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REGISTERED NUMBER: 02307804 (England and Wales)















Group Strategic Report,

Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 31 October 2023

for

D.A.C. Management Services Limited

D.A.C. Management Services Limited (Registered number: 02307804)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16 to 28


D.A.C. Management Services Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: D P Walsh
Mrs S Walsh



SECRETARY: Mrs S Walsh



REGISTERED OFFICE: Level 2 Klaco House
28 St John’s Square
Clerkenwell
London
EC1M 4DN



REGISTERED NUMBER: 02307804 (England and Wales)



AUDITORS: Charcroft Baker LLP
Statutory Auditors
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD



BANKERS: National Westminster Bank Plc
65 Eltham High Street
London
SE9 1TE

D.A.C. Management Services Limited (Registered number: 02307804)

Group Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report of the company and the group for the year ended 31 October 2023.

The group continues to operate in both the residential and commercial markets, offering high quality plastering and drylining to high end developments. The strategies employed by the group have remained fundamentally the same as in previous years, the directors choosing to focus on the group's traditional target market within affluent areas of London.

REVIEW OF BUSINESS
The Directors are pleased to report continuing profits in times of uncertainty. The Directors continue to take steps to mitigate the impact of the difficult global economic environment increasing labour and materials costs on the profitability and the continuing operations of the business. They have successfully increased the gross profit margin to 24.5% from 23.0% the previous year.

Following the Covid pandemic overheads have increased, putting pressure on the net profit margin. The Directors have successfully taken steps to mitigate this, the net profit margin showing improvement increasing to 13.6% from 12.3% in the previous year. Overall the business continues to generate a healthy profit, despite the challenging environment.

Furthermore, the group has benefitted from a continuation of its historically low turnover of key staff which ensures that contacts within the industry remain strong.

At the end of the financial period the company has shown positive results, ongoing profits indicating continued business success. The Balance Sheet shows net current assets proving the company's liquidity and stability in uncertain economic times.

PRINCIPAL RISKS AND UNCERTAINTIES
Working in such a high end market makes the group particularly susceptible to changes in the world economy. A significant number of residential projects are completed with a view to sale to investors from overseas and any impact on the incomes of such investors can have a significant effect on the London housing market. In the event of another worldwide financial crisis the amount of construction work available to the group could fall dramatically.

Commercial contracts are much more influenced by the UK economy and the commission of new projects. The group remains reliant on the generation of new contracts as no income is generated from on-going maintenance.

As with many companies operating in this industry, the maintenance of staff is key to the on-going success of the group. As mentioned above, turnover of key staff has remained low historically but this does not remove an element of uncertainty for the future.

ON BEHALF OF THE BOARD:





D P Walsh - Director


31 July 2024

D.A.C. Management Services Limited (Registered number: 02307804)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 was £519,000 (2022; £1,020,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

D P Walsh
Mrs S Walsh

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Charcroft Baker LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D P Walsh - Director


31 July 2024

Report of the Independent Auditors to the Members of
D.A.C. Management Services Limited

Opinion
We have audited the financial statements of D.A.C. Management Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
D.A.C. Management Services Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
D.A.C. Management Services Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that the company operates in, including those on provisions of those laws and regulations where the consequences of non-compliance could have a material effect on the determination of amounts and disclosures in the financial statements. The key laws and regulations we considered included FRS 102, the Companies Act 2006 along with tax, employment, data protection and health and safety legislation.

We considered the opportunities and incentives that may exist within the organisation for fraud, including the risk of management override of controls.

We clearly communicated the risk of fraud and non-compliance with the identified significant laws and regulations to all engagement team members from the planning stages of the audit and remained vigilant for indications of these throughout the audit.

We investigated and obtained an understanding of the following in our assessment of the risk of misstatement:

- the nature of the Company's operations, from sourcing materials and labour through to revenue sources and the mechanics of the operations involved;
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; and
- any matters we identified having enquired into the policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- the appropriateness of accounting policies in accordance with current accounting standards;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, key potential risk areas we identified being:

- Revenue recognition for long-term contracts
- Provisions
- Fair value estimations
- Related party transactions
- Management override of controls

Our procedures to respond to risks identified included the following:

- substantive testing in order to obtain sufficient audit evidence for the figures and disclosures within the financial statements;
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- ensuring appropriate knowledge and resources within the engagement team
- testing of related party transactions and awareness of the possibility of related party relationships throughout sample testing;

Report of the Independent Auditors to the Members of
D.A.C. Management Services Limited

