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 05120263 Mrs N K McLachlan Mr N D Roberts Mr H A Keating Mrs J A Keating Mr K Tyrrell Mrs N K McLachlan false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05120263 2022-12-31 05120263 2023-12-31 05120263 2023-01-01 2023-12-31 05120263 frs-core:CurrentFinancialInstruments 2023-12-31 05120263 frs-core:Non-currentFinancialInstruments 2023-12-31 05120263 frs-core:ComputerEquipment 2023-12-31 05120263 frs-core:ComputerEquipment 2023-01-01 2023-12-31 05120263 frs-core:ComputerEquipment 2022-12-31 05120263 frs-core:FurnitureFittings 2023-12-31 05120263 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05120263 frs-core:FurnitureFittings 2022-12-31 05120263 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 05120263 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05120263 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 05120263 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05120263 frs-core:ShareCapital 2023-12-31 05120263 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05120263 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05120263 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05120263 frs-bus:SmallEntities 2023-01-01 2023-12-31 05120263 frs-bus:Audited 2023-01-01 2023-12-31 05120263 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05120263 1 2023-01-01 2023-12-31 05120263 frs-core:CostValuation 2022-12-31 05120263 frs-core:AdditionsToInvestments 2023-12-31 05120263 frs-core:CostValuation 2023-12-31 05120263 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 05120263 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 05120263 frs-bus:Director1 2023-01-01 2023-12-31 05120263 frs-bus:Director2 2023-01-01 2023-12-31 05120263 frs-bus:Director3 2023-01-01 2023-12-31 05120263 frs-bus:Director4 2023-01-01 2023-12-31 05120263 frs-bus:Director5 2023-01-01 2023-12-31 05120263 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 05120263 frs-core:CurrentFinancialInstruments 1 2023-12-31 05120263 frs-countries:EnglandWales 2023-01-01 2023-12-31 05120263 2021-12-31 05120263 2022-12-31 05120263 2022-01-01 2022-12-31 05120263 frs-core:CurrentFinancialInstruments 2022-12-31 05120263 frs-core:Non-currentFinancialInstruments 2022-12-31 05120263 frs-core:ShareCapital 2022-12-31 05120263 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 05120263 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 05120263
District and County Investments Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—9
Page 1
Balance Sheet
Registered number: 05120263
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 104,823 15,633
Investment Properties 5 6,567,870 10,239,842
Investments 6 104,710 104,708
6,777,403 10,360,183
CURRENT ASSETS
Stocks 7 - 2,400,075
Debtors 8 8,380,016 31,794,652
Cash at bank and in hand 499,256 3,198,416
8,879,272 37,393,143
Creditors: Amounts Falling Due Within One Year 9 (12,282,617 ) (43,837,802 )
NET CURRENT ASSETS (LIABILITIES) (3,403,345 ) (6,444,659 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,374,058 3,915,524
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 - (141,913 )
NET ASSETS 3,374,058 3,773,611
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 3,373,958 3,773,511
SHAREHOLDERS' FUNDS 3,374,058 3,773,611
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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 3 to 9 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
District and County Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05120263 . 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
Basis of consolidation
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 399 of the Companies Act 2006, the company is exempt from the requirements to prepare consolidated financial statements.
2.2. Going Concern Disclosure
The directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily available from other sources. The estimates and underyling assumptions are based on historical experience and other factors 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The significant judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Valuation of investments in subsidiaries
The directors value the investments based on market conditions, trading results and ratios applicable to the business nature and size.
The carrying value of the subsidiaries is compared to the underlying value of its net assets and expected future profitability.
Valuation of investment properties
As described in note 5, investment properties are stated at fair value based on the valuation performed by the directors based on recent experience in the location and category of property valued. The directors considered observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. However, the Russia-Ukraine war and the Covid-19 pandemic has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the property valuation at 31 December 2023.
Bad debt provision
The directors calculate the bad debt provision by assessing accrued interest recognised on loans receivable and determining any amounts that may no longer be recoverable. At 31 December 2023 there were no loans receivable or accrued interest balances, as a result there is no bad debt provision balance recognised on the balance sheet at the period end.
Recoverability of third party loans
The directors have determined, based on their experience of the company and its activities, that the third party loans are recoverable.
2.4. Turnover
Revenue, derived from ordinary activities and excluding VAT where applicable, comprises interest and arrangement fee income in relation to bridging loans issued, measured at amortised cost and recognised as they become due.
Rental income receivable from investment properties is recognised on an accruals basis.
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2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold N/A
Leasehold N/A
Fixtures and fittings 25% Straight line
Computer equipment 25% Straight line
2.6. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. 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. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.9. 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.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Investment in subsidiaries
Investments in subsidiaries are held at cost less accumulated impairment losses.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 6 6
6 6
4. Tangible Assets
Land & Property
Leasehold Fixtures and fittings Computer equipment Total
£ £ £ £
Cost or Valuation
As at 1 January 2023 - 2,743 20,097 22,840
Additions 10,505 11,962 2,012 24,479
Revaluation 72,000 - - 72,000
As at 31 December 2023 82,505 14,705 22,109 119,319
Depreciation
As at 1 January 2023 - 400 6,807 7,207
Provided during the period - 2,045 5,244 7,289
As at 31 December 2023 - 2,445 12,051 14,496
Net Book Value
As at 31 December 2023 82,505 12,260 10,058 104,823
As at 1 January 2023 - 2,343 13,290 15,633
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 10,239,842
Additions 262,236
Disposals (3,934,208 )
Depreciation and impairment -
As at 31 December 2023 6,567,870
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
as restated
£ £
Cost 6,557,972 -
The investment property has been independently valued by professional valuers on an open market basis during the accounting period, which aligns with the historical cost of the property. The directors consider the basis of valuation to accurately reflect the fair value of the property as at the reporting date.
