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DACERELL LIMITED         

ANNUAL REPORTS AND FINANCIAL STATEMENTS         
FOR THE YEAR ENDED 31 MARCH 2024         
Registered number: 1457536         

 
DACERELL LIMITED
 

COMPANY INFORMATION




 Directors
A D Clark 
J M Holladay 




 Company secretary
A D Clark



 Registered number
1457536



 Registered office
52 Cambridge Road South

London

W4 3DA




 Independent auditors
Tony Larner Limited
Chartered Certified Accountants & Statutory Auditors

23 Station Road

Sheringham

Norfolk

NR26 8RF




 Bankers
Lloyds Bank PLC
3 Sidney Street

Cambridge

Cambridgeshire

CB2 3HG





 
DACERELL LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 18


 
DACERELL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the year ended 31 March 2024.

Business review
 
The principal activity of the Company is the management of its wholly owned subsidiaries and the provision of management and service charges to the group.

The company results are shown in the Statement of Comprehensive Income on page 8 and the Balance Sheet on page 9.

The company is funded by reserves and the subsidiary company, Norfolk Homes Limited.

Principal risks and uncertainties
 
The directors are mindful at all times of the risks and factors which affect the successful operation of the Company. Appropriate processes are in place to monitor and mitigate risks.

Operating risks include, but are not limited to, the following issues:

Attracting and retaining the very best personnel and professional advisers.

The economic climate, buyer confidence, and general housing demand as this effects the operational performance of the subsidiary company Norfolk Homes Limited.

Financial and other key performance indicators
 
The following key performance indicators are highlighted:

Turnover for the year amounted to £1,769,499 (2023 - £1,778,457); Profit on ordinary activities before taxation £3,175,633 (2023 - £1,014,200); Total shareholder funds £638,569 (2023 - £624,898). The total number of employees was 6 (2023 - 5).


Directors' statement of compliance with duty to promote the success of the Company
 
The directors have a duty to act in good faith and to promote the success of the company for the benefit of its member. 

The following details how the directors have had regard to the relevant matters set out in s172 of the Companies Act 2006 in relation to the company's operations.

The long term success of the company - is always considered when making strategic decisions and formulating strategies and risk management procedures within the company.

The interests of the company’s employees – The company has a very experienced and dedicated workforce which the directors appreciate and recognise is a valuable asset. The directors endeavour to create opportunities and the right environment for all employees to prosper and realise their full potential for mutual benefit.








Page 1

 
DACERELL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Directors' statement of compliance with duty to promote the success of the Company (continued)

Maintaining high standards and reputation – The directors and company operate and maintain high standards in all aspects of business.


This report was approved by the board on 4 December 2024 and signed on its behalf.





A D Clark
Director

Page 2

 
DACERELL LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the management of its wholly owned subsidiaries and the provision of management and service charges to the group. 

Results and dividends

The profit for the year, after taxation, amounted to £3,173,671 (2023 - £1,012,218).

The directors recommended the payment of a dividend amounting to £3,160,000 (2023 - £3,160,000) during the year.

Directors

The directors who served during the year were:

A D Clark 
J M Holladay 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption data is included with other group companies in the consolidated financial statements of the parent, Norfolk Homes Holdings Limited.





Page 3

 
DACERELL LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future developments and outlook for the company

The directors’ believe that the Company and its subsidiary, Norfolk Homes Limited are well positioned to prosper in the future and to continue to operate profitably.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end that require adjustment to these financial statements.

Auditors

The auditors, Tony Larner Limited, are deemed to be reappointed in accordance with an elective resolution made under section 386 of the Companies Act 1985 which continues in force under the Companies Act 2006.

This report was approved by the board on 4 December 2024 and signed on its behalf.
 





A D Clark
Director

Page 4

 
DACERELL LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED

Opinion

We have audited the financial statements of Dacerell Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 March 2024 and of its profit 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.

Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5

 
DACERELL LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED (CONTINUED)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 3, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.

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 an Auditors' Report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities, including fraud

Based on our knowledge and understanding of the company we identified the principal risks of a material misstatement in the financial statements relating to irregularities including fraud, and non-compliance with laws and regulations.
We documented our understanding of the legal and regulatory frameworks within which the company operates and focused on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Financial Reporting Standard 102, and compliance with relevant direct and indirect taxation regulations.
Audit procedures performed to respond to the risks identified included;

We assessed whether the accounting policies, treatments and presentation adopted in the financial statements were in accordance with applicable law and accounting standards.

