REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 31 October 2023 |
for |
David Andrews (Construction) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
BANKERS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
David Andrews (Construction) Limited (Registered number: 02169815) |
Income Statement |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,005,119 | 2,099,508 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
2,050,946 | 2,104,126 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
David Andrews (Construction) Limited (Registered number: 02169815) |
Other Comprehensive Income |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
David Andrews (Construction) Limited (Registered number: 02169815) |
Statement of Financial Position |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Tradesmen | 63 | 64 |
Office staff | 7 | 7 |
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 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Foreign exchange differences | ( |
) |
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 |
Other non- audit services |
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. | 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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Change in tax rate | ( |
) |
Deferred Tax | ( |
) |
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 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Work-in-progress |
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 |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
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 |
Credit to Income Statement during year | ( |
) |
Utilised during year | ( |
) |
Balance at 31 October 2023 |
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: | £ | £ |
Ordinary A | £1 | 100 | 100 |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2023 |
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 £ £ to D.A.C. Management Services Limited totalling £ |
The company paid dividends totalling £ 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 £ |
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 subsidiary within the group under common control, totalling £ 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 £ |
During the year, a total of key management personnel compensation of £ |
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 |