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
- testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Based on the work we have performed, we have not identified any material matters in relation to non-compliance with laws and regulations or in relation to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Drinkwater FCCA FCA (Senior Statutory Auditor)
for and on behalf of Charcroft Baker LLP
Statutory Auditors
5 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD

31 July 2024

D.A.C. Management Services Limited (Registered number: 02307804)

Consolidated Income Statement
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

TURNOVER 3 15,470,199 15,633,134

Cost of sales 11,681,775 12,044,461
GROSS PROFIT 3,788,424 3,588,673

Administrative expenses 1,707,971 1,655,598
2,080,453 1,933,075

Other operating income 1,500 1,500
2,081,953 1,934,575

Interest receivable and similar income 44,327 3,118
Interest payable and similar expenses 5 (23,332 ) (18,115 )
PROFIT BEFORE TAXATION 6 2,102,948 1,919,578

Tax on profit 8 564,840 533,660
PROFIT FOR THE FINANCIAL YEAR 1,538,108 1,385,918
Profit attributable to:
Owners of the parent 1,538,108 1,385,918

D.A.C. Management Services Limited (Registered number: 02307804)

Consolidated Other Comprehensive Income
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,538,108 1,385,918


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,538,108

1,385,918

Total comprehensive income attributable to:
Owners of the parent 1,538,108 1,385,918

D.A.C. Management Services Limited (Registered number: 02307804)

Consolidated Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 46,334 69,826
Investments 12 - -
Investment property 13 4,566,763 4,499,126
4,613,097 4,568,952

CURRENT ASSETS
Stocks 14 144,781 513,855
Debtors 15 3,635,420 2,676,307
Cash at bank and in hand 4,643,451 4,170,575
8,423,652 7,360,737
CREDITORS
Amounts falling due within one year 16 4,868,046 3,973,398
NET CURRENT ASSETS 3,555,606 3,387,339
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,168,703

7,956,291

CREDITORS
Amounts falling due after more than one
year

17

(204,135

)

(350,489

)

PROVISIONS FOR LIABILITIES 21 (407,014 ) (391,426 )
NET ASSETS 7,557,554 7,214,376

CAPITAL AND RESERVES
Called up share capital 22 100 121
Capital redemption reserve 23 100 79
Fair value reserve 23 1,243,957 1,243,957
Retained earnings 23 6,313,397 5,970,219
SHAREHOLDERS' FUNDS 7,557,554 7,214,376

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





D P Walsh - Director


D.A.C. Management Services Limited (Registered number: 02307804)

Company Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 27,059 40,913
Investments 12 201 201
Investment property 13 4,566,763 4,499,126
4,594,023 4,540,240

CURRENT ASSETS
Debtors 15 444,763 552,371
Cash at bank and in hand 245,309 120,485
690,072 672,856
CREDITORS
Amounts falling due within one year 16 3,059,488 3,185,120
NET CURRENT LIABILITIES (2,369,416 ) (2,512,264 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,224,607

2,027,976

CREDITORS
Amounts falling due after more than one
year

17

(204,135

)

(350,489

)

PROVISIONS FOR LIABILITIES 21 (417,278 ) (406,432 )
NET ASSETS 1,603,194 1,271,055

CAPITAL AND RESERVES
Called up share capital 22 100 121
Capital redemption reserve 23 100 79
Fair value reserve 23 1,243,957 1,243,957
Retained earnings 23 359,037 26,898
SHAREHOLDERS' FUNDS 1,603,194 1,271,055

Company's profit for the financial year 1,527,069 1,587,573

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





D P Walsh - Director


D.A.C. Management Services Limited (Registered number: 02307804)

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 November 2021 200 8,044,944 - 1,343,474 9,388,618

Changes in equity
Cancellation of shares (79 ) - 79 - -
Dividends - (1,020,000 ) - - (1,020,000 )
Total comprehensive income - 1,385,918 - - 1,385,918
Transfer to fair value reserve - 99,517 - (99,517 ) -
Buy back of shares - (2,540,160 ) - - (2,540,160 )
Balance at 31 October 2022 121 5,970,219 79 1,243,957 7,214,376

Changes in equity
Cancellation of shares (21 ) - 21 - -
Dividends - (519,000 ) - - (519,000 )
Total comprehensive income - 1,538,108 - - 1,538,108
Buy back of shares - (675,930 ) - - (675,930 )
Balance at 31 October 2023 100 6,313,397 100 1,243,957 7,557,554

D.A.C. Management Services Limited (Registered number: 02307804)

