IRIS Accounts Production v24.3.2.46 05868600 Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 The principal activity of the group in the year under review was that of investment in property, listed investments and retail trading companies. true true true false true true false false false false false false false false true false Fair value model Ordinary 0 Preference 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh058686002023-03-31058686002024-03-31058686002023-04-012024-03-31058686002022-03-31058686002022-04-012023-03-31058686002023-03-3105868600ns15:EnglandWales2023-04-012024-03-3105868600ns14:PoundSterling2023-04-012024-03-3105868600ns10:Director12023-04-012024-03-3105868600ns10:Consolidated2024-03-3105868600ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3105868600ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3105868600ns10:Consolidatedns10:FRS1022023-04-012024-03-3105868600ns10:Consolidatedns10:Audited2023-04-012024-03-3105868600ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3105868600ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3105868600ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3105868600ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3105868600ns10:FullAccounts2023-04-012024-03-3105868600ns5:Subsidiary12023-04-012024-03-3105868600ns5:Subsidiary22023-04-012024-03-3105868600ns5:Subsidiary32023-04-012024-03-3105868600ns5:Subsidiary42023-04-012024-03-3105868600ns5:Subsidiary52023-04-012024-03-310586860012023-04-012024-03-3105868600ns10:OrdinaryShareClass12023-04-012024-03-3105868600ns10:OrdinaryShareClass22023-04-012024-03-3105868600ns10:Consolidated2023-04-012024-03-3105868600ns10:Director22023-04-012024-03-3105868600ns10:Director32023-04-012024-03-3105868600ns10:CompanySecretary12023-04-012024-03-3105868600ns10:RegisteredOffice2023-04-012024-03-3105868600ns10:Consolidated2022-04-012023-03-3105868600ns5:CurrentFinancialInstruments2024-03-3105868600ns5:CurrentFinancialInstruments2023-03-3105868600ns5:Non-currentFinancialInstruments2024-03-3105868600ns5:Non-currentFinancialInstruments2023-03-3105868600ns5:ShareCapital2024-03-3105868600ns5:ShareCapital2023-03-3105868600ns5:RetainedEarningsAccumulatedLosses2024-03-3105868600ns5:RetainedEarningsAccumulatedLosses2023-03-310586860012023-04-012024-03-3105868600ns5:NetGoodwill2023-04-012024-03-3105868600ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3105868600ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3105868600ns5:PlantMachinery2023-04-012024-03-3105868600ns5:MotorVehicles2023-04-012024-03-3105868600ns5:MotorVehicles2023-03-3105868600ns5:MotorVehicles2024-03-3105868600ns5:MotorVehicles2023-03-3105868600ns5:CostValuation2023-03-3105868600ns5:ListedExchangeTradedns5:CostValuation2023-03-3105868600ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-03-3105868600ns5:AdditionsToInvestments2024-03-3105868600ns5:ListedExchangeTradedns5:AdditionsToInvestments2024-03-3105868600ns5:UnlistedNon-exchangeTradedns5:AdditionsToInvestments2024-03-3105868600ns5:DisposalsRepaymentsInvestments2024-03-3105868600ns5:DisposalsRepaymentsInvestmentsns5:ListedExchangeTraded2024-03-3105868600ns5:DisposalsRepaymentsInvestmentsns5:UnlistedNon-exchangeTraded2024-03-3105868600ns5:ForeignExchangeDifferencesIncreaseDecreaseInInvestments2024-03-3105868600ns5:ForeignExchangeDifferencesIncreaseDecreaseInInvestmentsns5:ListedExchangeTraded2024-03-3105868600ns5:ForeignExchangeDifferencesIncreaseDecreaseInInvestmentsns5:UnlistedNon-exchangeTraded2024-03-3105868600ns5:CostValuation2024-03-3105868600ns5:ListedExchangeTradedns5:CostValuation2024-03-3105868600ns5:UnlistedNon-exchangeTradedns5:CostValuation2024-03-3105868600ns5:ListedExchangeTraded2024-03-3105868600ns5:UnlistedNon-exchangeTraded2024-03-3105868600ns5:ListedExchangeTraded2023-03-3105868600ns5:UnlistedNon-exchangeTraded2023-03-3105868600ns5:Subsidiary112023-04-012024-03-3105868600ns5:Subsidiary12024-03-3105868600ns5:Subsidiary12023-03-3105868600ns5:Subsidiary12022-04-012023-03-31058686003ns5:Subsidiary22023-04-012024-03-3105868600ns5:Subsidiary22024-03-3105868600ns5:Subsidiary22023-03-3105868600ns5:Subsidiary22022-04-012023-03-3105868600ns5:Subsidiary352023-04-012024-03-3105868600ns5:Subsidiary32024-03-3105868600ns5:Subsidiary32023-03-31058686007ns5:Subsidiary42023-04-012024-03-3105868600ns5:Subsidiary42024-03-3105868600ns5:Subsidiary42023-03-3105868600ns5:Subsidiary42022-04-012023-03-31058686009ns5:Subsidiary52023-04-012024-03-3105868600ns5:Subsidiary52024-03-3105868600ns5:Subsidiary52023-03-3105868600ns5:Subsidiary52022-04-012023-03-3105868600ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3105868600ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3105868600ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3105868600ns5:DeferredTaxation2023-03-3105868600ns5:DeferredTaxation2024-03-3105868600ns10:OrdinaryShareClass12024-03-3105868600ns10:OrdinaryShareClass22024-03-3105868600ns5:RetainedEarningsAccumulatedLosses2023-03-3105868600ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31
REGISTERED NUMBER: 05868600 (England and Wales)





GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

DDFI LIMITED

DDFI LIMITED (REGISTERED NUMBER: 05868600)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Income and Retained Earnings 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Cash Flow Statement 10

Notes to the Consolidated Cash Flow Statement 11

Notes to the Consolidated Financial Statements 13


DDFI LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: R J Booth
Mrs C Dodd
N A Bate





SECRETARY: R J Booth





REGISTERED OFFICE: Oswaldtwistle Mills Business &
Conference Centre
Pickup Street
Accrington
BB5 0EY





REGISTERED NUMBER: 05868600 (England and Wales)





AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

DDFI LIMITED (REGISTERED NUMBER: 05868600)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their strategic report of the company and the group for the year ended 31st March 2024.

Review of the business
The group's primary trading activities consist of:
1) A retail trading activity which is operated through two wholly owned subsidiary companies called Tweedmill Factory Shopping Limited and Oswaldtwistle Mills Limited.
2) The company owns a portfolio of investment properties. The directors consider the performance of this activity to be satisfactory.
3) The company has two investment portfolios which are managed by independent investment managers.

The full results are set out in the attached financial statements. The directors consider the state of the affairs of the company to be satisfactory considering the current economic climate and the company has a strong platform to build on for the coming years.

Key performance indicators
The groups investment managers produce quarterly reports analysing the performance of the investment portfolio. The directors review these reports to ensure that cash managed by the investment managers is being invested profitably.

The directors review the occupancy rates of the company's investment properties at regular intervals.

The groups retail trading subsidiaries use 'non financial' key performance indicators such as footfall and number of coach visits to monitor the progress of the business.

Principal risks and uncertainties
The directors aim to minimise the financial risk to the group and manage this as follows:

Credit risk
The company carefully monitors the collection of rental income in order that tenants do not fall behind with their obligations.

Liquidity risk
The company controls cashflow by careful budgeting which ensures liquidity is maintained.

Currency risk
The company does not have a significant currency risk exposure although some of its investments may be held in foreign currencies.

ON BEHALF OF THE BOARD:





R J Booth - Director


24th March 2025

DDFI LIMITED (REGISTERED NUMBER: 05868600)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31st March 2024.

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

R J Booth
Mrs C Dodd

Other changes in directors holding office are as follows:

N A Bate - appointed 22nd August 2023

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;
- 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R J Booth - Director


24th March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DDFI LIMITED


Opinion
We have audited the financial statements of DDFI Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 31st March 2024 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DDFI LIMITED


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
DDFI LIMITED


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We obtained an understanding of the legal and regulatory framework applicable to the group via discussions with the directors and our previous knowledge of the group. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The group complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the group's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of DDFI Limited and it's subsidiaries are revenue recognition, the valuation of investment properties and management override. The directors confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing sales cut off and testing controls in place in respect of sales, those areas susceptible to management override including testing manual journals and making enquiries of management and assessing the validity of the investment property valuations.

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.

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.




David Barr FCA (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

27th March 2025

DDFI LIMITED (REGISTERED NUMBER: 05868600)

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 8,674,950 7,932,343

Cost of sales 4,978,875 4,491,796
GROSS PROFIT 3,696,075 3,440,547

Distribution costs 152,633 23,983
Administrative expenses 3,582,320 3,317,088
3,734,953 3,341,071
(38,878 ) 99,476

Other operating income 94,793 66,681
OPERATING PROFIT 4 55,915 166,157

Income from fixed asset investments 42,307 45,852
Interest receivable and similar income 97,756 59,048
140,063 104,900
195,978 271,057
Gain/loss on revaluation of investments 8,230 206,502
204,208 477,559

Interest payable and similar expenses 5 656 1,845
PROFIT BEFORE TAXATION 203,552 475,714

Tax on profit 6 211,854 516,110
LOSS FOR THE FINANCIAL YEAR (8,302 ) (40,396 )

Retained earnings at beginning of year 5,378,226 5,418,622

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

5,369,924

5,378,226

Loss attributable to:
Owners of the parent (8,302 ) (40,396 )

DDFI LIMITED (REGISTERED NUMBER: 05868600)

CONSOLIDATED BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1,400,076 1,846,741
Tangible assets 9 16,607,359 13,742,414
Investments 10 5,154,401 4,125,640
Investment property 11 5,864,627 5,900,701
29,026,463 25,615,496

