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REGISTERED NUMBER: 02896868 (England and Wales)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for


DCD LONDON & MUTUAL PLC



DCD LONDON & MUTUAL PLC (Registered number: 02896868)







Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2023





Page



Company Information  

1



Group Strategic Report  

2



Report of the Directors  

3



Report of the Independent Auditors  

5



Consolidated Income Statement  

9



Consolidated Other Comprehensive Income  

10



Consolidated Balance Sheet  

11



Company Balance Sheet  

12



Consolidated Statement of Changes in Equity  

13



Company Statement of Changes in Equity  

14



Consolidated Cash Flow Statement  

15



Notes to the Consolidated Cash Flow Statement

16



Notes to the Consolidated Financial Statements

17




DCD LONDON & MUTUAL PLC


Company Information

for the Year Ended 31 December 2023









Directors:

S A Randeree


F A Randeree





Secretary:

C E Shelley





Registered office:

1st Floor


85 Strand


London


WC2R 0DW





Registered number:

02896868 (England and Wales)





Senior statutory auditor:

Naresh Jani FCCA





Auditors:

Andertons Europe Ltd (Statutory Auditors)


1st Floor


156 Cromwell Road


Kensington


London


SW7 4EF


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Group Strategic Report

for the Year Ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.


Principal risks and uncertainties

The principal activities of the group are those of property investment and management. There have been no changes in the company's activities in the year under review.


The group profit and loss account is set out on page 9. The group turnover for the year was £ 3,553,377 (2022 - £ 3,661,331 ). The group (loss) / profit before tax for the year was £ (240,607)   (2022 - profit £ 226,041 ).


The property management business in 2022 remained stable.


The company monitors cash flow as part of its day to day control procedures. The Board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be drawn upon as necessary.


Results and dividends

The group income statement is set out on page 8 and shows the results for the year. The directors do not recommend payment of a dividend (2022: Nil).


On behalf of the board:






Director



31 October 2024


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Report of the Directors

for the Year Ended 31 December 2023


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


Dividends

No dividends will be distributed for the year ended 31 December 2023.


Directors

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


S A Randeree

F A Randeree


Charitable contributions and political donations

During the year the group made donations totalling £301 (2022 - £19,001) to charitable organisations and political contributions during the year of £42,705 (2022 - £30,205).


Statement of directors' responsibilities

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;

-

state whether applicable accounting standards have been followed, subject to any material

departures disclosed and explained in the financial statements;

-

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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Report of the Directors

for the Year Ended 31 December 2023



Auditors

All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information.  The directors are not aware of any relevant audit information of which the auditors are unaware.


Andertons Europe Ltd have expressed their willingness to continue in office and a resolution to re appoint them will be proposed at the annual general meeting.


On behalf of the board:






F A Randeree - Director



31 October 2024


Report of the Independent Auditors to the Members of

DCD LONDON & MUTUAL PLC


Opinion

We have audited the financial statements of DCD LONDON & MUTUAL PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's loss 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 group 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.


Conclusions 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 group's and the parent 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.


Report of the Independent Auditors to the Members of

DCD LONDON & MUTUAL PLC



Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

DCD LONDON & MUTUAL PLC



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.


Audit response to risks identified:


We considered the extent of compliance with laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the group policies and procedures for compliance with laws and regulations with members of management responsible for compliance.


During the planning meeting, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. The review at the completion stage of the audit, included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non- compliance with laws and regulations and fraud.


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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.


Report of the Independent Auditors to the Members of

DCD LONDON & MUTUAL PLC



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.





