Company registration number 08533505 (England and Wales)
DPK REAL ESTATE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DPK REAL ESTATE SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
DPK REAL ESTATE SERVICES LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
417,155
442,282
Investments
5
9,468,067
10,264,069
9,885,222
10,706,351
Current assets
Debtors
7
7,239,068
6,765,612
Cash at bank and in hand
10,345,029
2,238,671
17,584,097
9,004,283
Creditors: amounts falling due within one year
8
(11,524,241)
(4,717,990)
Net current assets
6,059,856
4,286,293
Net assets
15,945,078
14,992,644
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
15,944,978
14,992,544
Total equity
15,945,078
14,992,644
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr D Maxwell
Director
Company registration number 08533505 (England and Wales)
DPK REAL ESTATE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
DPK Real Estate Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 Seaforth Place, London, SW1E 6AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% on reducing balance.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
DPK REAL ESTATE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DPK REAL ESTATE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DPK REAL ESTATE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
DPK REAL ESTATE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 December 2022
805,369
Additions
21,224
At 30 November 2023
826,593
Depreciation and impairment
At 1 December 2022
363,087
Depreciation charged in the year
46,351
At 30 November 2023
409,438
Carrying amount
At 30 November 2023
417,155
At 30 November 2022
442,282
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
8,747,925
9,501,422
Other investments other than loans
720,142
762,647
9,468,067
10,264,069
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 December 2022
9,501,422
762,647
10,264,069
Additions
-
62,673
62,673
Disposals
(753,497)
(105,178)
(858,675)
At 30 November 2023
8,747,925
720,142
9,468,067
Carrying amount
At 30 November 2023
8,747,925
720,142
9,468,067
At 30 November 2022
9,501,422
762,647
10,264,069
DPK REAL ESTATE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Artillery Investments S.A.R.L
9, rue de Bitbourg, L - 1273. Luxembourg
Ordinary
90.00
8.79
David Maxwell Racing Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
DPK Autostrada Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
DPK PFS Investments Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
DPK Property Investments Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
DPK Roydon Management Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
90.00
-
DPK Roydon Marina Village Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
DPK France Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
AAIM Lagonda Purchaser Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
87.94
-
DPK Seaforth Place Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
SARL Fonciere Vauclusienne FOVA
8 Avenue Hoche, 75008 Paris 08
Ordinary
100.00
-
Solent Land Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
DPK Rad Ltd
5 Seaforth Place, London SW1E 6AB
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Artillery Investments S.A.R.L
(290,827)
7,573
David Maxwell Racing Ltd
351,850
351,849
DPK Autostrada Ltd
4,028,987
(39,416)
DPK PFS Investments Ltd
9,270,542
8,056,281
DPK Property Investments Ltd
(3,805)
(26,531)
DPK Roydon Management Ltd
(7,497)
(1,502)
DPK Roydon Marina Village Ltd
30,948
(1,351)
DPK France Ltd
87,718
1,196
AAIM Lagonda Purchaser Ltd
(29,497,037)
(312,479)
DPK Seaforth Place Ltd
100
-
SARL Fonciere Vauclusienne FOVA
23,134
337,338
Solent Land Ltd
(14,042)
(3,788)
DPK Rad Ltd
100
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,744,948
2,363,901
Other debtors
5,494,120
4,401,711
7,239,068
6,765,612
DPK REAL ESTATE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,060
Amounts owed to group undertakings
6,691,168
4,286,056
Corporation tax
116,144
Other creditors
4,716,929
404,874
11,524,241
4,717,990
9
Related party transactions
DPK PFS Investments Ltd, a subsidiary, received various amounts during the year. At the year end an amount was owed by that company of nil (2022 £573,596). Interest was charged on amounts advanced of nil (2022 £29,858).
DPK Autostrada Ltd, a subsidiary, received additional amounts during the year. At the year end an amount was owed by that company of £56,180 (2022 £56,044).
DPK Artillery Investments S.A.R.L., a subsidiary, received various amounts during the year. however a provision against previous loans remains of £157,099 (2022 £157,099). At the year end a net amount of £114,348 (2022 £83,531) was owed by this company.
Maxwell Investments 1 LLP, an entity in which the Director is a designated member, at the year end owed the company £1,712 (2022 £1,712).
