Company No: 02642407 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Investments	3	15,280,496		15,385,769
		15,280,496		15,385,769
Current assets
Debtors
- due within one year	4	223,417		257,765
- due after more than one year	4	17,389,527		10,296,843
Cash at bank and in hand		635,103		1,075,692
		18,248,047		11,630,300
Creditors: amounts falling due within one year	5	( 9,133,325)		( 2,111,917)
Net current assets		9,114,722		9,518,383
Total assets less current liabilities		24,395,218		24,904,152
Creditors: amounts falling due after more than one year	6	( 659,928)		( 1,288,431)
Net assets		23,735,290		23,615,721
Capital and reserves
Called-up share capital	7	787,603		787,503
Other reserves		14,213,165		14,318,438
Profit and loss account		8,734,522		8,509,780
Total shareholder's funds		23,735,290		23,615,721

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Dalgleish Finance House Limited (registered number: 02642407) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S M Leighton Director

29 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Dalgleish Finance House Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 30 St George Street, London, W1S 2FH, United Kingdom.

The financial statements have been prepared under the historical cost convention, except for non-current investments measured at fair value (see below accounting policy), and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The comparative figures are presented for the period from 1 April 2023 until 31 December 2023, and are therefore not entirely comparable to the current twelve month period.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is measured at the fair value of the consideration received or receivable net of value added tax and represents interest receivable on loans.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Fixed asset investments

Interests in subsidiaries and associates are measured at fair value with gains and losses passing through profit or loss. See note 3.

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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

	Year ended 31.12.2024		Period from 01.03.2023 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	1		1

3. Fixed asset investments

	31.12.2024		31.12.2023
	£		£
Subsidiary undertakings	14,213,166		14,318,439
Participating interests	1,067,330		1,067,330
	15,280,496		15,385,769

Investments in subsidiaries

	31.12.2024
	£
Cost
At 01 January 2024	14,318,439
Movement in fair value	(105,273)
At 31 December 2024	14,213,166
Carrying value at 31 December 2024	14,213,166
Carrying value at 31 December 2023	14,318,439

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	1,067,330		1,067,330
At 31 December 2024	1,067,330		1,067,330
Carrying value at 31 December 2024	1,067,330		1,067,330
Carrying value at 31 December 2023	1,067,330		1,067,330

4. Debtors

	31.12.2024		31.12.2023
	£		£
Debtors: amounts falling due within one year
Other debtors	223,417		257,765
Debtors: amounts falling due after more than one year
Amounts owed by group undertakings	2,220,782		131,015
Other debtors	15,168,745		10,165,828
	17,389,527		10,296,843

5. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Trade creditors	37,500		15,000
Amounts owed to group undertakings	163,128		251,259
Corporation tax	68,300		54,000
Other taxation and social security	0		701
Other creditors	8,864,397		1,790,957
	9,133,325		2,111,917

6. Creditors: amounts falling due after more than one year

	31.12.2024		31.12.2023
	£		£
Other creditors	659,928		1,288,431

Other payables include a loan of £1,288,431 (December 2023: £1,887,005) secured by a fixed and floating charge over the assets and undertaking of the company. Interest is levied at 5% per annum and the loan is repayable by annual instalments over five years, with 13 months remaining.

7. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
787,603 Ordinary shares of £ 1.00 each (31.12.2023: 787,503 shares of £ 1.00 each)	787,603		787,503

On 11 December 2024, a bonus issue of £100 Ordinary shares of £1 each were issued at par.

8. Financial commitments

Commitments

At the reporting date the company had provided all of its assets, together with those held by its subsidiary companies as security over a bank loan held by Burlington Capital Limited. The bank loan amounted to £10,500,000.

9. Related party transactions

During the period investment income of £176,126 (December 2023: £144,192) was receivable from an LLP in which the company is a designated member and has the ability to exercise significant control. As at 31 December 2024, the company owed £163,128 (December 2023: £251,259) to the LLP.

As at 31 December 2024 £5,848,455 (December 2023: £1,095,758) was due to a director and shareholder of the company. The loan is interest free.

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company has a wholly owned subsidiary undertaking of the group to which it is party to the transactions.