Company Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 November 2021 200 1,899,968 - 1,343,474 3,243,642

Changes in equity
Profit for the year - 1,587,573 - - 1,587,573
Total comprehensive income - 1,587,573 - - 1,587,573
Dividends - (1,020,000 ) - - (1,020,000 )
Cancellation of shares (79 ) - 79 - -
Transfer to fair value reserve - 99,517 - (99,517 ) -
Buy back of shares - (2,540,160 ) - - (2,540,160 )
Balance at 31 October 2022 121 26,898 79 1,243,957 1,271,055

Changes in equity
Profit for the year - 1,527,069 - - 1,527,069
Total comprehensive income - 1,527,069 - - 1,527,069
Dividends - (519,000 ) - - (519,000 )
Cancellation of shares (21 ) - 21 - -
Buy back of shares - (675,930 ) - - (675,930 )
Balance at 31 October 2023 100 359,037 100 1,243,957 1,603,194

D.A.C. Management Services Limited (Registered number: 02307804)

Consolidated Statement of Cash Flows
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,052,664 2,767,307
Interest paid (23,332 ) (18,115 )
Tax paid (307,610 ) (352,511 )
Net cash from operating activities 1,721,722 2,396,681

Cash flows from investing activities
Purchase of tangible fixed assets - (50,541 )
Purchase of investment property (67,637 ) (58,626 )
Interest received 44,327 3,118
Net cash from investing activities (23,310 ) (106,049 )

Cash flows from financing activities
Capital loan repayments (141,241 ) (138,441 )
Amount introduced by directors 519,000 1,054,124
Amount withdrawn by directors (408,365 ) (462,660 )
Share buyback (675,930 ) (2,540,160 )
Equity dividends paid (519,000 ) (1,020,000 )
Net cash from financing activities (1,225,536 ) (3,107,137 )

Increase/(decrease) in cash and cash equivalents 472,876 (816,505 )
Cash and cash equivalents at
beginning of year

2

4,170,575

4,987,080

Cash and cash equivalents at end of
year

2

4,643,451

4,170,575

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,102,948 1,919,578
Depreciation charges 23,492 23,026
Finance costs 23,332 18,115
Finance income (44,327 ) (3,118 )
2,105,445 1,957,601
Decrease/(increase) in stocks 369,074 (75,912 )
Increase in trade and other debtors (1,069,748 ) (565,054 )
Increase in trade and other creditors 647,893 1,450,672
Cash generated from operations 2,052,664 2,767,307

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 4,643,451 4,170,575
Year ended 31 October 2022
31/10/22 1/11/21
£    £   
Cash and cash equivalents 4,170,575 4,987,080


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/22 Cash flow At 31/10/23
£    £    £   
Net cash
Cash at bank and in hand 4,170,575 472,876 4,643,451
4,170,575 472,876 4,643,451
Debt
Debts falling due within 1 year (141,240 ) (5,113 ) (146,353 )
Debts falling due after 1 year (350,489 ) 146,354 (204,135 )
(491,729 ) 141,241 (350,488 )
Total 3,678,846 614,117 4,292,963

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

D.A.C. Management Services 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The financial statements contain information about DAC Management Services Limited as an individual company and contain consolidated financial information as the parent of David Andrews (Construction) Limited and David Andrews Heritage Limited. The registered offices of the subsidiaries are the same as the parent and this address can be found on the contents page. The financial statements have been consolidated on an equity basis.

Significant judgements and estimates
There are no judgements in relation to specific accounting policies that have a material effect on the amounts recognised within these financial statements.

There are no estimates that carry a significant risk of resulting in a material adjustment to the carrying amounts of any assets or liabilities within the next financial year.

It is the case, however, that the company's income is derived from long-term construction contracts for which the company is required to make estimates in accounting for revenue and margin. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.

It is also the case that the company's investment properties are valued at fair value at the year end, in arriving at this valuation the company is required to make estimations based on relevant market data.

Turnover
Turnover represents the fair value of rental income and services supplied by the company, net of value added tax and trade discounts.

Turnover in respect of rendering of services is recognised with reference to stage of completion. Stage of completion is measured by the value of work completed by the end of the financial year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost and 15% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock. Cost includes all direct costs.

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Investment properties
In accordance with FRS 102, investment properties are not subject to periodic charges for depreciation, but are included in the balance sheet at their estimated fair value at the balance sheet date. The valuations are undertaken by the directors.

Changes in the market value of investment properties are dealt with as a movement on the revaluation reserve unless a deficit (or its reversal) on an individual investment property is expected to be permanent, in which case it is charged (or credited) in the profit and loss account of the period.

