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Registrar
Registration number: 07023585

DCP Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

DCP Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

Detailed Profit and Loss Account

9 to 11

 

DCP Developments Limited

Company Information

Directors

DA Clarkson

I W Paveley

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Barclays Bank plc
High Street
Chelmsford
Essex
CM1 1BG

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

DCP Developments Limited

(Registration number: 07023585)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

40,777

25,996

Investments

5

2

2

 

40,779

25,998

Current assets

 

Stocks

6

209,486

531,073

Debtors

7

315,342

278,380

Cash at bank and in hand

 

24,066

84,666

 

548,894

894,119

Creditors: Amounts falling due within one year

8

(392,659)

(642,493)

Net current assets

 

156,235

251,626

Total assets less current liabilities

 

197,014

277,624

Provisions for liabilities

(10,194)

(6,499)

Net assets

 

186,820

271,125

Capital and reserves

 

Called up share capital

9

2,000

2,000

Retained earnings

184,820

269,125

Shareholders' funds

 

186,820

271,125

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 December 2024 and signed on its behalf by:
 

DA Clarkson
Director

 

DCP Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, England.

These financial statements were authorised for issue by the Board on 9 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Summary of disclosure exemptions

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 for the requirement to prepare consolidated financial statements, on the grounds that it is a small size group.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, predominately in respect the sale of new build properties and some building services to customers on an accrual basis. Revenue is recognised on the sale of new build properties at the date of exchange of contracts.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

DCP Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance method

Office equipment

33% Straight Line method

Motor vehicles

25% Reducing Balance method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower cost and estimated selling price less costs to complete and sell.

The cost of property development projects is included as work in progress and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred within the property development project.

Trade debtors

Trade debtors are amounts due from customers for goods and services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

 

DCP Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

DCP Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

4,565

41,098

38,279

83,942

Additions

1,166

26,199

-

27,365

Disposals

-

(28,146)

-

(28,146)

At 30 June 2024

5,731

39,151

38,279

83,161

Depreciation

At 1 July 2023

1,853

31,429

24,664

57,946

Charge for the year

1,141

3,000

2,042

6,183

Eliminated on disposal

-

(21,745)

-

(21,745)

At 30 June 2024

2,994

12,684

26,706

42,384

Carrying amount

At 30 June 2024

2,737

26,467

11,573

40,777

At 30 June 2023

2,712

9,669

13,615

25,996

5

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 July 2023

2

Carrying amount

At 30 June 2024

2

At 30 June 2023

2

 

DCP Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Priory Place Developments Limited

England and Wales

Ordinary

100%

100%

20 Gainsborough Limited

England and Wales

Ordinary

50%

50%

6

Stocks

2024
£

2023
£

Work in progress

209,486

531,073

7

Debtors

2024
£

2023
£

Trade debtors

100,379

2,661

Amounts owed by group undertakings and undertakings in which the company has a participating interest

196,900

200,000

Prepayments

11,045

51,808

Other debtors

7,018

23,911

315,342

278,380

Amounts owed by group undertakings are not subject to interest and the full balance is not likely to be repaid within one year.

 

DCP Developments Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

98,722

64,402

Amounts owed to group undertakings and undertakings in which the company has a participating interest

252,276

526,276

Taxation and social security

4,315

17,026

Accruals and deferred income

2,171

2,244

Other creditors

35,175

32,545

392,659

642,493

Amounts owed to group undertakings are not subject to interest and the full balance is not likely to be repaid within one year.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A, B, C, D & E of £1 each

2,000

2,000

2,000

2,000

       
 

DCP Developments Limited

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

Turnover (analysed below)

1,549,329

1,207,308

Cost of sales (analysed below)

(1,401,419)

(990,613)

Gross profit

147,910

216,695

Gross profit (%)

9.55%

17.95%

Administrative expenses

Employment costs (analysed below)

(122,828)

(131,210)

Establishment costs (analysed below)

(4,401)

(4,760)

General administrative expenses (analysed below)

(33,591)

(24,420)

Finance charges (analysed below)

(164)

(20,091)

Depreciation costs (analysed below)

(6,184)

(6,616)

Other expenses (analysed below)

7,099

-

(160,069)

(187,097)

Other operating income (analysed below)

5,107

-

Operating (loss)/profit

(7,052)

29,598

Income from other Fixed assets investments (analysed below)

-

47,615

Other interest receivable and similar income (analysed below)

242

1,081

242

48,696

(Loss)/profit before tax

(6,810)

78,294

 

DCP Developments Limited

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

   

Turnover

Sales

1,549,329

1,207,308

   

Cost of sales

Opening work in progress

531,073

25,529

Purchases

838,900

1,387,603

Closing work in progress

(209,486)

(531,073)

Subcontract cost

240,932

108,554

1,401,419

990,613

   

Employment costs

Wages and salaries

63,800

37,142

Staff NIC

5,645

1,180

Directors remuneration

12,600

12,522

Directors NIC

483

366

Directors pensions

40,000

80,000

Staff welfare

300

-

122,828

131,210

   

Establishment costs

Insurance

3,777

4,136

Use of home as office

624

624

4,401

4,760

   

General administrative expenses

Telephone and fax

1,484

773

Computer software and maintenance costs

50

137

Printing, postage and stationery

393

304

Motor expenses

12,123

12,913

Travel and subsistence

7,576

-

Advertising

207

182

Entertainment

-

1,900

Accountancy fees

3,989

4,152

Consultancy fees

552

506

Legal and professional fees

7,217

3,553

33,591

24,420

   

Finance charges

Bank charges

164

102

Intercompany finance and guarantee fees

-

19,989

164

20,091

 

DCP Developments Limited

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

   

Depreciation costs

Depreciation of plant and machinery

2,042

2,403

Depreciation of office equipment

1,141

990

Depreciation of motor vehicles

3,001

3,223

6,184

6,616

   

Other expenses

(Profit)/loss on disposal of tangible fixed assets

(7,099)

-

   

Other operating income

Employment allowance

5,107

-

   

Income from other Fixed assets investments

Intercompany interest receivable

-

47,615

   

Other interest receivable and similar income

Other interest receivable

242

1,081