Naresh Jani FCCA (Senior Statutory Auditor)

for and on behalf of Andertons Europe Ltd (Statutory Auditors)

1st Floor

156 Cromwell Road

Kensington

London

SW7 4EF


31 October 2024


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Consolidated Income Statement

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   



Turnover

3,553,377


3,661,331




Cost of sales

(872,626

)

(784,352

)


Gross profit

2,680,751


2,876,979




Distribution costs

(2,589

)

(13,082

)


Administrative expenses

(2,578,872

)

(2,214,229

)


Operating profit

4

99,290


649,668




Profit/loss on sale of invest

5

-


100,012



99,290


749,680




Interest receivable and similar

income

245,177


32,548



344,467


782,228



Amounts written off investments

6

(41,000

)

-



303,467


782,228




Interest payable and similar

expenses

7

(544,074

)

(556,187

)


(Loss)/profit before taxation

(240,607

)

226,041




Tax on (loss)/profit

8

3,001


(44,329

)


(Loss)/profit for the financial year

(237,606

)

181,712



(Loss)/profit attributable to:

Owners of the parent

(194,221

)

89,103



Non-controlling interests

(43,385

)

92,609



(237,606

)

181,712




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Consolidated Other Comprehensive Income

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   



(Loss)/profit for the year

(237,606

)

181,712





Other comprehensive income  


Capital contribution Interest

Imputed Interest

(21,033

)

(20,520

)


Income tax relating to other

comprehensive income

-


-



Other comprehensive income for

the year, net of income tax

(21,033

)

(20,520

)


Total comprehensive income for

the year

(258,639

)

161,192




Total comprehensive income attributable to:

Owners of the parent

(258,639

)

161,192




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Consolidated Balance Sheet

31 December 2023



2023

2022



Notes

£   

£   

£   

£   


Fixed assets

Intangible assets

10

1,909,867


1,909,867



Tangible assets

11

37,409,384


36,212,847



Investments

12

12,588,068


13,522,297



51,907,319


51,645,011




Current assets

Debtors

13

5,651,797


5,395,047



Cash at bank and in hand

33,336,167


33,937,926



38,987,964


39,332,973



Creditors

Amounts falling due within one year

14

38,422,389


38,425,057



Net current assets

565,575


907,916



Total assets less current liabilities

52,472,894


52,552,927




Creditors

Amounts falling due after more than

one year

15

(20,374,709

)

(20,193,102

)



Provisions for liabilities

17

(1,273,602

)

(1,276,603

)


Net assets

30,824,583


31,083,222




Capital and reserves

Called up share capital

18

2,166,660


2,166,660



Other reserves

19

5,796,104


5,796,104



Retained earnings

19

(792,072

)

(576,818

)


Shareholders' funds

7,170,692


7,385,946




Non-controlling interests

23,653,891


23,697,276



Total equity

30,824,583


31,083,222




The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





F A Randeree - Director



DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Company Balance Sheet

31 December 2023



2023

2022



Notes

£   

£   

£   

£   


Fixed assets

Intangible assets

10

-


-



Tangible assets

11

2,181,235


2,180,839



Investments

12

13,737,818


13,637,648



15,919,053


15,818,487




Current assets

Debtors

13

1,519,971


1,860,633



Cash at bank

388,057


70,084



1,908,028


1,930,717



Creditors

Amounts falling due within one year

14

9,122,412


8,851,697



Net current liabilities

(7,214,384

)

(6,920,980

)


Total assets less current liabilities

8,704,669


8,897,507




Creditors

Amounts falling due after more than

one year

15

6,533,422


6,490,008



Net assets

2,171,247


2,407,499




Capital and reserves

Called up share capital

18

2,166,660


2,166,660



Retained earnings

19

4,587


240,839



Shareholders' funds

2,171,247


2,407,499




Company's (loss)/profit for the

financial year

(215,219

)

9,774




The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:






F Randeree - Director



DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Other


capital


earnings


reserves

£   

£   

£   


Balance at 1 January 2022

2,166,660


(645,401

)

5,796,104




Changes in equity

Total comprehensive income

-


68,583


-



Balance at 31 December 2022

2,166,660


(576,818

)

5,796,104




Changes in equity

Total comprehensive income

-


(215,254

)

