Dowgate Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08365389

DOWGATE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

DOWGATE LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	6	1,465,477	1,470,852
Investments	7	3,861,383	1,825,571
		-------------	-------------
		5,326,860	3,296,423

Current assets

Debtors	8	26,854,581	23,677,826
Cash at bank and in hand		571,399	116,148
		---------------	---------------
		27,425,980	23,793,974

Creditors: amounts falling due within one year	9	15,715,913	12,945,796
		---------------	---------------
Net current assets		11,710,067	10,848,178
		---------------	---------------
Total assets less current liabilities		17,036,927	14,144,601

Creditors: amounts falling due after more than one year	10	5,316	13,060

Provisions

Other provisions	11	600,000	2,400,000
		---------------	---------------
Net assets		16,431,611	11,731,541
		---------------	---------------

Capital and reserves

Called up share capital	400	400
Profit and loss account	16,431,211	11,731,141
	---------------	---------------
Shareholders funds	16,431,611	11,731,541
	---------------	---------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

DOWGATE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Z Virani

Director

Company registration number: 08365389

DOWGATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Diamond House, 179-181 Lower Richmond Road, Richmond, England, TW9 4LN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover represents amounts receivable from gross rents charged to tenants and the invoiced value of other goods and services supplied, net of value added tax.Rents received prior to the period to which they relate are accounted for as deferred income and released to the profit & loss account in the period to which the rent relates. Income is recognised as space is provided to tenants.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & machinery	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).

5. Tax on profit

Major components of tax income

	2024	2023
	£	£

Current tax:

Adjustments in respect of prior periods	( 1,901)	–
	-------	----
Tax on profit	( 1,901)	–
	-------	----

6. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2024	1,465,247	192,176	1,657,423
Additions	–	345	345
	-------------	----------	-------------
At 31 December 2024	1,465,247	192,521	1,657,768
	-------------	----------	-------------
Depreciation
At 1 January 2024	–	186,571	186,571
Charge for the year	–	5,720	5,720
	-------------	----------	-------------
At 31 December 2024	–	192,291	192,291
	-------------	----------	-------------
Carrying amount
At 31 December 2024	1,465,247	230	1,465,477
	-------------	----------	-------------
At 31 December 2023	1,465,247	5,605	1,470,852
	-------------	----------	-------------

Tangible assets held at valuation

Land & buildings represent a freehold property. In the opinion of the directors, the carrying value of the property as at 31 December 2024, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024	1,825,571
Additions	2,035,812
	-------------
At 31 December 2024	3,861,383
	-------------
Impairment
At 1 January 2024 and 31 December 2024	–
	-------------

Carrying amount
At 31 December 2024	3,861,383
	-------------
At 31 December 2023	1,825,571
	-------------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Abbeybay Properties Limited	Ordinary	66.7
A S Properties (Chiswick) Limited	Ordinary	99
Excellence Properties Limited	Ordinary	94.6
Hatton Property Investments Limited	Ordinary	80
Rose Property Investments Limited	Ordinary	100

Vista (London) Limited	Ordinary	80
Crownvalley Properties Limited	Ordinary	76.7
LRP Global Limited	Ordinary	100
Morden Properties Limited	Ordinary	78
Secured Properties Limited	Ordinary	95
Hersham Properties Limited	Ordinary	100
Epsom Properties Limited	Ordinary	100
White Cliffs Properties Limited	Ordinary	100

Other significant holdings
Wise Developments Limited	Ordinary	26.6

8. Debtors

	2024	2023
	£	£
Trade debtors	3,660	121,543
Amounts owed by group undertakings and undertakings in which the company has a participating interest	18,741,004	19,246,206
Corporation tax repayable	28	–
Amounts due from related parties	4,962,733	3,215,821
Other debtors	3,147,156	1,094,256
	---------------	---------------
	26,854,581	23,677,826
	---------------	---------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	4,586,866	2,279,492
	-------------	-------------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,517	10,453
Trade creditors	772,693	162,967
Amounts owed to group undertakings	3,067,550	3,313,713
Accruals and deferred income	1,557,938	2,927,973
Corporation tax	–	1,871
Social security and other taxes	85,215	88,036
Other creditors	1,732,966	606,312
Amounts owed to related parties	8,489,034	5,834,471
	---------------	---------------
	15,715,913	12,945,796
	---------------	---------------

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

	2024	2023
	£	£
Bank loans and overdrafts	5,316	13,060
	-------	---------

11. Provisions

	Property dilapidation
	£
At 1 January 2024	2,400,000
Unused amounts reversed	( 1,800,000)
	-------------
At 31 December 2024	600,000
	-------------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	550,000	550,000
Later than 1 year and not later than 5 years	550,000	1,100,000
	-------------	-------------
	1,100,000	1,650,000
	-------------	-------------

13. Contingencies

The company has received an assessment for arrears of property rates amounting to £989,081, which the company is disputing. This potential liabilitiy has not been accrued for in these financial statements and the final full financial effect will not be known until the outcome of legal proceedings.

14. Related party transactions

At 31 December 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £nil (2023: £2,458), in respect of a director's loan account. The loan is interest free, unsecured and repayable on demand . At 31 December 2024, creditors, amounts falling due after one year, included amounts owed to related parties amounting to £8,489,034 (2023: £5,832,012), in respect of loans from related parties. The related parties are related by virtue of the significant common influence exerted by the directors and shareholders. Interest totalling £17,068 (2023: £73,237) was paid. The loans are unsecured and repayable on demand. At 31 December 2024, creditors, amounts falling due within one year, included amounts owed to group undertakings, less than wholly-owned within the group, amounting to £676,478 (2023: £3,313,713), in respect of loans. Interest of £nil (2023: £71,780) was payable in the year. The loans are unsecured and repayable on demand. At 31 December 2024, debtors included aggregate amounts owed by group undertakings and undertakings in which the company has a participating interest, less than wholly-owned within the group, amounting to £15,875,258 (2023: £14,783,610), in respect of loans. The loans are unsecured and repayable on demand or after more than one year. At 31 December 2024, debtors included amounts due from related parties amounting to £4,962,733 (2023: £3,215,821), in respect of loans to related party companies. The companies are related parties by virtue of the significant common influence exerted by the directors and shareholders. The loans are unsecured and repayable on demand. During the year, the company had the following transactions with group and related party companies: interest received of £885,713 (2023: £724,566), net charges receivable of £683,834 (2023: £850,000 payable), dividend received of £nil (2023: £535,000) and interest payable of £nil (2023: £71,779). Directors' remuneration for the year amounted to £10,000 (2023: £10,000).