REGISTERED NUMBER: 05185168 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

DUNNING BROTHERS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

26,503

5,146

Investment property

5

700,000

700,000

726,503

705,146

CURRENT ASSETS

Debtors

6

2,075

10

Cash at bank

1,455

2,685

3,530

2,695

CREDITORS

Amounts falling due within one year

7

(188,874

)

(191,780

)

NET CURRENT LIABILITIES

(185,344

)

(189,085

)

TOTAL ASSETS LESS CURRENT LIABILITIES

541,159

516,061

CREDITORS

Amounts falling due after more than one year

8

(272,039

)

(272,725

)

PROVISIONS FOR LIABILITIES

(35,611

)

(40,133

)

NET ASSETS

233,509

203,203

CAPITAL AND RESERVES

Called up share capital

100

100

Other reserves

114,899

114,899

Retained earnings

118,510

88,204

233,509

203,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

M J Dunning - Director

1.	STATUTORY INFORMATION

Dunning Brothers Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Birketts LLP, One London Wall, London, England, EC2Y 5EA.

On 27 November 2025 the company changed its name from Grassform Turf Care Limited to Dunning Brothers Limited.

The principal activity of the company continued to be that of holding investment property for the purpose of earning rental income and capital appreciation.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company is in a net current liability position of £185,334 (2024: £189,085) at the balance sheet date. Of this amount, £165,623 (2024: £166,980) is in relation to connected companies.

The connected entity will not recall this amount until the company is in a position to be able to repay this and for at least 12 months from the date these financial statements are signed.

The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows, availability of bank facilities and mitigating actions that can be taken during that period.

Turnover

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Turnover represents rent receivable exclusive of value added tax.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Fixtures and fittings - 25% Reducing balance

Plant and machinery - 15% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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 current liabilities.

Debtors

Short-term debtors are measured at transaction price, less any impairment.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

Cost

At 1 March 2024

-

11,610

11,610

Additions

26,640

-

26,640

At 28 February 2025

26,640

11,610

38,250

Depreciation

At 1 March 2024

-

6,464

6,464

Charge for year

3,996

1,287

5,283

At 28 February 2025

3,996

7,751

11,747

Net book value

At 28 February 2025

22,644

3,859

26,503

At 29 February 2024

-

5,146

5,146

5.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 March 2024

and 28 February 2025

700,000

Net book value

At 28 February 2025

700,000

At 29 February 2024

700,000

The 2025 valuations made were assessed by the directors based on the fair value of similar properties within the local area.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

-

10

Accrued income

2,075

-

2,075

10

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans

8,744

8,744

Trade creditors

2,703

54

Amounts owed to group undertakings

165,623

166,980

Corporation tax

-

6,313

Social security and other taxes

4,726

4,764

Accrued expenses

7,078

4,925

188,874

191,780

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

272,039

272,725

A fixed charge in the name of National Westminster Bank PLC dated 12 October 2020 is currently held over the land and buildings of the company. The relating loan is included within bank loans.

A fixed and floating charge in the name of National Westminster Bank PLC dated 30 September 2020 is currently held over all property and undertaking of the company. The relating loan is included within bank loans.

9.	RELATED PARTY TRANSACTIONS

During the year, the Company recharged utility costs of £33,457 (2024: £37,518) and received rent of £66,000 (2024: £62,000) from a company under common ownership.

At the year end, the Company owed £165,623 (2024: £166,980) to a company with common ownership. This balance is included within amounts owed to group undertakings.