-



2,166,660


(792,072

)

5,796,104



Non-controlling interest

arising on business

combination

-


-


-



Balance at 31 December 2023

2,166,660


(792,072

)

5,796,104




Non-controlling


Total


Total


interests


equity

£   

£   

£   


Balance at 1 January 2022

7,317,363


23,697,276


31,014,639




Changes in equity

Total comprehensive income

68,583


-


68,583



Balance at 31 December 2022

7,385,946


23,697,276


31,083,222




Changes in equity

Total comprehensive income

(215,254

)

-


(215,254

)


7,170,692


23,697,276


30,867,968



Non-controlling interest

arising on business

combination

-


(43,385

)

(43,385

)


Balance at 31 December 2023

7,170,692


23,653,891


30,824,583




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Company Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 January 2022

2,166,660


251,585


2,418,245




Changes in equity

Total comprehensive income

-


(10,746

)

(10,746

)


Balance at 31 December 2022

2,166,660


240,839


2,407,499




Changes in equity

Total comprehensive income

-


(236,252

)

(236,252

)


Balance at 31 December 2023

2,166,660


4,587


2,171,247




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Consolidated Cash Flow Statement

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(96,319

)

(2,615,384

)


Interest paid

(544,074

)

(556,187

)


Tax paid

(44,337

)

(19,042

)


-


(4,644,151

)


Net cash from operating activities

(684,730

)

(7,834,764

)



Cash flows from investing activities

Purchase of tangible fixed assets

(1,215,259

)

(7,343,998

)


Purchase of fixed asset investments

-


(2,556,149

)


Reduction of fixed asset investments

871,446


5,820,798



Interest received

245,177


32,548



Net cash from investing activities

(98,636

)

(4,046,801

)



Cash flows from financing activities

New loans in year

181,607


-



Loan repayments in year

-


(266,163

)


Net cash from financing activities

181,607


(266,163

)



Decrease in cash and cash equivalents

(601,759

)

(12,147,728

)


Cash and cash equivalents at

beginning of year

2

33,937,926


46,117,303




Cash and cash equivalents at end

of year

2

33,336,167


33,937,926




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2023


1.

Reconciliation of (loss)/profit before taxation to cash generated from operations


2023


2022

£   

£   



(Loss)/profit before taxation

(240,607

)

226,041




Depreciation charges

60,472


54,806




Profit on disposal of fixed assets

-


(100,012

)



Finance costs

544,074


556,187




Finance income

(245,177

)

(32,548

)


118,762


704,474




(Increase)/decrease in trade and other debtors

(343,417

)

1,103,130




Increase/(decrease) in trade and other creditors

128,336


(4,422,988

)



Cash generated from operations

(96,319

)

(2,615,384

)



2.

Cash and cash equivalents



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

33,336,167


33,937,926




Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

33,937,926


46,117,303





3.

Analysis of changes in net funds



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank and in hand

33,937,926


(601,759

)

33,336,167



33,937,926


(601,759

)

33,336,167




Debt


Debts falling due within 1 year

(86,667

)

86,667


-




Debts falling due after 1 year

(20,193,102

)

(181,607

)

(20,374,709

)


(20,279,769

)

(94,940

)

(20,374,709

)



Total

13,658,157


(696,699

)

12,961,458




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2023


1.

Statutory information



DCD LONDON & MUTUAL PLC 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 General Information page.


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.    



Basis of consolidation


The consolidated financial statements incorporate those of DCD London & Mutual Plc and all of its subsidiaries for the financial year.  Subsidiaries are consolidated using the acquisition method and their results are included from the date of acquisition.  All subsidiaries have prepared financial statements to 31 December 2023.



Turnover


Turnover represents the total sales to external customers at the invoiced value exclusive of value added tax during the year.



Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.  



