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Registered number: 05531875









DOLPHIN SQUARE 2005 LIMITED
(A Company Limited by Guarantee)









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
DOLPHIN SQUARE 2005 LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 05531875

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
855
1,282

Fixed asset investments
  
22,945,201
20,172,229

  
22,946,056
20,173,511

Current assets
  

Debtors: amounts falling due within one year
 6 
21,869
48,378

Cash at bank and in hand
 7 
730,635
2,181,968

  
752,504
2,230,346

Creditors: amounts falling due within one year
 8 
(49,917)
(46,463)

Net current assets
  
 
 
702,587
 
 
2,183,883

Total assets less current liabilities
  
23,648,643
22,357,394

Creditors: amounts falling due after more than one year
 9 
(10,000,000)
(10,000,000)

Provisions for liabilities
  

Deferred tax
 11 
(115,399)
(168,488)

  
 
 
(115,399)
 
 
(168,488)

Net assets
  
13,533,244
12,188,906


Capital and reserves
  

Other reserves
 12 
5,000,000
5,000,000

Profit and loss account
 12 
8,533,244
7,188,906

  
13,533,244
12,188,906


Page 1

 
DOLPHIN SQUARE 2005 LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 05531875
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

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

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 June 2025.




Mr A McGee (Chair)
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
DOLPHIN SQUARE 2005 LIMITED
 
(A Company Limited by Guarantee)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Other reserves
Profit and loss account
Total equity

£
£
£


At 1 September 2022
5,000,000
6,804,233
11,804,233


Comprehensive income for the year

Profit for the year
-
384,673
384,673



At 1 September 2023
5,000,000
7,188,906
12,188,906



Profit for the year
-
1,344,338
1,344,338


At 31 August 2024
5,000,000
8,533,244
13,533,244


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Dolphin Square 2005 Limited is a private company limited by guarantee and registered in England & Wales. The address of its registered office and trading address is Room 122/123 Basement, Howard House, Dolphin Square, London, SW1V 3PE.
The company supports a specific class of tenant living in Dolphin Square in the event of breach of covenant or major default by the landlord or their agents. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through the utilisation of its own resources including bank balances and income generated from investments. The directors having considered the forecast costs of operating the company and the available resources and  continue to adopt the going concern basis in preparing the company's financial statements.

 
2.3

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year 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 operates and generates 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.


Page 5

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

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.

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:

Computer equipment
-
25%
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.

 
2.9

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 6

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.13

Default fund

A fund available for use towards payment of costs of enforcing or procuring performance of the obligations of the landlord of Dolphin Square and to remedy in the event of material landlord default.
A legal charge is held over this fund in favour of the Lord Mayor and Citizens of the City of Westminster and Dolphin Square Trust Limited.


3.


Employees

The average monthly number of employees, including directors who do not receive any remuneration, during the year was 8 (2023 - 9).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 September 2023
7,724



At 31 August 2024

7,724



Depreciation


At 1 September 2023
6,442


Charge for the year on owned assets
427



At 31 August 2024

6,869



Net book value



At 31 August 2024
855



At 31 August 2023
1,282

Page 7

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Fixed asset investments





Listed investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 September 2023
18,651,280
1,520,949
20,172,229


Additions
11,148,390
10,305,049
21,453,439


Disposals
(10,564,382)
(11,129,014)
(21,693,396)


Foreign exchange movement
-
(183,578)
(183,578)


Revaluations
1,863,734
-
1,863,734


Transfers
-
1,332,773
1,332,773



At 31 August 2024
21,099,022
1,846,179
22,945,201





6.


Debtors

2024
2023
£
£


Other debtors
17,962
19,765

Prepayments and accrued income
3,907
28,613

21,869
48,378



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
730,635
2,181,968

730,635
2,181,968


Page 8

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
8,689
9,007

Other creditors
514
505

Accruals and deferred income
40,714
36,951

49,917
46,463



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Default fund
10,000,000
10,000,000

10,000,000
10,000,000


A legal charge is held over the £10,000,000 attributed to the Default fund in favour of The Lord Mayor and Citizens of the City of Westminster and Dolphin Square Trust Limited.

Page 9

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
21,099,022
18,651,280




Financial assets measured at fair value through profit or loss comprise fixed asset investments.


11.


Deferred taxation




2024
2023


£

£






At beginning of year
(168,488)
(193,517)


Charged to the profit or loss
53,089
25,029



At end of year
(115,399)
(168,488)

The deferred tax balance is made up as follows:

2024
2023
£
£


Unrealised investment gains
(357,659)
(285,692)

Tax losses carried forward
242,260
117,204

(115,399)
(168,488)

Comprising:

Liability
(115,399)
(168,488)

(115,399)
(168,488)


Page 10

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Reserves

Other reserves

General fund £5,000,000 (2023: £5,000,000), an unrestricted fund to assist the company in paying the
cost of meeting its operational objectives.

Profit and loss account

Retained earnings represents accumulated comprehensive income for the year and prior periods and accumulated revaluations of investments amounting to £1,430,636 (2023: £1,142,769). Provision for deferred tax on the surplus on revaluation of fixed asset investments of £357,659 (2023: £285,692) has been made in the financial statements.



13.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


14.


Contingent liabilities

In the event that the company is liable repay any remaining balance of the Default fund detailed in note 13 to the financial statements, interest may also be payable thereon which is to be determined at the time of repayment of the fund.


15.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,343 (2023: £2,249). Contributions totalling £514 (2023: £505) were payable to the fund at the reporting date and are included in creditors.


16.


Commitments under operating leases

At 31 August 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
37,560
37,560

37,560
37,560

Page 11

 
DOLPHIN SQUARE 2005 LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 13 June 2025 by Paul Taiano (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.

 
Page 12