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 15,353,140 15,535,657
Other revenue 117,059 97,477
15,470,199 15,633,134

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,029,526 3,936,545
Social security costs 449,432 467,464
Other pension costs 59,644 55,507
4,538,602 4,459,516

The average number of employees during the year was as follows:
2023 2022

Administration 7 11
Tradesman 63 64
70 75

2023 2022
£    £   
Directors' remuneration 40,959 31,406

Directors received a total of £Nil (2022: £Nil) in pension contributions.

Directors received 10,673 (2022: £14,039) in benefits in kind.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 7 -
Bank loan interest 15,315 18,115
Other interest 8,010 -
23,332 18,115

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 23,492 23,026
Foreign exchange differences 2,945 (2,121 )

7. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

27,275

27,725
Total audit fees 27,275 27,725

Taxation advisory services 5,000 5,000
Other non- audit services 7,875 11,125
Total non-audit fees 12,875 16,125
Total fees payable 40,150 43,850

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 549,252 461,849

Deferred tax 15,588 71,811
Tax on profit 564,840 533,660

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,102,948 1,919,578
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

525,737

364,720

Effects of:
Expenses not deductible for tax purposes 102,647 77,879
Capital allowances in excess of depreciation - (8,323 )
Depreciation in excess of capital allowances 5,609 -
Utilisation of tax losses (24,032 ) -
Change in tax rate (60,710 ) -
Deferred tax 15,589 71,811
Tax losses carried forward - 27,573
Total tax charge 564,840 533,660

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

The parent company's profit for the financial year was £1,527,069 (2022 : £1,587,573)

10. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim 519,000 1,020,000

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022
and 31 October 2023 37,415 38,551 91,606 167,572
DEPRECIATION
At 1 November 2022 17,718 9,638 70,390 97,746
Charge for year 2,955 9,638 10,899 23,492
At 31 October 2023 20,673 19,276 81,289 121,238
NET BOOK VALUE
At 31 October 2023 16,742 19,275 10,317 46,334
At 31 October 2022 19,697 28,913 21,216 69,826

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 37,415 91,606 129,021
DEPRECIATION
At 1 November 2022 17,718 70,390 88,108
Charge for year 2,955 10,899 13,854
At 31 October 2023 20,673 81,289 101,962
NET BOOK VALUE
At 31 October 2023 16,742 10,317 27,059
At 31 October 2022 19,697 21,216 40,913

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 201
NET BOOK VALUE
At 31 October 2023 201
At 31 October 2022 201

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

David Andrews (Construction) Limited
Registered office: United House, North Road, Islington, London
Nature of business: Construction
%
Class of shares: holding
Ordinary A 100.00
Ordinary B 100.00
2023 2022
£    £   
Aggregate capital and reserves 5,729,559 5,751,315
Profit for the year 1,497,244 1,635,049

David Andrews Heritage Limited
Registered office: United House, North Road, Islington, London
Nature of business: Construction
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 225,003 192,208
Profit/(loss) for the year 32,795 (66,703 )


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 November 2022 4,499,126
Additions 67,637
At 31 October 2023 4,566,763
NET BOOK VALUE
At 31 October 2023 4,566,763
At 31 October 2022 4,499,126

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2013 696,969
Valuation in 2018 117,594
Valuation in 2021 844,047
Cost 2,908,153
4,566,763

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

13. INVESTMENT PROPERTY - continued

Group

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,908,153 2,840,517

Investment property was valued on an open market basis on 31 October 2013 by an independent valuer .

Subsequently, the directors have revalued the investment properties to their estimated fair values based on their understanding of the market and the condition of the properties, the most recent valuation being at 31 October 2023.

Company
Total
£   
FAIR VALUE
At 1 November 2022 4,499,126
Additions 67,637
At 31 October 2023 4,566,763
NET BOOK VALUE
At 31 October 2023 4,566,763
At 31 October 2022 4,499,126

The investment property was valued at open market value by the directors.

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2013 696,969
Valuation in 2018 117,594
Valuation in 2021 844,047
Cost 2,908,153
4,566,763

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,908,153 2,836,918

Investment property was valued on an open market basis on 31 October 2013 by an independent valuer .

Subsequently, the directors have revalued the investment properties to their estimated fair values based on their understanding of the market and the condition of the properties, the most recent valuation being at 31 October 2023.

