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REGISTERED NUMBER: 03533425 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

DUDRICH (HOLDINGS) LIMITED

DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DUDRICH (HOLDINGS) LIMITED

COMPANY INFORMATION
for the Year Ended 31 MARCH 2023







DIRECTORS: Mrs J C Ancell
R I Dudding





SECRETARY: Mrs J C Ancell





REGISTERED OFFICE: Lonsto House
276 Chase Road
London
N14 6HA





REGISTERED NUMBER: 03533425 (England and Wales)





ACCOUNTANTS: SRG Newmans Limited
Five Ways
57-59 Hatfield Road
Potters Bar
Hertfordshire
EN6 1HS

DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 207,635 109,186
Investments 5 21,602 21,602
Investment property 6 41,588,705 41,364,579
41,817,942 41,495,367

CURRENT ASSETS
Stocks 64,246 32,461
Debtors 7 24,637,746 23,376,235
Cash at bank and in hand 5,408,346 1,504,416
30,110,338 24,913,112
CREDITORS
Amounts falling due within one year 8 33,742,040 29,610,620
NET CURRENT LIABILITIES (3,631,702 ) (4,697,508 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,186,240

36,797,859

CREDITORS
Amounts falling due after more than one
year

9

(7,317,000

)

(7,578,500

)

PROVISIONS FOR LIABILITIES (2,268,938 ) (1,715,694 )
NET ASSETS 28,600,302 27,503,665

DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425)

BALANCE SHEET - continued
31 MARCH 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 3,413,791 3,413,791
Retained earnings 25,186,511 24,089,874
SHAREHOLDERS' FUNDS 28,600,302 27,503,665

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





R I Dudding - Director


DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

Dudrich (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparation
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 as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable and management fees from external customers at invoiced amounts less value added tax. Rental income and management fees are both recognised in the period to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 25% on cost

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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.


DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the income statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the income statement.

Going concern
The Directors constantly review the cash flow projections for the company and have considered the financial resources of the company, having regard to the renewal date of loan facilities and additional resources available to related undertakings to support the related party indebtedness.

The directors are satisfied that the company has adequate resources to continue operations for the foreseeable future, and therefore continue to adopt the going concern basis in preparing the financial statements.

Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise of a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 485,494
Additions 169,280
Disposals (68,939 )
At 31 March 2023 585,835
DEPRECIATION
At 1 April 2022 376,308
Charge for year 55,319
Eliminated on disposal (53,427 )
At 31 March 2023 378,200
NET BOOK VALUE
At 31 March 2023 207,635
At 31 March 2022 109,186

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 21,602
NET BOOK VALUE
At 31 March 2023 21,602
At 31 March 2022 21,602

DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 41,364,579
Additions 668,945
Disposals (406,126 )
Revaluations (38,693 )
At 31 March 2023 41,588,705
NET BOOK VALUE
At 31 March 2023 41,588,705
At 31 March 2022 41,364,579

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2010 3,339,100
Valuation in 2011 206,391
Valuation in 2017 5,111,742
Valuation in 2018 5,109,431
Valuation in 2020 3,442,471
Cost 24,379,570
41,588,705

The 2023 valuations were made by Mr R I Dudding, a director of the company, on an open market value for existing use basis.

Mr R I Dudding is qualified to make the valuation on the basis of his knowledge and experience of the residential and commercial property market.

The total deferred tax is £2,268,938 (2022: £1,715,694). It is not envisaged that any tax will become payable if the foreseeable future as it is not the company's intention to dispose of any of the properties.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 241,706 308,997
Amounts owed by group undertakings 23,700,247 22,752,064
Other debtors 695,793 315,174
24,637,746 23,376,235

DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 523,174 538,928
Trade creditors 42,421 40,866
Amounts owed to group undertakings 26,744,054 23,299,800
Taxation and social security 194,480 370,867
Other creditors 6,237,911 5,360,159
33,742,040 29,610,620

Bank loans and overdrafts are secured by a fixed charge over the company's land and buildings and personal guarantees provided by Mr R I Dudding, a director of the company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 7,317,000 7,578,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,225,000 5,486,500

Bank loans and overdrafts are secured by a fixed charge over the company's land and buildings and personal guarantees provided by Mr R I Dudding, a director of the company.

Other creditors relates to amounts owed to trusts for which there is no fixed repayment date.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R I Dudding, by virtue of his controlling shareholding in the ultimate parent undertaking.

11. GUARANTEES

The company has entered into an unlimited cross guarantee in respect of a long term loan secured over the assets of the company and those of Dudrich (Developments) Limited, C.J. Pilgrim Properties Limited and C J Pilgrim (Holdings) Limited. In addition Mr R I Dudding, a director of the company, has offered a personal guarantee of £10,000,000 against this facility.

Mr R I Dudding, director, has also provided a personal guarantee limited to £2,280,000 in respect of certain loan and overdraft facilities available to the company.

12. RETAINED EARNINGS

Included in retained earnings is £14,940,196 (2022: £15,532,134) of profits that are not available for distribution as they are unrealised.