We reviewed correspondence and documentation with regulatory bodies, such as HM Revenue & Customs for any indication of non-compliance with laws and regulations.




Page 6

 
DACERELL LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED (CONTINUED)

Identifying and assessing potential risks related to irregularities, including fraud (continued)

We carried out a detailed analytical review to identify unusual or unexpected results or outcomes which may have indicated a risk of material misstatement. We compared results to previous accounting periods to monitor variances and ensure that these were as expected.

We held discussions with management regarding the potential risks related to accounting irregularities, including fraud and carried out tests of management controls, such as the procedures for reconciling and agreeing company bank balances.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, 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 Auditors' Report.





Antony Richard Larner FCCA (Senior Statutory Auditor)
for and on behalf of
Tony Larner Limited
Chartered Certified Accountants
Statutory Auditors
23 Station Road
Sheringham
Norfolk
NR26 8RF

4 December 2024
Page 7

 
DACERELL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,769,499
1,778,457

Administrative expenses
  
(1,774,866)
(1,785,262)

Other operating income
 5 
21,000
21,000

Operating profit
  
15,633
14,195

Income from fixed assets investments
  
3,160,000
1,000,005

Profit before taxation
  
3,175,633
1,014,200

Tax on profit
 10 
(1,962)
(1,982)

Profit for the financial year
  
£3,173,671
£1,012,218

  

Total comprehensive income for the year
  
£3,173,671
£1,012,218

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 11 to 18 form part of these financial statements.

Page 8

 
DACERELL LIMITED
REGISTERED NUMBER:1457536

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
593,839
595,592

Investments
 13 
400,103
400,103

  
993,942
995,695

Current assets
  

Debtors: amounts falling due within one year
 14 
28,402
21,889

Cash at bank and in hand
  
3,161,269
3,592,879

  
3,189,671
3,614,768

Creditors: amounts falling due within one year
 15 
(3,545,044)
(3,985,565)

Net current liabilities
  
 
 
(355,373)
 
 
(370,797)

Total assets less current liabilities
  
638,569
624,898

  

Net assets
  
£638,569
£624,898


Capital and reserves
  

Called up share capital 
 16 
200
200

Revaluation reserve
 17 
362,184
362,184

Profit and loss account
 17 
276,185
262,514

  
£638,569
£624,898


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 December 2024.





A D Clark
Director

The notes on pages 11 to 18 form part of these financial statements.

Page 9

 
DACERELL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
200
362,184
262,514
624,898


Comprehensive income for the year

Profit for the year
-
-
3,173,671
3,173,671


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,160,000)
(3,160,000)


At 31 March 2024
£200
£362,184
£276,185
£638,569


The notes on pages 11 to 18 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
200
362,184
2,410,296
2,772,680


Comprehensive income for the year

Profit for the year
-
-
1,012,218
1,012,218


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,160,000)
(3,160,000)


At 31 March 2023
£200
£362,184
£262,514
£624,898


The notes on pages 11 to 18 form part of these financial statements.

Page 10

 
DACERELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Dacerell Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered office is 52 Cambridge Road South, London, W4 3DA. The company's principal place of business is Weybourne Road, Sheringham, Norfolk, NR26 8WB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Norfolk Homes Holdings Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The directors have prepared the accounts on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future and for a period of no less than twelve months from the date of approving the financial statements.

 
2.5

Turnover

Turnover represents the value of group service and management charges recharged to group members.

Page 11

 
DACERELL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Freehold investment properties have been valued by the directors and depreciation has not been charged on freehold land.


Depreciation is provided on the following bases:

Freehold trading property
-
2%
straight line


Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.7

Revaluation of tangible fixed assets

Freehold investment properties are included at a fair value determined from market based evidence and assessed by the directors.


 
2.8

Investment property

Investment property is carried at fair value derived from the current market rents and investment property yields for comparable rental property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Depreciation is not provided on investment properties.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

Financial instruments

Basic financial assets and liabilities

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities at transaction price like trade and other debtors and creditors, loans from banks, related parties and other third parties.


