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REGISTERED NUMBER: 02169815 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 October 2023

for

David Andrews (Construction) Limited

David Andrews (Construction) Limited (Registered number: 02169815)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13 to 19


David Andrews (Construction) 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: 02169815 (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

David Andrews (Construction) Limited (Registered number: 02169815)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

The company 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 company have remained fundamentally the same as in previous years, the directors choosing to focus on the company's traditional target market within affluent areas of London.

REVIEW OF BUSINESS
The directors have taken steps to mitigate the impact of the difficult global economic environment on the profitability and the continuing operations of the business. These efforts have been successful with gross profits increasing by 0.7% to 23.8%, compared to 23.1% the previous year. Net profits before tax show a 2.9% increase with the margin remaining steady at 13.3% compared to 13.4% the previous year.

At the end of the financial reporting period the financial statements show a promising position. The Balance Sheet remains healthy with net assets of £5.7 million and strong cash reserves of £3.1 million. Furthermore, the business has benefitted from a continuation of its historically low turnover of key staff which ensures that contacts within the industry remain strong.

PRINCIPAL RISKS AND UNCERTAINTIES
Working in such a high end market makes the company particularly susceptible to changes in the world economy. A significant number of residential projects are completed with a view to sell 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 company could fall dramatically.

Commercial contracts are much more influenced by the UK economy and the commission of new projects. The company 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 company. 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

David Andrews (Construction) Limited (Registered number: 02169815)

Report of the Directors
for the Year Ended 31 October 2023

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

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 was £519,000 (2022 : £1,770,000).

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

DISCLOSURE IN THE STRATEGIC REPORT
The following matters are addressed in the Strategic Report:

- an indication of the financial risk management objectives and policies and the exposure to price, credit, liquidity and cash flow risk where material to assessment of assets, liabilities, financial position and profit/loss;

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

David Andrews (Construction) Limited (Registered number: 02169815)

Report of the Directors
for the Year Ended 31 October 2023


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
David Andrews (Construction) Limited

Opinion
We have audited the financial statements of David Andrews (Construction) Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 31 October 2023 and of its 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 company 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 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 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 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 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
David Andrews (Construction) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
David Andrews (Construction) 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 FRS102, 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
- 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
David Andrews (Construction) 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

David Andrews (Construction) Limited (Registered number: 02169815)

Income Statement
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

TURNOVER 15,405,762 15,660,783

Cost of sales 11,736,758 12,044,934
GROSS PROFIT 3,669,004 3,615,849

Administrative expenses 1,663,885 1,516,341
2,005,119 2,099,508

Other operating income 1,500 1,500
OPERATING PROFIT 4 2,006,619 2,101,008

Interest receivable and similar income 44,327 3,118
2,050,946 2,104,126

Interest payable and similar expenses 6 7,653 -
PROFIT BEFORE TAXATION 2,043,293 2,104,126

Tax on profit 7 546,049 469,077
PROFIT FOR THE FINANCIAL YEAR 1,497,244 1,635,049

David Andrews (Construction) Limited (Registered number: 02169815)

Other Comprehensive Income
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,497,244 1,635,049


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,497,244

1,635,049

David Andrews (Construction) Limited (Registered number: 02169815)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 19,275 28,913

CURRENT ASSETS
Stocks 10 138,206 511,630
Debtors 11 7,131,834 5,767,647
Cash at bank 3,139,621 3,239,797
10,409,661 9,519,074
CREDITORS
Amounts falling due within one year 12 4,694,558 3,789,444
NET CURRENT ASSETS 5,715,103 5,729,630
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,734,378

5,758,543

PROVISIONS FOR LIABILITIES 14 4,819 7,228
NET ASSETS 5,729,559 5,751,315

CAPITAL AND RESERVES
Called up share capital 15 101 101
Retained earnings 16 5,729,458 5,751,214
SHAREHOLDERS' FUNDS 5,729,559 5,751,315

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


David Andrews (Construction) Limited (Registered number: 02169815)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 101 5,886,165 5,886,266

Changes in equity
Dividends - (1,770,000 ) (1,770,000 )
Total comprehensive income - 1,635,049 1,635,049
Balance at 31 October 2022 101 5,751,214 5,751,315

Changes in equity
Dividends - (1,519,000 ) (1,519,000 )
Total comprehensive income - 1,497,244 1,497,244
Balance at 31 October 2023 101 5,729,458 5,729,559

David Andrews (Construction) Limited (Registered number: 02169815)

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

1. STATUTORY INFORMATION

David Andrews (Construction) 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.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

This is on the grounds that the parent company DAC Management Services Limited includes the subsidiary in its published financial statements filed at companies house.

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 key sources of estimation or key assumptions concerning the future 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.

Turnover
Turnover represents the fair value of goods and services supplied by the Company, net of value added tax and trade discounts.

Turnover is derived from long-term construction contracts. Turnover in respect of rendering of these services is recognised with reference to the stage of completion of the contract. 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 each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Stock and work in progress
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.

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 and loans to related parties.

David Andrews (Construction) Limited (Registered number: 02169815)

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

2. ACCOUNTING POLICIES - continued

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 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.

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,029,528 3,846,062
Social security costs 448,123 460,534
Other pension costs 59,644 53,833
4,537,295 4,360,429

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

Tradesmen 63 64
Office staff 7 7
70 71

There were 2 (2022: 2) directors throughout the year.

