included in current asset investments
793,938
763,023
Dunview Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 14
1
Accounting policies
Company information
Dunview Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Broadaok, Newham-on-Severn, Gloucestershire, GL14 1JF.
The group consists of Dunview Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £290,151 (2023 - £297,901 loss).
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated financial statements incorporate those of Dunview Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 15
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The group has continued to trade strongly in the current year and has net assets of £8,663,387 (2023: £8,272,403), including cash at bank of £915,876 (2023: £965,237) at 31 August 2024 and achieved a profit before taxation of £765,442 (2023: £774,515). Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents the amounts receivable during the year for residents fee income. Where the amount received relates to a period which covers the balance sheet date, the amount is apportioned to the financial period to which it relates.
1.5
Intangible fixed assets - goodwill
Negative goodwill is amortised to the profit and loss account in the periods in which the freehold property are recovered through sale, depreciation or permanent diminution in value.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured net of depreciation and any impairment losses. Freehold property was revalued at the transition date to FRS 102 and is now held as deemed cost and subsequently measured net of depreciation and any impairment losses. For freehold properties depreciation is only recognised on the cost attributable to buildings, not land.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Motor vehicles
20% of written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 16
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 17
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 18
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 19
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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 deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 20
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The group operated a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Borrowing costs
All borrowings are initially stated at the fair value of the consideration received after deduction of finance costs. Finance costs are charged to the profit and loss account over the term of the borrowings and represents a constant proportion of the balance of capital repayments outstanding.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 21
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Social care services
8,712,336
8,273,166
2024
2023
£
£
Turnover analysed by geographical market
UK
8,712,336
8,273,166
2024
2023
£
£
Other revenue
Interest income
30,915
13,023
Grants received
22,822
59,509
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(22,822)
(59,509)
Depreciation of owned tangible fixed assets
210,075
222,832
Depreciation of tangible fixed assets held under finance leases
30,359
20,563
Loss on disposal of tangible fixed assets
4,968
12,885
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
15
16
-
-
Care Services
170
155
-
-
Total
185
171
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
5
Employees
(Continued)
Page 22
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,068,530
4,568,920
Social security costs
474,520
425,895
-
-
Pension costs
292,770
278,498
5,835,820
5,273,313
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
-
Audit of the company's subsidiaries
25,985
37,006
35,985
37,006
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
314,948
304,188
Other finance costs:
Interest on finance leases and hire purchase contracts
10,869
8,970
Total finance costs
325,817
313,158
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,058,187
937,416
Company pension contributions to defined contribution schemes
54,543
45,911
1,112,730
983,327
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
8
Directors' remuneration
(Continued)
Page 23
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
455,774
451,513
Company pension contributions to defined contribution schemes
10,338
10,338
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
251,622
230,994
Deferred tax
Origination and reversal of timing differences
122,836
30,412
Total tax charge
374,458
261,406
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
765,442
774,515
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
191,361
166,676
Tax effect of expenses that are not deductible in determining taxable profit
5,097
17,502
Adjustments in respect of prior years
126,063
32,919
Effect of change in corporation tax rate
-
(388)
Depreciation on assets not qualifying for tax allowances
51,937
44,697
Taxation charge
374,458
261,406
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 24
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
9,594,757
9,594,757
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
9,594,757
Carrying amount
At 31 August 2024
9,594,757
At 31 August 2023
9,594,757
11
Tangible fixed assets
Group
Freehold property
Motor vehicles
Total
£
£
£
Cost
At 1 September 2023
14,005,000
245,477
14,250,477
Additions
27,240
27,240
Disposals
(41,123)
(41,123)
At 31 August 2024
14,005,000
231,594
14,236,594
Depreciation and impairment
At 1 September 2023
1,050,375
113,205
1,163,580
Depreciation charged in the year
210,075
30,359
240,434
Eliminated in respect of disposals
(33,404)
(33,404)
At 31 August 2024
1,260,450
110,160
1,370,610
Carrying amount
At 31 August 2024
12,744,550
121,434
12,865,984
At 31 August 2023
12,954,625
132,272
13,086,897
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
11
Tangible fixed assets
(Continued)
Page 25
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
121,435
144,501
Depreciation charge for the year in respect of leased assets
30,359
20,563
-
-
The freehold properties are deemed at cost, representing the frozen valuation at 1 August 2014, as permitted under the transitional arrangements to FRS102. The historical cost of the freehold properties included in the valuations amounted to £5,356,539.
