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Registered number: 00693394
DASHWOOD FINANCE COMPANY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
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DASHWOOD FINANCE COMPANY LIMITED
REGISTERED NUMBER: 00693394
BALANCE SHEET
AS AT 31 MARCH 2022
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12 months ended 30 September
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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DASHWOOD FINANCE COMPANY LIMITED
REGISTERED NUMBER: 00693394
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
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 profit and loss account 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 on 16 December 2022.
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DASHWOOD FINANCE COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
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Capital redemption reserve
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Comprehensive income for the 18 months ended
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Profit for the 18 months ended
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Fair value gain on Stock and Current Asset Investments
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Deferred tax on fair value movement of Current Asset Investments
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The notes on pages 4 to 10 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTHS ENDED ENDED 30 SEPTEMBER 2020
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Capital redemption reserve
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Comprehensive income for the year
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Fair value gain on Stock and Current Asset Investments
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Deferred tax on fair value movement of Current Asset Investments
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DASHWOOD FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Revenue represents amounts receivable from the sale of securities and dividends and interest receivable from the listed stocks and current assets investments. The following criteria must also be met before revenue is recognised:
Sale of securities
Revenue from the sale of securities is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the 18 months ended in which they are incurred.
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DASHWOOD FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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 balance sheet date in the countries where the Company operates and generates income.
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, on a reducing balance basis.
Depreciation is provided on the following basis:
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25% on Written down value
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15% on Written down value
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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DASHWOOD FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
Investments in listed bonds held as stock are restated at fair value at each Balance Sheet date. Gains and losses on restatement are recognised as profit or loss for the period through Cost of Sales.
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.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.
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 Profit and Loss Account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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DASHWOOD FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
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The average monthly number of employees, including directors, during the 18 months ended was 6 (2020 - 7).
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DASHWOOD FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
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Investments in subsidiary companies
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12 months ended 30 September
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12 months ended 30 September
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Prepayments and accrued income
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DASHWOOD FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
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CURRENT ASSET INVESTMENTS
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12 months ended 30 September
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CASH AND CASH EQUIVALENTS
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12 months ended 30 September
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CREDITORS: Amounts falling due within one year
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12 months ended 30 September
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2020 - £10,000). Contributions totalling £Nil (2020 - £10,000) were payable to the fund at the balance sheet date and are included in creditors.
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DASHWOOD FINANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTHS ENDED ENDED 31 MARCH 2022
13.OTHER FINANCIAL COMMITMENTS
The company has made a commitment to registered charities for £Nil (2020: £25,000) payable in one year.
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TRANSACTIONS WITH DIRECTORS
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During the year £40,000 (2020: £40,000) was paid to a director of the company in respect of the personal guarantee provided to the bank.
During the year a director lent the company £Nil (2020: £2,000,000) interest free and repayable on demand.
During the year a director borrowed from the company £152,511 (2020: £10,000) interest free and repayable on demand.
As at the balance sheet date the company owed the estate of the deceased director an amount of £1,693,631 (2020: £Nil).
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RELATED PARTY TRANSACTIONS
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The company has taken advantage of the exemption provided in Financial Reporting Standard 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.
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The auditors' report on the financial statements for the 18 months ended ended 31 March 2022 was unqualified.
The audit report was signed on 16 December 2022 by Rajiv Thakerar BSc FCA (Senior Statutory Auditor) on behalf of Simmons Gainsford LLP.
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