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


Tangible fixed assets

Depreciation is provided on fixed assets from the date of acquisition and up to the date of disposal at the following annual rates which are estimated to write off their cost less estimated net realisable value on a straight line basis over their expected useful lives:

Leasehold improvements - 5% per annum
Fixtures, fittings and equipment - 10% per annum
Computer equipment - 33 1/3% per annum
Motor vehicles - 25% per annum


Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



Financial instruments

Financial liabilities are equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


2.

Accounting policies - continued


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that:

" deferred tax is not recognised on timing differences arising on revalued properties unless the company has entered into a binding sale agreement and is not proposing to take advantage of rollover relief; and

" the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

Deferred tax liabilities and assets are not discounted.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Pension costs

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. Pension payments are charged against the profits in the year to which they relate.

Dividends

Equity dividends are recognised when they become legally payable.


Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


2.

Accounting policies - continued



Interest free loans


FRS 102 requires that an imputed rate is used and the effective interest charges are recognized in profit and loss for the year. An imputed interest rate of 3.035 % has been applied based on the directors' estimate of market value rate of interest at the date of inception of the loan.



Lease assets


Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the term of the lease.



All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight-line basis over the term of the lease.



Valuation of investments



Investments held as fixed assets are stated at cost less any provision for impairment. Investments held as current assets are stated at the lower of cost and net realisable value.



Investment properties



Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.


3.

Employees and directors


2023


2022

£   

£   



Wages and salaries

1,115,818


1,056,692




Social security costs

126,087


124,991




Other pension costs

67,084


37,398



1,308,989


1,219,081





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


2023


2022



Management

3


3




Administration

17


16



20


19




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


3.

Employees and directors - continued



2023


2022

£   

£   



Directors' remuneration

311,656


300,932




Directors' pension contributions to money purchase schemes  

67,084


7,749





Information regarding the highest paid director is as follows:


2023


2022

£   

£   



Accrued pension at 31 December 2023

1


-




4.

Operating profit



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



2023


2022

£   

£   



Hire of plant and machinery

6,114


4,726




Other operating leases

150,000


112,876




Depreciation - owned assets

18,722


21,555




Auditors' remuneration

28,250


27,250




Foreign exchange differences

-


(2

)



5.

Exceptional items


2023


2022

£   

£   



Profit/loss on sale of invest

-


100,012




6.

Amounts written off investments



2023


2022

£   

£   



Amounts w/o invs

41,000


-




7.

Interest payable and similar expenses



2023


2022

£   

£   



Bank interest

-


21,839




Bank loan interest

421,551


379,048




Interest payable

122,523


155,300



544,074


556,187




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


8.

Taxation



Analysis of the tax (credit)/charge


The tax (credit)/charge on the loss for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

-


48,349





Deferred tax

(3,001

)

(4,020

)



Tax on (loss)/profit

(3,001

)

44,329





Reconciliation of total tax (credit)/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

£   

£   



(Loss)/profit before tax

(240,607

)

226,041




(Loss)/profit multiplied by the standard rate of corporation tax

in the UK of 23.520 % (2022 - 19 %)  

(56,591

)

42,948





Effects of:


Expenses not deductible for tax purposes

44,054


38,889




Income not taxable for tax purposes

(4,947

)

(3,939

)



Depreciation in excess of capital allowances

13,144


10,784




Utilisation of tax losses

(62,888

)

(46,872

)



Losses carried forward  

67,228


6,539




Deferred tax  

(3,001

)

(4,020

)



Total tax (credit)/charge

(3,001

)

44,329





Tax effects relating to effects of other comprehensive

income




2023



Gross


Tax


Net


£   

£   

£   



Capital contribution Interest


Imputed Interest

(21,033

)

-


(21,033

)


(21,033

)

-


(21,033

)




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


8.

Taxation - continued


2022



Gross


Tax


Net


£   

£   

£   



Capital Contribution Interest


Imputed Interest

(20,520

)

-


(20,520

)


(20,520

)

-


(20,520

)



9.

Individual income statement



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



10.

