D&G Block Management Limited
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 06490644 (England and Wales)
D&G Block Management Limited
Company Information
Directors
M.E. Hodgson MA, FRICS, MIRPM
C.S. Watson MSc, MIRPM, MRICS
P. Barham MSc, MIRPM, AssocRICS
R. Zaveri FCCA
(Resigned 30 September 2023, Reappointed 23 October 2023)
Secretary
R. Zaveri FCCA
(Resigned 30 September 2023, Reappointed 23 October 2023)
Company number
06490644
Registered office
4th Floor
192-198 Vauxhall Bridge Road
London
SW1V 1DX
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
192-198 Vauxhall Bridge Road
London
United Kingdom
SW1V 1DX
D&G Block Management Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
D&G Block Management Limited
Statement of Financial Position
As at 31 March 2024
Page 1
2024
2024
2023
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
4
104,851
115,336
Property, plant and equipment
5
45,851
30,461
Investments
6
2
2
150,704
145,799
Current assets
Trade and other receivables
8
1,421,472
783,313
Cash at bank and in hand
267,930
175,639
1,689,402
958,952
Payables: amounts falling due within one year
9
(711,495)
(543,689)
Net current assets
977,907
415,263
Net assets
1,128,611
561,062
Provisions for liabilities
10
(50,000)
(50,000)
Net assets
1,078,611
511,062
Equity
Called up share capital
11
1
1
Retained earnings
1,078,610
511,061
Total equity
1,078,611
511,062
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
M.E. Hodgson MA, FRICS, MIRPM
Director
Company Registration No. 06490644
D&G Block Management Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
D&G Block Management Limited is a private company limited by shares that is domiciled and incorporated in England and Wales. The registered office is 4th Floor, 192-198 Vauxhall Bridge Road, London, SW1V 1DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future and meet its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.true
1.3
Group accounts
The financial statements present information about the company as an individual entity and not about its group. The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts.
1.4
Revenue
Revenue comprises the invoiced value of fees charged to clients for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Revenue for property management services is recognised in the period the service is provided. Revenue for ancillary services is recognised based on the date the service is provided.
Any amounts included in the current financial year relating to services to be provided in the following financial year are included in deferred income at the balance sheet date.
Interest earned and retained by the company on balances held in client monies bank accounts is recognised on receipt and included as investment income in the financial statements.
1.5
Intangible fixed assets - goodwill
Goodwill arising on the purchase of an undertaking represents the excess of the fair value of the purchase consideration over the fair value of the assets acquired and is written off in equal instalments over its expected useful economic life, which is not more than 20 years, subject to impairment reviews.
D&G Block Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
IT Software
5 years straight line
1.7
Property, plant and equipment
Property, plant and equipment 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:
Short leasehold property
Over the life of the lease
Fixtures and fittings
5 years straight line
Computer equipment
5 years straight line
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.
1.8
Investments in subsidiary companies
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.
1.9
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
D&G Block Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
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.
1.10
Cash and cash equivalents
Cash and cash equivalents 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.
1.11
Financial instruments
Basic financial instruments are measured at cost.The company has no other financial instruments or basic financial instruments measured at fair value.
1.12
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.
1.13
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 income statement 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 income statement, 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.
D&G Block Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.14
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The provision made for dilapidations is in respect of property leases which contain requirements for the premises to be returned to their original state prior to conclusion of the lease term.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.16
Retirement benefits
The company operates a defined contribution scheme for its employees. The assets of the scheme are held separately from the company in independently administered funds.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
D&G Block Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 6
Key sources of estimation uncertainty
Useful economic life of intangible fixed asset - goodwill
The annual amortisation charge for goodwill is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on the technological advancement, future investments, economic utilisation.
Goodwill impairment reviews are also performed annually. These reviews require an estimate of the value in use of the cash generating units to which the goodwill has been allocated. The value in use calculations require the company to estimate the future cashflows expected to arise for the cash generating unit and a suitable discount rate to calculate present value.
See note 4 for the carrying amount of the goodwill intangible asset and note 1.5 for the useful economic life.
Dilapidations
Provision made for dilapidations is in respect of property leases which contain requirements for the premises to be returned to their original state prior to conclusion of the lease term. These provisions require management's best estimate of the costs that will be incurred based on contractual requirements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
40
36
D&G Block Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
4
Intangible fixed assets
Goodwill
IT software
Total
£
£
£
Cost
At 1 April 2023
208,688
56,821
265,509
At 31 March 2024
208,688
56,821
265,509
Amortisation and impairment
At 1 April 2023
93,352
56,821
150,173
Amortisation charged for the year
10,485
10,485
At 31 March 2024
103,837
56,821
160,658
Carrying amount
At 31 March 2024
104,851
104,851
At 31 March 2023
115,336
115,336
Goodwill comprises two elements:
(1) Goodwill purchased from its subsidiary in September 2014 for £157,500 relating to a business the subsidiary acquired in 2011.
(2) A reclassification of the amounts paid to acquire a subsidiary, Property Partners Management Limited, on 31 March 2014, following the transfer on 1 September 2014 to the company of the trade, assets and liabilities relating to the residential property management business undertaken by the subsidiary. On 30 October 2015, the company sold part of the residential property management business and goodwill previously acquired from Property Partners Management Limited for £300,000.
