Company Registration No. 07033430 (England and Wales)
The Dudgeon Estate Nominee Company Limited
Annual report and unaudited financial statements
for the year ended 31 December 2022
The Dudgeon Estate Nominee Company Limited
Company information
Directors
Daniel Pepper
Christopher Priestley
Roger Swain
Secretary
Rysaffe Secretaries
Company number
07033430
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Solicitors
Withers LLP
20 Old Bailey
London
EC4M 7AN
The Dudgeon Estate Nominee Company Limited
Contents
Page
Directors' report
1
Accountants' report
2
Income and expenditure account
3
Balance sheet
4
Notes to the financial statements
5 - 7
The Dudgeon Estate Nominee Company Limited
Directors' report
For the year ended 31 December 2022
1
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company is to undertake and execute the Trust of A B Dudgeon Deceased.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Daniel Pepper
Christopher Priestley
Roger Swain
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Christopher Priestley
Director
23 November 2023
The Dudgeon Estate Nominee Company Limited
Chartered accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of The Dudgeon Estate Nominee Company Limited for the year ended 31 December 2022
2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Dudgeon Estate Nominee Company Limited for the year ended 31 December 2022 set out on pages 3 to 7 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of The Dudgeon Estate Nominee Company Limited, as a body, in accordance with the terms of our engagement letter dated 26 July 2017. Our work has been undertaken solely to prepare for your approval the financial statements of The Dudgeon Estate Nominee Company Limited and state those matters that we have agreed to state to the Board of Directors of The Dudgeon Estate Nominee Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Dudgeon Estate Nominee Company Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that The Dudgeon Estate Nominee Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of The Dudgeon Estate Nominee Company Limited. You consider that The Dudgeon Estate Nominee Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Dudgeon Estate Nominee Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Saffery LLP
27 November 2023
Chartered Accountants
71 Queen Victoria Street
London
EC4V 4BE
The Dudgeon Estate Nominee Company Limited
Income and expenditure account
For the year ended 31 December 2022
3
2022
2021
£
£
Income
162,242
130,910
Administrative expenses
(182,264)
(110,895)
(Deficit)/surplus before taxation
(20,022)
20,015
Tax on (deficit)/surplus
20,022
(20,015)
Surplus for the financial year
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
The Dudgeon Estate Nominee Company Limited
Balance sheet
As at 31 December 2022
4
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
37,274
33,749
Cash at bank and in hand
84,354
88,190
121,628
121,939
Creditors: amounts falling due within one year
5
(121,628)
(121,939)
Net current assets
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Christopher Priestley
Director
Company Registration No. 07033430
The Dudgeon Estate Nominee Company Limited
Notes to the financial statements
For the year ended 31 December 2022
5
1
Accounting policies
Company information
The Dudgeon Estate Nominee Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover consists of royalties received from the Trust of A B Dudgeon Deceased. Royalties are recognised when receivable.
1.3
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.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The Dudgeon Estate Nominee Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
6
Basic financial liabilities
Basic financial liabilities, including creditors and any bank loans, that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
37,274
33,749
The Dudgeon Estate Nominee Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
7
5
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
20,022
Other taxation and social security
25,024
9,162
Other creditors
96,604
92,755
121,628
121,939
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. The total of such guarantees a 31 December 2022 is £11 (2021: £11).
7
Related party transactions
All members of the company are considered to be related parties. Distributions of surpluses are made equally to all members after the deduction of expenses. Total distributions of £148,283 were declared in the year ended 31 December 2022 (2021: £105,336).