Intangible fixed assets



Group


Goodwill

£   



COST


At 1 January 2023


and 31 December 2023

1,909,867




NET BOOK VALUE


At 31 December 2023

1,909,867




At 31 December 2022

1,909,867





Goodwill is on incorporation.


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


11.

Tangible fixed assets



Group


Freehold


Short


Properties


property


leasehold


on hand

£   

£   

£   



COST


At 1 January 2023

33,980,374


122,275


2,175,000




Additions

1,209,237


-


-




At 31 December 2023

35,189,611


122,275


2,175,000




DEPRECIATION


At 1 January 2023

276


84,700


-




Charge for year

69


10,608


-




At 31 December 2023

345


95,308


-




NET BOOK VALUE


At 31 December 2023

35,189,266


26,967


2,175,000




At 31 December 2022

33,980,098


37,575


2,175,000





Fixtures



and


Computer



fittings


equipment


Totals

£   

£   

£   



COST


At 1 January 2023

94,643


105,471


36,477,763




Additions

473


5,549


1,215,259




At 31 December 2023

95,116


111,020


37,693,022




DEPRECIATION


At 1 January 2023

79,647


100,293


264,916




Charge for year

2,474


5,571


18,722




At 31 December 2023

82,121


105,864


283,638




NET BOOK VALUE


At 31 December 2023

12,995


5,156


37,409,384




At 31 December 2022

14,996


5,178


36,212,847





Freehold property is freehold investment property.


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


11.

Tangible fixed assets - continued



Company


Fixtures



Properties


and


Computer



on hand


fittings


equipment


Totals

£   

£   

£   

£   



COST


At 1 January 2023

2,175,000


62,655


7,239


2,244,894




Additions

-


-


3,144


3,144




At 31 December 2023

2,175,000


62,655


10,383


2,248,038




DEPRECIATION


At 1 January 2023

-


57,751


6,304


64,055




Charge for year

-


695


2,053


2,748




At 31 December 2023

-


58,446


8,357


66,803




NET BOOK VALUE


At 31 December 2023

2,175,000


4,209


2,026


2,181,235




At 31 December 2022

2,175,000


4,904


935


2,180,839




If the properties had not been revalued, they would have been included in the following historical cost :

Cost £ 2,274,935.

The properties were valued on an open market by the directors.

12.

Fixed asset investments



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Shares in group undertakings

713,437


713,461


713,437


713,461




Loans to group undertakings

137,646


158,679


137,646


158,679




Other investments not loans

8,883,902


9,304,651


10,033,652


9,420,002




Other loans

2,853,083


3,345,506


2,853,083


3,345,506



12,588,068


13,522,297


13,737,818


13,637,648




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


12.

Fixed asset investments - continued



Additional information is as follows:



Group


Shares in



group


Unlisted



undertakings


investments


Totals

£   

£   

£   



COST


At 1 January 2023

713,461


13,287,033


14,000,494




Reclassification/transfer

(24

)

(378,999

)

(379,023

)



At 31 December 2023

713,437


12,908,034


13,621,471




PROVISIONS


At 1 January 2023

-


3,982,382


3,982,382




Provision for year

-


41,750


41,750




At 31 December 2023

-


4,024,132


4,024,132




NET BOOK VALUE


At 31 December 2023

713,437


8,883,902


9,597,339




At 31 December 2022

713,461


9,304,651


10,018,112




Company


Shares in



group


Unlisted



undertakings


investments


Totals

£   

£   

£   



COST


At 1 January 2023

713,461


10,153,502


10,866,963




Additions

-


654,650


654,650




Reclassification/transfer

(24

)

-


(24

)



At 31 December 2023

713,437


10,808,152


11,521,589




PROVISIONS


At 1 January 2023

-


733,500


733,500




Provision for year

-


41,000


41,000




At 31 December 2023

-


774,500


774,500




NET BOOK VALUE


At 31 December 2023

713,437


10,033,652


10,747,089




At 31 December 2022

713,461


9,420,002


10,133,463




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


12.

