Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 29 April 2024 1 January 2023 31 December 2023 31 December 2023 13799781 Mrs N K McLachlan District and County Investments Limited District and County Investments Limited 42 Duke Street, Formby, Liverpool, Merseyside, United Kingdom, L37 4AT true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13799781 2022-12-31 13799781 2023-12-31 13799781 2023-01-01 2023-12-31 13799781 frs-core:CurrentFinancialInstruments 2023-12-31 13799781 frs-core:Non-currentFinancialInstruments 2023-12-31 13799781 frs-core:ShareCapital 2023-12-31 13799781 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13799781 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13799781 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13799781 frs-bus:SmallEntities 2023-01-01 2023-12-31 13799781 frs-bus:Audited 2023-01-01 2023-12-31 13799781 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13799781 1 2023-01-01 2023-12-31 13799781 frs-bus:Director1 2023-01-01 2023-12-31 13799781 frs-bus:Director2 2023-01-01 2023-12-31 13799781 frs-countries:EnglandWales 2023-01-01 2023-12-31 13799781 2021-12-31 13799781 2022-12-31 13799781 2022-01-01 2022-12-31 13799781 frs-core:CurrentFinancialInstruments 2022-12-31 13799781 frs-core:Non-currentFinancialInstruments 2022-12-31 13799781 frs-core:ShareCapital 2022-12-31 13799781 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 13799781
DCI 2 Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 13799781
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 16,126,776 6,565,645
Cash at bank and in hand 53,505 1,454,836
16,180,281 8,020,481
Creditors: Amounts Falling Due Within One Year 5 (6,334,222 ) (1,983,114 )
NET CURRENT ASSETS (LIABILITIES) 9,846,059 6,037,367
TOTAL ASSETS LESS CURRENT LIABILITIES 9,846,059 6,037,367
Creditors: Amounts Falling Due After More Than One Year 6 (8,739,986 ) (5,699,550 )
NET ASSETS 1,106,073 337,817
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 1,105,973 337,717
SHAREHOLDERS' FUNDS 1,106,073 337,817
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs N K McLachlan
Director
29 April 2024
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
DCI 2 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13799781 . The registered office is 42 Duke Street, Formby, Liverpool, Merseyside, L37 4AT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
The presentational currency and functional currency is pound sterling (£).
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
The company's turnover, derived from ordinary activities and excluding VAT where applicable, comprises interest and arrangement fee income in relation to bridging and development loans issued, measured at amortised cost and recognised as they become due.
2.4. Financial Instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account.
Loans receivable represent the future capital repayments of the short-term finance provided to customers, less any impairment. Interest is recognised in the income statement as it becomes due.
Amounts owed to group undertakings represents an interest free loan provided from the parent company and is repayable on demand.
Other receivables represent amounts held in escrow bank accounts by third parties.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
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4. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 1,813,172 621,095
Loans receivable < 1 year 13,014,521 5,317,733
14,827,693 5,938,828
Due after more than one year
Loans receivable > 1 year 1,299,083 626,817
1,299,083 626,817
16,126,776 6,565,645
Loans receivable are made up of bridging and development loans and are secured against a charge on the asset to which the loan relates to
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 16,906 79,217
Other creditors 3,269 -
Accruals and deferred income 103,965 49,168
Amounts owed to group undertakings 6,210,082 1,854,729
6,334,222 1,983,114
Amounts owed to group undertakings are interest free and repayable on demand.
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 8,739,986 5,699,550
8,739,986 5,699,550
The above loan from Shawbrook Bank Limited attracts an interest rate of 5% plus the Bank of England SONIA (stirling overnight index average rate) per annum following the first drawdown date until the term out date of 30th September 2024. After this the interest rate is 6% plus SONIA. The final repayment must not exceed 36 months after the initial drawdown date. The loan is secured against all the property and assets of the company.
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
No directors have received advances, credits or guarantees during the current financial period.
9. Related Party Transactions
The company has taken advantage of the exemption available under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with the parent company as it is a wholly owned subsidiary within the group.
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10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements and submit the approved version to Companies House.
11. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is District and County Investments Limited. District and County Investments Limited was incorporated in England on 5 May 2004. The ultimate controlling party is District and County Investments Limited who control 100% of the shares of DCI 2 Limited.
12. Audit Information
The auditors report on the account of DCI 2 Limited for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Mark Wrigglesworth (Senior Statutory Auditor) for and on behalf of ERC Accountants & Business Advisers Limited , Statutory Auditor
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