 
2.13

Creditors

Creditors are measured at the transaction price.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable.

Page 12

 
DACERELL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Taxation

The taxation expense for the year comprises current tax. Taxation is recognised in the Statement of Comprehensive Income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.



3.


Accounting estimates and judgments

The preparation of the financial statements involves, in certain areas, the use of accounting estimates and management judgment.
 
The assessment of the fair value of Investment Properties involves a degree of judgment and estimation by the directors taking account of market based evidence for the value of commercial property.


4.


Turnover

2024
2023
£
£

United Kingdom
1,769,499
1,778,457

£1,769,499
£1,778,457


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
21,000
21,000

£21,000
£21,000


Page 13

 
DACERELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
1,750
2,500

Fees payable to the Company's auditor in respect of:

Taxation compliance services
500
500

All non-audit services not included above
1,250
2,000


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,505,252
1,522,077

Social security costs
198,511
212,908

Cost of defined contribution pension scheme
77,917
55,625

£1,781,680
£1,790,610


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Office, administration and managerial
6
5




8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
660,033
634,141

£660,033
£634,141


The highest paid director received remuneration of £475,917 (2023 - £475,436).

Page 14

 
DACERELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Income from investments

2024
2023
£
£





Dividends received from unlisted investments
3,160,000
1,000,005

£3,160,000
£1,000,005



10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,962
1,982


Total current tax
£1,962
£1,982

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
£3,175,633
£1,014,200


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
793,908
192,698

Effects of:


Capital allowances for year in excess of depreciation
438
333

Dividends from UK companies
(790,000)
(190,001)

Group relief
(1,765)
(1,048)

Marginal relief
(619)
-

Total tax charge for the year
£1,962
£1,982


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 15

 
DACERELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Dividends

2024
2023
£
£


Interim dividend paid
3,160,000
3,160,000

£3,160,000
£3,160,000


12.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 April 2023
652,661



At 31 March 2024

652,661



Depreciation


At 1 April 2023
57,069


Charge for the year on owned assets
1,753



At 31 March 2024

58,822



Net book value



At 31 March 2024
£593,839



At 31 March 2023
£595,592

Freehold properties are revalued on a fair value basis by the directors. Freehold property includes trading property used in the groups business which is not held for investment purposes. The value of trading property was £112,694 (2023 - £112,694). The depreciation charge on trading property amounted to £1,753 (2023 - £1,753). Land relating to trading property is valued at £25,000. 

If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
290,477
290,477

Accumulated depreciation
(58,822)
(57,069)

Net book value
£231,655
£233,408

Page 16

 
DACERELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Fixed asset investments


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Norfolk Homes Limited
House building
Ordinary
100%
Sheridan Clark (Civil Engineering) Limited
Dormant company
Ordinary
100%
Suffolk Homes Limited
Dormant company
Ordinary
100%


14.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
28,402
21,889

£28,402
£21,889



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
3,425,235
3,898,321

Corporation tax
1,962
1,982

Other taxation and social security
92,683
59,478

Other creditors
20,664
20,784

Accruals and deferred income
4,500
5,000

£3,545,044
£3,985,565



16.


Share capital

2024
2023
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £1 each
£200
£200


Page 17

 
DACERELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Reserves

Revaluation reserve

The property revaluation reserve comprises unrealised revaluation gains on freehold investment property. The property revaluation reserve is not distributable.

Profit & loss account

The Profit and Loss Account includes all current and prior year retained profits and losses.


18.


Contingent liabilities

An election has been made for the Group of undertakings of which this Company is a member to be treated as a single entity for VAT purposes. The Company has therefore been required to provide guarantees in respect of any liability for Value Added Tax by the other undertakings within the Group.

The Company's bankers hold a letter of set-off and unlimited guarantees between the Company and the other members of the group. The arrangement is reciprocated.

The financial effect of these contingencies cannot be quantified.


19.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £77,917 (2023 - £55,625).


20.


Controlling party

The company is a wholly owned subsidiary of Norfolk Homes Holdings Limited. The company is ultimately controlled by Mr A D Clark who owns 100% of the issued voting share capital of the holding company.


Page 18