Maxwell Investments 2 LLP, an entity in which the Director is a designated member, at the year end owed the company £990 (2022 £990).
DPK Property Investments Ltd, a subsidiary, received various amounts during the year. At the year end an amount was owed by that company of £11,750 (2022 £6,750).
DPK Roydon Marina Village Ltd, a subsidiary, received no additional amounts during the year. At the year end an amount was owed by that company of £24,110 (2022 £24,110).
DPK Roydon Management Ltd, a subsidiary, received various amounts during the year. At the year end an amount was owed by that company of £1,313,467 (2022 £1,225,888) at the year end.
DPK France Ltd is a subsidiary, during the year an amount of £119 (2022 nil) owed to this company was written off. At the year end an amount was owed by that company of nil (2022 £119).
DPK Seaforth Place Ltd, a subsidiary received no additional amounts during the year. At the year end and amount was owed by that company of £620 (2022 £620).
SARL Fonciere Vauclusienne FOVA, a subsidiary, received various amounts during the year. At the year end an amount was owed by that company of nil (2022 £169,770). Interest was charges on these advances of £6,681 (2022 nil).
Solent Land Ltd, a subsidiary, received various amounts during the year. At the year end an amount was owed by that company of £221,666 (2022 £220,667).
AAIM Lagonda Purchaser Ltd, a subsidiary, received no further amounts during the year. At the year end an amount was owed by that company of £105 (2022 £105).
DPK REAL ESTATE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
10
Related party transactions continued
NAMT Holdco Ltd, a company with a mutual Director, had a loan of £739,333 written off (2022 nil). At the year end an amount was owed by that company of nil (2022 £726,690).
AMT Coffee Ltd, a company with a mutual Director had at the year end a balance of nil (2022 £340,000) owing to DPK Real Estates Services Ltd).
Credit4 Ltd, a company with a mutual Director owed an amount at the year end totalling £2,080,335 (2022 £2,139,663). Included in the balance was interest due for the year of £135,317 (2022 £150,411).
DPK Management Ltd, a company with a mutual Director, received additional amounts during the year. At the year end an amount was owed by that company of £346,714 (2022 £237,188).
Newrad Holding Ltd, a company with a mutual Director, owed DPK Real Estate Services Ltd at the year end an amount of £2,850,361 (2022 nil).
DPK Quay Ltd an investment of AAIM Lagonda Purchaser Ltd, a subsidiary of this company, had an amount of £373,621 (2022 nil) written off in DPK Real Estate Services Ltd. At the year end an amount was owed by DPK Quay Ltd £nil (2022 £733,476).
DPK Property Holdings Ltd, a company with a mutual Director, received various amounts during the year. At the year end an amount was owed by that company of £6,740 (2022 £3,740).
DPK East Ltd, an investment of DPK Autostrada Ltd, a subsidiary of this company, forwarded additional amounts during the year. At the year end an amount was owed to that company of £6,371,407 (2022 £3,652,674). Interest was charged on this loan in the year of £200,811 (2022 £128,795).
David Maxwell Racing Ltd, a subsidiary, forwarded various amounts during the year. A provision against loans has been made in the current year of nil (2022 £54). At the year end an amount was owed to that company of 319,760 (2022 nil).
DPK Saint Witz SAS and DPK Logistique France Ltd both indirect subsidiaries had previously given loans that were written off in the year as follows; DPK Saint Witz SAS £122,800 (2022 nil), DPK Logistique France Ltd £434,169 (2022 nil). Balances owed to these companies at the year end are as follows DPK Saint Witz SAS nil (2022 £ £199,236), DPK Logistique France Ltd nil (2022 £434,169).
B-Rad Manco Ltd, a company with a mutual Director, loaned various amounts during the year. At the year end an amount was owed to that company of £4,039.536 (2022 £106,960 owed by).
Mr D Maxwell, a Director, received various advances during the year. At the year end an amount was owed to him of nil (2022 £11,383). Interest was charged on advances of £38,448 (2022 £50,336).
11
Parent company
The immediate parent entity is DPK Real Estate LLP registered at 5 Seaforth Place, London SW1E 6AB.
The ultimate controlling party is Mr D Maxwell by virtue of his controlling interest in DPK Real Estate LLP.