REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
DLP PLANNING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
DLP PLANNING LIMITED |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
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 |
DLP PLANNING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Argent House |
5 Goldington Road |
Bedford |
MK40 3JY |
BANKERS: |
81 High Street |
Bedford |
MK40 1YN |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
BALANCE SHEET - continued |
31 MARCH 2023 |
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 |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
DLP Planning Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements 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. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets: |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(ii) Impairment of intangible assets and goodwill: |
Positive goodwill acquired on each business combination is capitalised, classified as an asset on the Balance Sheet and amortised evenly over its estimated, finite, useful life of twenty years. Goodwill acquired in a business combination is, from the acquisition date, allocated to each cash generating unit (CGU) expected to benefit from the combination. |
The company considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires and estimation of the recoverable value of the CGU's.This requires an estimation of the future cash flows of the CGU's and selection of appropriate discount rates in order to calculate the net present value of those cash flows. |
(iii) Impairment of debtors: |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered or goods supplied, net of returns, discounts and rebates allowed by the company and value added tax. |
The company recognises revenue when: |
(a) the amount of revenue can be measured reliably; |
(b) it is probable that future economic benefits will flow to the entity, |
(c) the significant risks and rewards of ownership have been transferred to the buyer; |
(d) the company retains no continuing involvement or control over the goods involved; and |
(e) when the specific criteria relating to each of the company’s income streams have been met, as described below. |
Turnover represents fees receivable, excluding value added tax, including adjustment for accrued income. |
(i) Supplies of services: |
Revenue is recognised in the accounting period in which the services are rendered when the outcome of a contract for services can be estimated reliably. |
Work in progress |
Work in progress is valued by the directors as the value of recoverable time and disbursements detailed on the company's fee ledgers. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities. |
Basic financial instruments are initially recognised at the transaction price unless the arrangement constitutes a financing transaction. Transaction price should also include transaction costs; transaction costs are those costs that are directly attributable to the acquisition of the debt instrument. The exception to this accounting is where the debt instrument is measured at fair value through profit or loss. In such cases transaction costs are not included in the initial measurement of the financial instrument. |
If an arrangement constitutes a financing transaction it is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The present value of a financial asset or financial liability that is repayable on demand is equal to the undiscounted cash amount expected to be paid or received. |
On subsequent measurement, basic financial instruments are recognised at amortised cost. Amortised cost is calculated as the undiscounted amount expected to be paid or received for basic financial instruments payable or receivable within one year. Amortised cost is calculated using the effective interest method for basic financial instruments payable or receivable in more than one year. |
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. |
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. |
Operating leasing commitments |
Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the profit and loss account as incurred. |
Pension costs and other post-retirement benefits |
The company operates two money purchase pension schemes. One for the directors and one for the staff. Contributions payable for the year are charged in the profit and loss account. |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | 27,651 | - |
Taxation recoverable | 19,279 | 16,305 |
Corporation tax recoverable |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT |
Other creditors |
Other payroll deductions | (3,100 | ) | - |
Rectory Lane Design Limited - loan | 6,660 | - |
Directors' loan accounts | 2,407 | 24,490 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
During the year, the company has continued to benefit from a loan from National Westminster Bank plc under the Coronavirus Business Interruption Loan Scheme. This is secured by a partial guarantee provided by the United Kingdom government and security provided by the company in the form of a debenture. |
In addition, from November 2022, the company has benefitted from a further loan from National Westminster Bank plc, used to assist DLP Group with further major acquisitions by the Group. This loan is secured by the company in the form of a debenture. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 31 March 2023 and the period ended 31 March 2022: |
31.3.23 | 31.3.22 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Loans made to directors or received from directors are interest free and repayable on demand. |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | RELATED PARTY DISCLOSURES - continued |
DLP Corporate Trustee Limited |
On 31 March 2022 100% of the issued Ordinary share capital of DLP (Consulting Group) Limited (Company No. 03161011, registered in England and Wales) was purchased under an Employee Ownership Trust scheme by DLP Corporate Trustee Limited, at a cost of £5,328,000. As a result of the transaction, DLP Corporate Trustee Limited became the company's ultimate parent company. |
During the the year following payments were made on behalf of DLP Corporate Trustee Limited by DLP Planning Limited: |
£ |
Stamp duty on share purchase | 20,000 |
Payments to shareholders for purchase of shares | 1,199,968 |
1,219,968 |
As at 31 March 2023, DLP Planning Limited was owed an amount of £1,773,124. |
DLP (Consulting Group) Limited |
During the year the company engaged in transactions with DLP (Consulting Group) Limited, its immediate parent company, as follows: |
- Dividends paid: £100,000, |
- Loan payable by the company, within one year, at 31 March 2023: £702,515. |
Cass Design Consultants Limited |
On 31 December 2022 100% of the issued Ordinary share capital of Cass Design Consultants Limited (Company No. 11207060, registered in England and Wales) was purchased by DLP Corporate Trustee Limited at a cost of £1,304,823. |
During the year the following payments were made on behalf of DLP Corporate Trustee Limited by DLP Planning Limited: |
£ |
Payments to shareholders for purchase of shares | 553,156 |
Board of Directors |
There have been various transactions with the directors during the year, including directors' loan accounts. Information disclosed is therefore given in an aggregated form. |
- Directors' loan balances: receivable / (payable): |
31.3.23 | 31.7.22 |
£ | £ |
S B James | 27,651 | (22,930 | ) |
N S Osborn | (825 | ) | (520 | ) |
R G Bolton | (832 | ) | (520 | ) |
J S Lomas | (750 | ) | (520 | ) |
13. | POST BALANCE SHEET EVENTS |
Subsequent to the end of the year the company is providing financial assistance to its immediate parent company, DLP (Consulting Group) Limited, to meet meet financial obligations to its former shareholders.The former shareholders of DLP (Consulting Group) Limited will each receive up to the maximum of the equivalent of a redundancy payment, as a loss of office payment - the total amounts due amounting to £80,000. This amount will be paid by 31 March 2025, in instalments. |
DLP PLANNING LIMITED (REGISTERED NUMBER: 02604863) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
On 31 March 2022, the shareholders of DLP (Consulting Group) Limited and all of its subsidiaries, entered an agreement to sell 100% of the issued Ordinary share capital to DLP Corporate Trustee Limited - a private company, limited by guarantee and without a share capital, registered in England and Wales with company number 13987679. DLP Corporate Trustee Limited is an Employee Ownership Trust. |
On completion of the agreement, DLP Corporate Trustee Limited became the ultimate controlling party of the company. |