There is a legal charge over the freehold properties in favour of Royal Bank of Scotland. This is security for the bank loan held in the company.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 26
12
Subsidiaries
Details of the company's subsidiaries at 31 August 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Indirect
Pfera Hall Limited
England & Wales
Dormant
Ordinary shares
0
100.00
Stepping Stones Resettlement Unit Limited
England & Wales
Provision of care and training
Ordinary shares
0
100.00
Stones Holdings Limited
England & Wales
Dormant
Ordinary shares
100.00
-
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
247,372
319,435
Amounts owed by group undertakings
-
-
3,529,784
3,529,784
Other debtors
796,389
3,009
793,380
Prepayments and accrued income
70,142
13,293
1,113,903
335,737
4,323,164
3,529,784
Amounts falling due after more than one year:
Corporation tax recoverable
267,749
217,123
267,749
217,123
Other debtors
643,328
643,328
267,749
860,451
267,749
860,451
Total debtors
1,381,652
1,196,188
4,590,913
4,390,235
14
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Short term deposits
793,938
763,023
793,938
763,023
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 27
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
493,843
435,798
493,843
435,798
Obligations under finance leases
18
30,716
30,748
Trade creditors
95,884
101,745
Amounts owed to group undertakings
8,608,317
7,358,265
Corporation tax payable
227,586
277,461
50,626
217,123
Other taxation and social security
166,096
168,617
-
-
Other creditors
475,950
524,941
Accruals and deferred income
229,778
232,384
75,000
90,000
1,719,853
1,771,694
9,227,786
8,101,186
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
3,500,366
4,008,861
3,500,366
4,008,861
Obligations under finance leases
18
42,416
49,795
3,542,782
4,058,656
3,500,366
4,008,861
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,994,209
4,444,659
3,994,209
4,444,659
Payable within one year
493,843
435,798
493,843
435,798
Payable after one year
3,500,366
4,008,861
3,500,366
4,008,861
The bank loan is secured by a Debenture, an unlimited Inter-Company Composite Guarantee with Accession by and between Dunview Limited and its subsidiaries supported by Debentures by the subsidiaries and first legal charges over the freehold properties held in Stepping Stones Resettlement Unit Limited, and a personal guarantee supplied by Dominic Quinlan, director. Interest is chargeable at 2.35% per annum over base rate and repayment is due in April 2028.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 28
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
28,091
32,390
In two to five years
55,660
68,568
83,751
100,958
-
-
Less: future finance charges
(10,619)
(20,415)
73,132
80,543
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
292,770
278,498
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
20
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
184,430
187,656
Revaluations
1,846,998
1,720,936
2,031,428
1,908,592
The company has no deferred tax assets or liabilities.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
20
Deferred taxation
(Continued)
Page 29
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
1,908,592
-
Charge to profit or loss
(122,836)
-
Liability at 31 August 2024
2,031,428
-
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary 'A' shares of £1 each
180
180
180
180
1,180
1,180
1,180
1,180
22
Operating lease commitments
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,560
1,560
-
-
Between two and five years
56
1,620
-
-
1,616
3,180
-
-
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
1,112,729
983,327
During the year, £60,000 (2023: £60,000) was charged by N. McGrail, director, for professional services, which is excluded from the above figure. At the year end no amount was outstanding.
Dunview Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 30
24
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by two of the company's directors.
Included within other debtors is an amount of £788,844 (2023: £638,792) due from D Quinlan and £4,536 (2023: £4,536 within other creditors) due from N McGrail, both directors of the group and company.
25
Controlling party
The group is ultimately controlled by Mr D Quinlan, director, by virtue of majority shareholding in the company.
26
Analysis of changes in net debt - group
1 September 2023
Cash flows
New finance leases
31 August 2024
£
£
£
£
Cash and cash equivalents
1,728,260
(18,446)
-
1,709,814
Borrowings excluding overdrafts
(4,444,659)
450,450
-
(3,994,209)
Obligations under finance leases
(80,543)
34,651
(27,240)
(73,132)
(2,796,942)
466,655
(27,240)
(2,357,527)
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
390,984
513,109
Adjustments for:
Taxation charged
374,458
261,406
Finance costs
325,817
313,158
Investment income
(30,915)
(13,023)
Loss on disposal of tangible fixed assets
4,968
12,885
Depreciation and impairment of tangible fixed assets
240,434
243,395
Movements in working capital:
(Increase) in debtors
(134,838)
(741,505)
(Decrease) in creditors
(59,979)
(31,177)
Cash generated from operations
1,110,929
558,248
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