D&G Block Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
5
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
56,640
246,914
303,554
Additions
39,017
39,017
At 31 March 2024
56,640
285,931
342,571
Depreciation and impairment
At 1 April 2023
56,640
216,453
273,093
Depreciation charged in the year
23,627
23,627
At 31 March 2024
56,640
240,080
296,720
Carrying amount
At 31 March 2024
45,851
45,851
At 31 March 2023
30,461
30,461
Transfer additions were transferred at net book value.
6
Fixed asset investments
2024
2023
£
£
Investments
2
2
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking and country of
Class of
% Held
incorporation or residency
shareholding
Direct
Residential Partners Limited
England and Wales
Ordinary
100.00
D&G BM Limited
England and Wales
Ordinary
100.00
The principal activity of Residential Partners Limited is payroll services. D&G BM Limited is a dormant company.
D&G Block Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
8
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
57,728
70,460
Amounts due from fellow group undertakings
1,099,887
528,193
Other receivables
3,048
5,555
Prepayments and accrued income
260,809
179,105
1,421,472
783,313
9
Payables: amounts falling due within one year
2024
2023
£
£
Trade payables
90,604
68,225
Amounts owed to group undertakings
52,609
52,169
Corporation tax
97,524
63,267
Other taxation and social security
182,732
133,249
Other payables
1,708
2,000
Accruals and deferred income
286,318
224,779
711,495
543,689
There is a fixed and floating charge effective 29 October 2021 over all assets held by D&G Block Management Limited in favour of National Westminster Bank Plc relating to the loan advanced to the company's ultimate parent undertaking which amounted to £355k (2023: £925k) at the balance sheet date.
10
Provisions for liabilities
2024
2023
£
£
Provision for dilapidations
50,000
50,000
11
Share capital
2024
2023
£
£
Issued and fully paid
1 Ordinary share of £1
1
1
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
D&G Block Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
12
Audit report information
(Continued)
Page 10
The senior statutory auditor was Janice Riches.
The auditor was Moore Kingston Smith LLP.
13
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the company which is party to the transactions.
Included within creditors is an amount of £2,831 (2023: £6,339 due from) due to companies under common control. During the year the company was charged £37,878 (2023: £142,572) for various management services from companies under common control.
14
Controlling party
The ultimate parent company is Meadowbridge 42 Limited, a company registered in England and Wales, whose registered office is 192-198 Vauxhall Bridge Road, London, SW1V 1DX.
There is no ultimate controlling party.
2024-03-312023-04-01falsefalsefalse11 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityM.E. Hodgson MA, FRICS, MIRPMC.S. Watson MSc, MIRPM, MRICSR. Zaveri FCCAP. Barham MSc, MIRPM, AssocRICSR. Zaveri FCCAR. Zaveri FCCAOpinion of auditors on entityJanice Riches064906442023-04-012024-03-3106490644bus:Director12023-04-012024-03-3106490644bus:Director22023-04-012024-03-3106490644bus:Director42023-04-012024-03-3106490644bus:CompanySecretaryDirector12023-04-012024-03-3106490644bus:Director32023-04-012024-03-3106490644bus:Director52023-04-012024-03-3106490644bus:CompanySecretary12023-04-012024-03-3106490644bus:RegisteredOffice2023-04-012024-03-31064906442024-03-31064906442023-03-3106490644core:NetGoodwill2024-03-3106490644core:IntangibleAssetsOtherThanGoodwill2024-03-3106490644core:NetGoodwill2023-03-3106490644core:IntangibleAssetsOtherThanGoodwill2023-03-3106490644core:LandBuildings2024-03-3106490644core:OtherPropertyPlantEquipment2024-03-3106490644core:LandBuildings2023-03-3106490644core:OtherPropertyPlantEquipment2023-03-3106490644core:CurrentFinancialInstruments2024-03-3106490644core:CurrentFinancialInstruments2023-03-3106490644core:ShareCapital2024-03-3106490644core:ShareCapital2023-03-3106490644core:RetainedEarningsAccumulatedLosses2024-03-3106490644core:RetainedEarningsAccumulatedLosses2023-03-3106490644core:Goodwill2023-04-012024-03-3106490644core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3106490644core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3106490644core:FurnitureFittings2023-04-012024-03-3106490644core:ComputerEquipment2023-04-012024-03-31064906442022-04-012023-03-3106490644core:NetGoodwill2023-03-3106490644core:IntangibleAssetsOtherThanGoodwill2023-03-31064906442023-03-3106490644core:NetGoodwill2023-04-012024-03-3106490644core:LandBuildings2023-03-3106490644core:OtherPropertyPlantEquipment2023-03-3106490644core:LandBuildings2023-04-012024-03-3106490644core:OtherPropertyPlantEquipment2023-04-012024-03-3106490644bus:PrivateLimitedCompanyLtd2023-04-012024-03-3106490644bus:FRS1022023-04-012024-03-3106490644bus:Audited2023-04-012024-03-3106490644bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3106490644bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP