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Registered number: 11507084
DOMINUS HOLBORN LIMITED
(formerly known as Dominvs Project Company 16 Limited)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
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DOMINUS HOLBORN LIMITED
REGISTERED NUMBER: 11507084
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 statement of income and retained earnings 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 10 July 2023.
The notes on pages 2 to 5 form part of these financial statements.
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DOMINUS HOLBORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Dominus Holborn Limited is a private company limited by shares and incorporated in England & Wales. The address of its principal place of business is 14A Shouldham Street, Marylebone, London, W1H 5FJ.
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 company's functional and presentational currency is GBP, rounded to the nearest £1.
The following principal accounting policies have been applied:
The company shows net current liabilities at the balance sheet date of £75,038,747. The company has received formal confirmation from its shareholder that the company will receive the financial support it requires to enable it to meet its liabilities as they fall due. Based on this assurance, the directors consider it appropriate to prepare the financial statements on a going concern basis.
In making their assessment of going concern, the directors have considered information for a period of at least twelve months from the date the financial statements were authorised for issue.
Interest income is recognised in profit or loss using the effective interest method.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset have been capitalised.
Capitalisation of borrowing costs ceases when substantially all of the activities necessary to prepare the asset for its intended use or sale are complete.
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 provided on the following basis:
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Not depreciated until brought into use
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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.
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DOMINUS HOLBORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Short term debtors are measured at transaction price, 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.
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 and loans to or from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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The company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).
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DOMINUS HOLBORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Capitalised borrowing costs of £1,328,331 are included in assets under construction additions during the year.
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DOMINUS HOLBORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Secured liabilities
Bank loans of £28,875,000 (2021: £28,825,710) included in due within one year are interest bearing at LIBOR +3.00% per annum.
The bank loan is secured by way of a fixed and floating charge over the assets of the company.
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Related party transactions
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Dominus Holborn Limited is a wholly owned subsidiary of Dominus Holborn Holdings Limited, a company incorporated in Jersey. The registered office address is 28 Esplanade, St Helier, Jersey, JE2 3QA.
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies.
During the year the company incurred management charges of £650,000 (2021: £650,000) from companies under common control, with no outstanding amounts payable at the balance sheet date.
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Post balance sheet events
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The HSBC bank facility was refinanced with Cheyne Capital for a £205m development facility on 17 May 2023.
The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 18 July 2023 by Richard Paul (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.
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