DUNEDIN LLP

• ⚠

  Material uncertainty over going concern

  These financial statements have been prepared on a basis other than going concern basis under historical cost convention. The going concern basis has not been used because Dunedin Buyout Fund III LP is due to come to an end on 6 November 2025 unless an extension is approved by the limited partners and Dunedin Buyout Fund II LP is in liquidation. Dunedin has no plans to raise any further limited partnership funds and therefore the accounts have been prepared on this basis. No adjustments are considered necessary to the amount at which the remaining net assets are included in these accounts.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“These financial statements have been prepared on a basis other than going concern basis under historical cost convention. The going concern basis has not been used because Dunedin Buyout Fund III LP is due to come to an end on 6 November 2025 unless an extension is approved by the limited partners and Dunedin Buyout Fund II LP is in liquidation. Dunedin has no plans to raise any further limited partnership funds and therefore the accounts have been prepared on this basis. No adjustments are considered necessary to the amount at which the remaining net assets are included in these accounts.”

Group structure

1. DUNEDIN LLP · parent
   1. Dunedin Capital Partners (GPII) Limited 100% · Scotland
   2. Dunedin (GPIII) Limited 100% · Scotland
   3. Dunedin (Funds GP) Limited 100% · Scotland
   4. Dunedin (General Partner III) LLP 100% · Scotland
   5. Dunedin (FP III) Limited 100% · Scotland

Significant events

• “There were no events subsequent to the balance sheet date.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -36.6%

  £1,529,000 → £969,000

• Cash

  +66.8%

  £770,000 → £1,284,000

• Net assets

  -50.7%

  £2,506,000 → £1,235,000

• Employees

  0%

  1 → 1

• Operating profit

  -51.4%

  £1,143,000 → £556,000

• Profit before tax

  -51.4%

  £1,143,000 → £556,000

• Wages

  +3.8%

  £79,000 → £82,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers