REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
DUDRICH (HOLDINGS) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
DUDRICH (HOLDINGS) LIMITED |
DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DUDRICH (HOLDINGS) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Five Ways |
57-59 Hatfield Road |
Potters Bar |
Hertfordshire |
EN6 1HS |
DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425) |
BALANCE SHEET - continued |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Dudrich (Holdings) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparation |
Turnover |
Turnover represents rents receivable and management fees from external customers at invoiced amounts less value added tax. Rental income and management fees are both recognised in the period to which they relate. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the income statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the income statement. |
Going concern |
The Directors constantly review the cash flow projections for the company and have considered the financial resources of the company, having regard to the renewal date of loan facilities and additional resources available to related undertakings to support the related party indebtedness. |
The directors are satisfied that the company has adequate resources to continue operations for the foreseeable future, and therefore continue to adopt the going concern basis in preparing the financial statements. |
Consolidation |
In the opinion of the directors, the company and its subsidiary undertakings comprise of a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2010 | 3,339,100 |
Valuation in 2011 | 206,391 |
Valuation in 2017 | 5,111,742 |
Valuation in 2018 | 5,109,431 |
Valuation in 2020 | 3,351,108 |
Cost | 28,684,325 |
45,802,097 |
The 2024 valuations were made by Mr R I Dudding, a director of the company, on an open market value for existing use basis. |
Mr R I Dudding is qualified to make the valuation on the basis of his knowledge and experience of the residential and commercial property market. |
The total deferred tax is £2,265,392 (2023: £2,268,938). It is not envisaged that any tax will become payable if the foreseeable future as it is not the company's intention to dispose of any of the properties. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Bank loans and overdrafts are secured by a fixed charge over the company's land and buildings and personal guarantees provided by Mr R I Dudding, a director of the company. |
DUDRICH (HOLDINGS) LIMITED (REGISTERED NUMBER: 03533425) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 5,250,000 | 5,225,000 |
Bank loans and overdrafts are secured by a fixed charge over the company's land and buildings and personal guarantees provided by Mr R I Dudding, a director of the company. |
Other creditors relates to amounts owed to trusts for which there is no fixed repayment date. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is R I Dudding, by virtue of his controlling shareholding in the ultimate parent undertaking. |
11. | GUARANTEES |
The company has entered into an unlimited cross guarantee in respect of a long term loan secured over the assets of the company and those of Dudrich (Developments) Limited, C.J. Pilgrim Properties Limited and C J Pilgrim (Holdings) Limited. In addition Mr R I Dudding, a director of the company, has offered a personal guarantee of £10,000,000 against this facility. |
Mr R I Dudding, director, has also provided a personal guarantee limited to £2,280,000 in respect of certain loan and overdraft facilities available to the company. |
12. | RETAINED EARNINGS |
Included in retained earnings is £14,852,379 (2023: £14,940,196) of profits that are not available for distribution as they are unrealised. |