Fixed asset investments - continued



The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries



SANCTUARY MAIDA VALE (LONDON) LLP


Registered office: 85 Strand, 1st floor London WC2R 0DW


Nature of business: Property management


%


Class of shares:

holding



Ordinary shares

30.00



31.12.23


31.12.22

£   

£   



Aggregate capital and reserves

(34,661

)

(16,293

)




DCD Properties Limited


Registered office: 85 Strand, 1st floor London WC2R 0DW


Nature of business: Property management


%


Class of shares:

holding



Ordinary shares

15.00



31.12.23


31.12.22

£   

£   



Aggregate capital and reserves

27,726,078


27,810,992





DCD Properties Limited is managed on a unified basis with other property companies and consolidated.



West Wickham LLP


Registered office: 85 Strand, 1st floor London WC2R 0DW


Nature of business: Property management


%


Class of shares:

holding



ordinary shares

99.00



31.12.23


£   




Aggregate capital and reserves

3,693





West Wickham LLP was dissolved on 09 July 2024.


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


12.

Fixed asset investments - continued



Contantia Properties Ltd


Registered office: 85 Strand, 1st floor London WC2R 0DW


Nature of business: Property management


%


Class of shares:

holding



ordinary shares

100.00


2023

2022


£   

£   



Aggregate capital and reserves

151,613


157,555





Sanctuary Ventures Farrington Ltd


Registered office: 85 Strand, 1st floor London WC2R 0DW


Nature of business: Property Management


%


Class of shares:

holding



ordinary shares

75.00


2023

2022


£   

£   



Aggregate capital and reserves

175,992


42,458





Richmond George Street LLP


Registered office: 85 Strand, 1st floor London WC2R 0DW


Nature of business: Property manegement


%


Class of shares:

holding



Ordinary shares

50.00


2023

2022


£   

£   



Aggregate capital and reserves

(67,813

)

23,606





Chaddesley Glen DCD Ltd


Registered office: 85 Strand, 1st floor London WC2R 0DW


Nature of business: Property management


%


Class of shares:

holding



ordinary shares

75.00


2023



£   




Aggregate capital and reserves

3,217





DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


12.

Fixed asset investments - continued


Group


Loans to



group


Other



undertakings


loans


Totals

£   

£   

£   



At 1 January 2023

158,679


3,345,506


3,504,185




New in year

-


218,250


218,250




Repayment in year

-


(710,673

)

(710,673

)



Other movement

(21,033

)

-


(21,033

)



At 31 December 2023

137,646


2,853,083


2,990,729





Company


Loans to



group


Other



undertakings


loans


Totals

£   

£   

£   



At 1 January 2023

158,679


3,345,506


3,504,185




New in year

-


218,250


218,250




Repayment in year

-


(710,673

)

(710,673

)



Other movement

(21,033

)

-


(21,033

)



At 31 December 2023

137,646


2,853,083


2,990,729




13.

Debtors



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Amounts falling due within one year:



Trade debtors

949,715


602,801


-


-




Amounts owed by group undertakings

-


-


103,295


140,808




Amounts owed by participating interests

24,637


24,586


24,637


24,586




Other debtors

4,464,784


4,425,214


491,060


444,039




Prepayments and accrued income

212,661


342,446


38,625


409,879



5,651,797


5,395,047


657,617


1,019,312





Amounts falling due after more than

one year:



Amounts owed by group companies

-


-


862,354


841,321





Aggregate amounts

5,651,797


5,395,047


1,519,971


1,860,633




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


14.