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6. Investments
Other
£
Cost
As at 1 January 2023 104,708
Additions 2
As at 31 December 2023 104,710
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 104,710
As at 1 January 2023 104,708
The company owns 100% ordinary share capital of the following companies:
DCI 2 Limited - a company registered in England and Wales. DCI 2 Limited registered office is 42 Duke Street, Formby, Liverpool, Merseyside, England, L37 4AT.
DCI 3 Limited - a company registered in England and Wales. DCI 3 Limited registered office is 42 Duke Street, Formby, Liverpool, Merseyside, England, L37 4AT.
DCI 4 Limited - a company registered in England and Wales. DCI 4 Limited registered office is 42 Duke Street, Formby, Liverpool, Merseyside, England, L37 4AT.
DCI 5 Limited - a dormant company registered in England and Wales. DCI 5 Limited registered office is 42 Duke Street, Formby, Liverpool, Merseyside, England, L37 4AT.
Appleoak Limited - a company registered in Gibraltar. Appleoak Limited registered office is No. 1 Grand Ocean Plaza, Ocean Village, Gibraltar, GX11 1AA.
District and County Developments Limited - a dormant company registered in England and Wales. District and County Developments Limited registered office is 42 Duke Street, Formby, Liverpool, Merseyside, England, L37 4AT.
DCD2 Limited - a dormant company registered in England and Wales. District and County Developments Limited registered office is 42 Duke Street, Formby, Liverpool, Merseyside, England, L37 4AT.
DCI 2 Limited financial information for period ended 31 December 2023:
Capital and reserves £926,444
Profit for the period £588,626
DCI 3 Limited financial information for period ended 31 December 2023:
Capital and reserves £302,358
Profit for the period £302,378
DCI 4 Limited financial information for period ended 31 December 2023:
Capital and reserves (£84,259)
Profit for the period (£84,209)
Appleoak Limited financial information for period ended 31 December 2023:
Capital and reserves £178,567
Profit for the period (£18,770)
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7. Stocks
2023 2022
as restated
£ £
Development Properties - 2,400,075
8. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 1,560 -
Prepayments and accrued income 16,458 2,325,499
Loans receivable < 1 year - 20,590,311
Other debtors. 37,373 29,804
Deferred tax current asset 45,934 -
Amounts owed by group undertakings 8,278,691 3,877,069
8,380,016 26,822,683
Due after more than one year
Loans receivable > 1 year - 4,971,969
- 4,971,969
8,380,016 31,794,652
Amounts owed from group undertakings are interest free and repayable on demand.
9. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 10,618 -
Other loans - 31,893,706
Corporation tax (26,417 ) 489,262
Other taxes and social security 13,166 37,557
Other creditors 12,182,529 10,820,143
Accruals and deferred income 102,721 47,602
Directors' loan accounts - 549,532
12,282,617 43,837,802
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
as restated
£ £
Other timing differences (45,934) 141,913
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11. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 100 100
12. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,908 (2022: £Nil) were due to the fund. They are included in Other Creditors.
13. Directors Advances, Credits and Guarantees
No directors received advances, credits or guarantees during the current or prior periods.
14. Related Party Transactions
The following related party transactions were undertaken during the year:
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 wholly owned subsidiaries within the group.
The company has acted as guarantor on behalf of DCI 2 Limited, a wholly owned subsidiary, in respect of the loan received from Shawbrook Bank Ltd of £5,699,550. This loan is secured against the property and assets of the company.
A director introduced amounts totalling £163,422 (2022: £1,000,000) and withdrew amounts totalling £Nil (2022: £1,502,594). A balance of £9,713,197 has been transferred to DCI 4 Limited during the year. At the balance sheet date the amount payable was £Nil (2022: £9,876,619).
A director of the company introduced amounts totalling £Nil (2022: £Nil), withdrew amounts totalling £Nil (2022: £Nil) and interest charged on the loan totalling £8,808 (2022: £33,539) A balance of £558,340 has been transferred to DCI 4 Limited during the year. At the balance sheet date the amount payable was £Nil (2022: £549,532). This loan attracts an interest rate of 6.5% and is repayable on demand.
A connected person of the company introduced amounts totalling £Nil (2022: £Nil), withdrew amounts totalling £Nil (2022: £Nil) and interest charged on the loan totalling £8,808 (2022: £33,539). A balance of £558,340 has been transferred to DCI 4 Limited during the year. At the balance sheet date the amount payable was £Nil (2022: £549,532). This loan attracts an interest rate of 6.5% and is repayable on demand.
A connected company loaned the company £Nil (2022: £4,030,000), was repaid amounts totalling £Nil (2022: £639,947) and interest was charged on the loan totalling £313,747 (2022: £616,613). A balance of £25,904,163 has been transferred to DCI 4 Limited during the year. At the balance sheet date the amount payable was £Nil (2022: £25,590,416). This loan attracts an interest rate at 0.75% above the Bank of England base rate repayable annually.
No dividends were paid to the directors in respect of their shareholdings in the current or prior periods.
The aggregate remuneration paid to key management personnel for the year was £131,000 (2022: £86,247).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
15. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
16. Controlling Party
In the directors' opinion there is no ultimate controlling party.
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17. Audit Information
The auditors report on the account of District and County Investments 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 Ltd , Statutory Auditor
ERC Accountants & Business Advisers Ltd
Chartered Accountants
Hanover Buildings, 11 -13 Hanover Street
Liverpool
Merseyside
L1 3DN
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