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Company registration number: 04470767
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2024
| DG PARTNERS SERVICES LIMITED
DG PARTNERS SERVICES LIMITED |  |
COMPANY INFORMATION
Director | D M Gorton
Registered number | 04470767
Registered office | 55 Baker Street
| London
| W1U 7EU
Accountants | Menzies LLP
| Chartered Accountants
| Magna House
| 18-32 London Road
| Staines-Upon-Thames
| TW18 4BP
Bankers | Barclays Bank PLC
| 1 Churchill Place
| London
| E14 5HP
Solicitors | Travers Smith LLP
| 10 Snow Hill
| London
| EC1A 2AL
DG PARTNERS SERVICES LIMITED |  |
CONTENTS
| Page
Statement of Financial Position | 1
Notes to the Financial Statements | 2 - 6
DG PARTNERS SERVICES LIMITED REGISTERED NUMBER:04470767 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 8,000 |  | 8,000
Investments | 4 |  | 7,719,957 |  | 7,945,754
|  |  | 7,727,957 |  | 7,953,754
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 291,018 |  | 419,354 |
Cash at bank and in hand |  | 167,094 |  | 178,290 |
|  | 458,112 |  | 597,644 |
Creditors: amounts falling due within one year | 8 | (256,402) |  | (365,809) |
Net current assets |  |  | 201,710 |  | 231,835
Total assets less current liabilities |  |  | 7,929,667 |  | 8,185,589
Net assets |  |  | 7,929,667 |  | 8,185,589
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 24,092,548 |  | 24,092,548
Profit and loss account |  |  | (16,162,881) |  | (15,906,959)
|  |  | 7,929,667 |  | 8,185,589
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 statement of income and retained earnings 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 by:
D M Gorton
Director
Date: 3 September 2025
The notes on pages 2 to 6 form part of these financial statements. Page 1
DG PARTNERS SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
DG Partners Services Limited is a limited company registered in England and Wales. The registered office is 55 Baker Street, London, W1U 7EU. Their principal place of business is 20 North Audley Street, Mayfair, London, W1K 6WE. 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Going concern
These financial statements have been prepared on a going concern basis. The Company has an agreement in place pursuant to which it provides services to DG Partners LLP and BH-DG Systematic Trading LLP (each an “LLP”). The LLPs undertake regulated investment management business for their clients. The Company is reimbursed for a proportion of expenses incurred in the provision of services to these entities. The directors have a reasonable expectation that the company has adequate resources to meet its liabilities as they fall due for the foreseeable future.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | 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 the statement of comprehensive income when they fall due. Amounts not paid are shown in other creditors as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds. Page 2
DG PARTNERS SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | 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:
|  |  |  | Fixtures and fittings | - | 4 years straight line
|  |  |  | Computer equipment | - | 3 to 4 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.
| 2.6 | Valuation of investments
Investments in unlisted company shares, which have been classified as fixed asset investments as the company intends to hold them on a continuing basis, were previously remeasured to fair value at each statement of financial position date. Gains and losses on remeasurement were recognised in the statement of comprehensive income for the period. Where the investment could not be remeasured reliably to fair value it is held at cost less impairment. An adjustment has been made to bring the investments to cost rather than fair value in these financial statements. 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, except where repayable on demand.
| 2.7 | Financial instruments
Financial assets Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. Page 3
DG PARTNERS SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Foreign currency translation
Functional and presentation currency The company's functional and presentation currency is pound sterling. 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.
| 2.9 | Taxation
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 reporting date in the countries where the Company operates and generates income.
3. | Employees
| The average monthly number of employees, including directors, during the year was 15 (2023 - 15).
4. | Fixed asset investments
|  | Unlisted investments | Other fixed asset investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 6,703,501 | 1,242,253 | 7,945,754
| Revaluations | (225,797) | - | (225,797)
| At 31 December 2024 | 6,477,704 | 1,242,253 | 7,719,957
| Included in the investments above at cost less impairment, £6,477,704 (2023: £6,703,501) represents the company’s capital contribution in DG Partners, a limited liability partnership incorporated in England and Wales. The aggregate amount of members’ capital and other reserves of DG Partners LLP as at 31 December 2024 amounted to £6,235,745 (2023: £6,333,261). The profit of DG Partners LLP available for distribution to members for the year ended 31 December 2024 amounted to £23,975 (2023: £243,758). At 31 December 2024, the cost of the DG Macro Fund Limited investments was £1,242,253 (2023: £1,242,253).
Page 4
DG PARTNERS SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 9,200 | 15,199 | 24,399
| Disposals | - | (12,370) | (12,370)
| At 31 December 2024 | 9,200 | 2,829 | 12,029
| Depreciation |  |  |
| At 1 January 2024 | 1,200 | 15,199 | 16,399
| Disposals | - | (12,370) | (12,370)
| At 31 December 2024 | 1,200 | 2,829 | 4,029
| Net book value |  |  |
| At 31 December 2024 | 8,000 | - | 8,000
| At 31 December 2023 | 8,000 | - | 8,000
| At 31 December 2024, included in the Furniture and fittings balance is an amount of £8,000 (2023: £8,000) attributable to Artwork, which is not subject to an annual depreciation charge.
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 255,675 | 383,476
| Amounts owed by related parties | - | 1,274
| Other debtors | 4,767 | 13,402
| Prepayments and accrued income | 30,576 | 21,202
|  | 291,018 | 419,354
7. | Pensions
The pension cost charged during the year amounted to £68,123 (2023: £61,337). The amount outstanding at the year end was £5,605 (2023: £5,456) and is included within creditors. Page 5
DG PARTNERS SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 925 | 5,830
| Amounts owed to related parties | - | 811
| Corporation tax | 24,061 | 23,489
| Other taxation and social security | 35,034 | 32,711
| Other creditors | 5,605 | 5,456
| Accruals and deferred income | 190,777 | 297,512
|  | 256,402 | 365,809
9. | Ultimate parent undertaking and controlling party
The company is a wholly-owned subsidiary of DG Partners International Limited, a company incorporated in the Cayman Islands. D Gorton is considered the ultimate controlling party as he owns 98% of the shares in DG Partners International Limited.
Page 6