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

David Andrews (Construction) Limited (Registered number: 02169815)

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

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 40,959 16,502

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 9,638 9,638
Foreign exchange differences 2,945 (2,121 )

5. 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

The Company pays the audit fees for all the Group entities, but these are not recharged.The estimated audit costs for the Company are £20,000 (2022: £20,000).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 7,653 -

7. 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 548,458 461,849

Deferred tax (2,409 ) 7,228
Tax on profit 546,049 469,077

David Andrews (Construction) Limited (Registered number: 02169815)

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

7. 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 2,043,293 2,104,126
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

510,823

399,784

Effects of:
Expenses not deductible for tax purposes 95,683 69,756
Capital allowances in excess of depreciation - (7,691 )
Depreciation in excess of capital allowances 2,410 -
Change in tax rate (60,458 ) -

Deferred Tax (2,409 ) 7,228
Total tax charge 546,049 469,077

From 1 April 2023 the rate at which Corporation Tax was charged increased from 19% to 25%.

8. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim 1,519,000 1,770,000

9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2022
and 31 October 2023 38,551
DEPRECIATION
At 1 November 2022 9,638
Charge for year 9,638
At 31 October 2023 19,276
NET BOOK VALUE
At 31 October 2023 19,275
At 31 October 2022 28,913

10. STOCKS
2023 2022
£    £   
Work-in-progress 138,206 511,630

David Andrews (Construction) Limited (Registered number: 02169815)

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

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,248,447 870,673
Amounts owed by group undertakings 3,963,934 3,677,567
Other debtors 54,300 44,624
VAT 167,666 267,138
Prepayments and accrued income 1,697,487 907,645
7,131,834 5,767,647

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,150,445 1,375,311
Corporation tax 403,423 132,791
Social security and other taxes 163,767 169,805
Other creditors 189,946 386,841
Accruals and deferred income 1,604,745 1,017,522
Accrued expenses 1,182,232 707,174
4,694,558 3,789,444

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
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.

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,819 7,228

Deferred Snagging
tax Provisions
£    £   
Balance at 1 November 2022 7,228 220,000
Credit to Income Statement during year (2,409 ) -
Utilised during year - (220,000 )
Balance at 31 October 2023 4,819 -

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.

David Andrews (Construction) Limited (Registered number: 02169815)

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

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary A £1 100 100
1 Ordinary B £1 1 1
101 101

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

Ordinary A shares; are entitled to one vote per share, have the right to participate in dividends, have the right to participate in capital on a winding up, are not liable to be redeemed.

Ordinary B shares; are not entitled to any voting rights, have no rights to participate in a winding up in excess of amounts paid up per share, have rights to receive a dividend at the sole discretion of the directors.

The parent company, D.A.C. Management Services Limited, owns 100% of the Ordinary A and Ordinary B shares.

16. RESERVES
Retained
earnings
£   

At 1 November 2022 5,751,214
Profit for the year 1,497,244
Dividends (1,519,000 )
At 31 October 2023 5,729,458

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

17. ULTIMATE PARENT COMPANY

D.A.C Management Services Limited is regarded by the directors as being the company's ultimate parent company.

The registered number is 02307804 and the registered office is Level 2 Klaco House, 28 St John's Square, Clerkenwell, London, EC1M 4DN.

The parent company prepares group accounts, in which David Andrews (Construction) Limited is a consolidated subsidiary. These can be found at Companies House.





David Andrews (Construction) Limited (Registered number: 02169815)

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

18. RELATED PARTY DISCLOSURES

During the year D.A.C. Management Services Limited, the parent company, invoiced £75,000 (2022 :
£250,000) to the company in respect of administration costs and the company invoiced property works
to D.A.C. Management Services Limited totalling £92,943 (2022 : £145,703).

The company paid dividends totalling £1,519,000 (2022: £1,770,000 ) to D.A.C. Management Services
Limited, the company also loaned D.A.C. Management Services Limited £1,388,536 (2022 : £532,194)
during the year. The balance of the loan due from D.A.C. Management Services Limited at the year
end stood at £1,024,689 (2022 : £1,137,211). The loan is interest free, unsecured and repayable on demand.

The company has given cross guarantees in favour of National Westminster Bank Plc in respect of borrowings of D.A.C. Management Services Limited. The maximum potential liability under the terms of these guarantees at the balance sheet date was £160,000 (2022 : £160,000).

The directors consider the likelihood that the company to be called upon to meet any claims under these guarantees to be remote and accordingly have made no provisions in the accounts.

During the year, the company invoiced costs to David Andrews (Heritage) Limited, a wholly owned
subsidiary within the group under common control, totalling £411,058 (2022 : £202,384). The company
also loaned David Andrews (Heritage) Limited £Nil (2022 : £1,600,000) and was repaid £12,169
(2022: Nil) during the year. The balance of the loan due from David Andrews (Heritage) Limited at the
year end was £2,939,245 (2022: £2,540,356). The loan is interest free, unsecured and repayable on demand.

During the year, a total of key management personnel compensation of £ 40,959 (2022 - £ 16,502 ) was paid.

The directors are the key management personnel of the company.

The directors are also key management personnel of the parent company D.A.C. Management Limited.

19. ULTIMATE CONTROLLING PARTY

The controlling party is D.A.C. Management Services Limited.

The ultimate controlling party is D P Walsh.