| DORTGEN UK LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The accounts are prepared on a going concern basis, and the company has net current liablities at the balance sheet date. The directors having reviewed the cash flow forecast for the next 12 months and repayment of the ultimate shareholders loans in January 2021. The directors are satisfied that operational cash flow will be satisfactory to meet all known current liabilities as they fall due. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rental of investment properties and ancillary property recharges. |
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Investment properties |
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Investments properties, which are held to earn rental income and/or capital appreciation are stated at their fair valuation at the balance sheet date. The properties are revalued annually by the directors or external professional valuers. The aggregate surplus or deficit is recognised in the income statement. No depreciation is provide in regard of investment properties. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Investment properties |
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Land and buildings |
| £ |
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Cost |
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At 1 January 2025 |
8,825,000 |
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Loss on revaluation of investment properties |
(965,000) |
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At 31 December 2025 |
7,860,000 |
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Depreciation |
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At 31 December 2025 |
- |
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Net book value |
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At 31 December 2025 |
7,860,000 |
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At 31 December 2024 |
8,825,000 |
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Freehold land and buildings: |
2025 |
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2024 |
| £ |
£ |
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Historical cost |
11,277,651 |
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11,277,651 |
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Cumulative depreciation based on historical cost |
- |
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- |
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11,277,651 |
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11,277,651 |
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The investment properties were valued at 31 December 2025 and 31 December 2024 by the directors. The valuations were prepared by considering the aggregate of the net rents receivable from the properties and where relevant associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to arrive at the property valuations. |
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
(26,826) |
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(15,182) |
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Other debtors |
39,128 |
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14,092 |
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12,302 |
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(1,090) |
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| 5 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans (secured) |
132,491 |
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134,136 |
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Trade creditors |
21,101 |
|
225 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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110,000 |
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- |
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Taxation and social security costs |
228,973 |
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137,732 |
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Other creditors |
138,047 |
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803,855 |
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630,612 |
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1,075,948 |
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Other creditors includes accrued interest to shareholders and ultimate shareholders of £Nil (2024:£671,707) |
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Amounts owed to group companies is an amount of £110,000 (2024: Nil) due to Mizrahi One Limited, a |
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fellow subsidiary undertaking. |
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| 6 |
Creditors: amounts falling due after one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans (secured) |
447,689 |
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578,534 |
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Amounts owed to parent undertaking |
|
7,350,000 |
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7,350,000 |
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7,797,689 |
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7,928,534 |
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The amount due to parent undertaking bears interest at a rate of 7% per annum and is repayable by |
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May 2031. |
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| 7 |
Loans |
2025 |
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2024 |
| £ |
£ |
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Creditors include: |
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Secured bank loans |
580,180 |
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712,670 |
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At 31 December 2025, the bank lender has a first charge over the property asset held in Nottingham. |
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The loan bears interest at 3.5% over UK Base Rate, and is repayable in instalments to March 2027. |
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| 8 |
Fair value reserve |
2025 |
|
2024 |
| £ |
£ |
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At 1 January 2025 |
2,452,651 |
|
622,651 |
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Fair value loss on investment properties |
965,000 |
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1,830,000 |
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At 31 December 2025 |
3,417,651 |
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2,452,651 |
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| 9 |
Contingent liabilities |
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A long leasehold interest is accounted for as an investment property and has a contingent rent liability |
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attached. The rent payable charged to profit and loss account in the period was £28,000 (2024: £28,000). |
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Future rents payable from the current non-cancellable lease with the tenant are £19,000 (2024 : £47,000 |
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over the remainder of the lease term. |
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| 10 |
Controlling party |
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At the balance sheet date, the ultimate parent company is Lionheart Holdings Malta Limited, a company incorporated in Malta. Its registered office is Central Business Centre 56, Triq Is-soll, Santa Venera, SVR 11883, Malta. In the opinion of the directors, the ultimate controlling party of the company is Y L Mizrahi Bardavid by virtue of his majority shareholding in the parent undertaking. |
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| 11 |
Other information |
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DORTGEN UK LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Building 3, North London Business Park |
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New Southgate |
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London |
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N11 1GN |