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

14. STOCKS

Group
2023 2022
£    £   
Work-in-progress 144,781 513,855

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,257,389 877,890 - -
Other debtors 129,112 120,899 74,812 76,276
Directors' loan accounts 361,240 471,875 361,240 471,875
VAT 156,329 268,965 - -
Prepayments and accrued income 1,731,350 936,678 8,711 4,220
3,635,420 2,676,307 444,763 552,371

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 146,353 141,240 146,353 141,240
Trade creditors 1,154,133 1,386,534 843 11,097
Amounts owed to group undertakings - - 2,881,989 2,994,511
Tax 404,217 162,575 794 29,784
Social security and other taxes 163,767 169,805 - -
VAT - - 10,609 7,724
Other creditors 189,946 388,548 - 764
Accruals and deferred income 2,809,630 1,724,696 18,900 -
4,868,046 3,973,398 3,059,488 3,185,120

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 204,135 350,489 204,135 350,489

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 146,353 141,240 146,353 141,240
Amounts falling due between one and two years:
Bank loans - 1-2 years 151,653 146,353 151,653 146,353
Amounts falling due between two and five years:
Bank loans - 2-5 years 52,482 204,136 52,482 204,136

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 87,237 37,295
Between one and five years 166,790 606
254,027 37,901

Operating leases are in respect of office rent, vehicles and equipment.

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Property loan 351,570 491,729 350,489 491,729

The above loan is secured by way of a debenture and charges over two of the properties held by the company; 19 Glenton Road and 25 Glenton Road. The total carrying amount of the properties held as security is £3,000,000 (2022 : £3,000,000).

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 407,014 391,426 417,278 406,432

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Snagging
tax provisions
£    £   
Balance at 1 November 2022 391,426 220,000
Charge to Income Statement during year 4,742 -
Utilised during year - (220,000 )
Unused amounts reversed during year 171 -
Deferred tax charge
On losses utilised 10,675 -
Balance at 31 October 2023 407,014 -

Company
Deferred
tax
£   
Balance at 1 November 2022 406,432
Unused amounts reversed during year 171
On losses
On losses utilised 10,675
Balance at 31 October 2023 417,278

Snagging provisions relate to various snagging costs which are expected to be incurred on specific contracts over the next year. The amounts are estimates made by the directors using their judgement and knowledge of the contracts.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
Value: £ £
84 Ordinary A £1 84 100
15 Ordinary B £1 15 21
1 Ordinary C £1 1 -
100 121

Share Capital represents the nominal value of the shares that have been issued.

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

23. RESERVES

Group



Retained
earnings


Capital
redemption
reserve



Fair value
reserve




Totals
£ £ £ £

At 1 November 2022 5,970,219 79 1,243,957 7,214,255
Profit for the year 1,538,108 - - 1,538,108
Dividends (519,000 ) - - (519,000 )
Cancellation of shares - 21 - 21
Buy back of shares (675,930 ) - - (675,930 )
As at 31 October 2023 6,313,397 100 1,243,957 7,557,454

Company



Retained
earnings


Capital
redemption
reserve



Fair value
reserve




Totals
£ £ £ £

At 1 November 2022 26,898 79 1,243,957 1,270,934
Profit for the year 1,527,069 - - 1,527,069
Dividends (519,000 ) - - (519,000 )
Cancellation of shares - 21 - 21
Buy back of shares (675,930 ) - - (675,930 )
As at 31 October 2023 359,037 100 1,243,957 1,603,094

Share Capital represents the nominal value of the shares that have been issued.

Retained Earnings is a distributable reserve in respect of all current and prior period profits.

The Fair Value Reserve is a non distributable reserve in respect of movements in investments, fixed assets and investment property.

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
A R Gamble
Balance outstanding at start of year - 534,123
Amounts repaid - (534,123 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

D.A.C. Management Services Limited (Registered number: 02307804)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

D P Walsh
Balance outstanding at start of year 471,876 529,216
Amounts advanced 408,364 462,660
Amounts repaid (519,000 ) (520,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 361,240 471,876

The above loans are included in other debtors and are interest free, unsecured and repayable on demand.

25. 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

SMTW Consulting Limited, a company under common control, charged the company £4,800 (2022: £5,600) in respect of administrative work for the rental properties during the year. The services were purchased on an arm's length basis. No amounts were outstanding at the year end.

During the year, a total of key management personnel compensation of £ 570,632 (2022 - £ 1,068,971 ) was paid.

Key management personnel consists solely of the Directors. Compensation for the year included dividends of £519,000 (2022: £1,020,000).

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D P Walsh.