Creditors: amounts falling due within one year




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans and overdrafts (see note 16)

-


86,667


-


-




Trade creditors

55,975


127,391


-


-




Funds & amounts due to clients

30,794,789


31,698,601


-


-




Amounts owed to group undertakings

-


-


649,660


644,366




Amounts owed to participating interests

6,105,952


5,195,827


-


-




Tax

5,987


50,324


-


-




Social security and other taxes

145,175


139,815


33,088


26,853




Other creditors

756,346


647,941


701,988


636,241




Loans from group companies

-


-


7,601,980


7,369,039




Accruals and deferred income

558,165


478,491


135,696


175,198



38,422,389


38,425,057


9,122,412


8,851,697




15.

Creditors: amounts falling due after more than one year




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans (see note 16)

9,168,785


9,193,787


-


-




Other loans (see note 16)

11,205,924


10,999,315


5,722,262


5,702,741




Amounts owed to group undertakings

-


-


811,160


787,267



20,374,709


20,193,102


6,533,422


6,490,008





Bank loans are secured on the Groups properties carrying interest at varying rates.


Other loans are unsecured loans with no fixed repayment terms.


DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


16.

Loans



An analysis of the maturity of loans is given below:



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Amounts falling due within one year

or on demand:



Bank loans

-


86,667


-


-




Amounts falling due in more than

five years:



Repayable otherwise than by

instalments



Bank loans more 5 yrs non-inst

9,168,785


9,193,787


-


-




Other loans more 5yrs non-inst

11,205,924


10,999,315


5,722,262


5,702,741



20,374,709


20,193,102


5,722,262


5,702,741




17.

Provisions for liabilities



Group


2023

2022


£   

£   



Deferred tax


Accelerated capital allowances

8,563


11,564




Deferred tax

1,265,039


1,265,039



1,273,602


1,276,603





Group


Deferred



tax


£   



Balance at 1 January 2023

1,276,603




Utilised during year

(3,001

)



Balance at 31 December 2023

1,273,602




18.

Called up share capital



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



2,166,660

Ordinary

£1

2,166,660


2,166,660




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


19.

Reserves



Group


Retained


Other



earnings


reserves


Totals

£   

£   

£   




At 1 January 2023

(576,818

)

5,796,104


5,219,286




Deficit for the year

(194,221

)

(194,221

)



Inputted Interest

(21,033

)

-


(21,033

)



At 31 December 2023

(792,072

)

5,796,104


5,004,032





Company


Retained


earnings

£   




At 1 January 2023

240,839




Deficit for the year

(215,219

)



Inputted Interest

(21,033

)



At 31 December 2023

4,587





20.

Capital commitments



The group had annual commitments under non-cancellable operating leases as set out below:




2023


2023


2022


2022





Land and



Land and





buildings


Other


buildings


Other




£   


£   


£   


£   





Operating leases which expire :




Within one year


150,000


1,475


-


-




Between one to five years


-


-


150,000


1,475




More than five years


-


-


-


-





--------------


----------


-------------


----------





150,000


1,475


150,000


1,475





=======


=====


=======


=====




DCD LONDON & MUTUAL PLC (Registered number: 02896868)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


21.

Related party disclosures



The following amounts were due from related parties :



2023


2022




£   


£   





Fan TV Ltd


183,622


183,622




DCD Alliance


100,000


-




DCD Holdings Ltd


1,124,866


1,124,866




N-Genuis Vehicles Solutions


442,624


327,551






The directors have considered the requirements of FRS 8 "Related Party Transactions", and have identified the companies detailed below to be related parties.  The directors have not provided complete disclosure of the transactions with these companies, as they consider the disclosures to be excessive in length.  In the opinion of the directors the failure to disclose all transactions does not have a significant impact on the financial statements.  In addition, the directors are of the opinion that the transactions were undertaken on an arms length basis.



The following companies have been identified as additional related parties arising primarily from property management and professional services:



Tarhouse Management Limited


22.

Ultimate controlling party



At 31 December 2023 the company's ultimate parent company and controlling party was DCD Alliance Holdings Limited, a company incorporated in Seychelles, which is parent of both the smallest and largest groups of which the company is a member.