CURRENT ASSETS
Stocks 12 1,035,970 1,055,489
Debtors 13 339,975 164,471
Cash at bank and in hand 1,248,598 1,688,560
2,624,543 2,908,520
CREDITORS
Amounts falling due within one year 14 5,352,331 5,444,122
NET CURRENT LIABILITIES (2,727,788 ) (2,535,602 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,298,675

23,079,894

CREDITORS
Amounts falling due after more than one
year

15

(8,300,000

)

(5,128,250

)

PROVISIONS FOR LIABILITIES 18 (1,401,954 ) (1,346,621 )
NET ASSETS 16,596,721 16,605,023

CAPITAL AND RESERVES
Called up share capital 19 11,226,797 11,226,797
Retained earnings 20 5,369,924 5,378,226
SHAREHOLDERS' FUNDS 16,596,721 16,605,023

The financial statements were approved by the Board of Directors and authorised for issue on 24th March 2025 and were signed on its behalf by:





R J Booth - Director


DDFI LIMITED (REGISTERED NUMBER: 05868600)

COMPANY BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 16,402 21,870
Investments 10 7,548,155 6,519,394
Investment property 11 5,864,627 5,900,701
13,429,184 12,441,965

CURRENT ASSETS
Debtors 13 10,666,621 8,355,169
Cash at bank 419,098 615,993
11,085,719 8,971,162
CREDITORS
Amounts falling due within one year 14 2,952,726 2,927,124
NET CURRENT ASSETS 8,132,993 6,044,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,562,177

18,486,003

CREDITORS
Amounts falling due after more than one
year

15

(8,300,000

)

(5,128,250

)

PROVISIONS FOR LIABILITIES 18 (410,115 ) (409,424 )
NET ASSETS 12,852,062 12,948,329

CAPITAL AND RESERVES
Called up share capital 19 11,226,797 11,226,797
Retained earnings 20 1,625,265 1,721,532
SHAREHOLDERS' FUNDS 12,852,062 12,948,329

Company's loss for the financial year (96,267 ) (1,460,070 )

The financial statements were approved by the Board of Directors and authorised for issue on 24th March 2025 and were signed on its behalf by:





R J Booth - Director


DDFI LIMITED (REGISTERED NUMBER: 05868600)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 729,018 984,034
Interest paid (656 ) (1,845 )
Tax paid (110,600 ) (205,643 )
Net cash from operating activities 617,762 776,546

Cash flows from investing activities
Purchase of intangible fixed assets - (31,836 )
Purchase of tangible fixed assets (3,227,060 ) (676,340 )
Purchase of fixed asset investments (1,273,743 ) (1,082,952 )
Purchase of investment property (290,795 ) -
Sale of intangible fixed assets 1,836 -
Sale of tangible fixed assets - 11,500
Sale of fixed asset investments 959,138 767,112
Fixed asset investment - other loans (400,000 ) (650,000 )
Fixed asset investment - loan repayments 17,946 345,091
Interest received 97,756 59,048
Dividends received 42,307 45,852
Net cash from investing activities (4,072,615 ) (1,212,525 )

Cash flows from financing activities
New loans in year 3,171,750 878,250
Loan repayments in year (31,859 ) (69,873 )
Amount withdrawn by directors (125,000 ) -
Net cash from financing activities 3,014,891 808,377

(Decrease)/increase in cash and cash equivalents (439,962 ) 372,398
Cash and cash equivalents at beginning of
year

2

1,688,560

1,316,162

Cash and cash equivalents at end of year 2 1,248,598 1,688,560

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 203,552 475,714
Depreciation charges 804,906 631,779
Loss on disposal of fixed assets 5,035 16,859
Gain on revaluation of fixed assets (8,230 ) (143,671 )
Finance costs 656 1,845
Finance income (140,063 ) (104,900 )
865,856 877,626
Decrease in stocks 19,519 13,138
Increase in trade and other debtors (175,504 ) (2,389 )
Increase in trade and other creditors 19,147 95,659
Cash generated from operations 729,018 984,034

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 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,248,598 1,688,560
Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,688,560 1,316,162


DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,688,560 (439,962 ) 1,248,598
1,688,560 (439,962 ) 1,248,598
Debt
Debts falling due within 1 year (31,859 ) 31,859 -
Debts falling due after 1 year (5,128,250 ) (3,171,750 ) (8,300,000 )
(5,160,109 ) (3,139,891 ) (8,300,000 )
Total (3,471,549 ) (3,579,853 ) (7,051,402 )

DDFI LIMITED (REGISTERED NUMBER: 05868600)

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


1. STATUTORY INFORMATION

DDFI Limited 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence for the foreseeable future.

During the year the company met its working capital requirements through continued financial support received from two related party loans.

These related parties have agreed to continue to provide such financial support as is necessary to enable DDFI Limited to meet its liabilities as they fall due and to carry on its business without any significant curtailment of operations for the 12 months following the approval of these accounts.

Basis of consolidation
The group accounts consolidate the accounts of the company and of its subsidiary undertakings. No profit and loss account is presented for DDFI Limited as permitted by Section 408 of the Companies Act 2006.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements judgements have been made relating to the fair value of investment properties and other investments. The directors have valued these assets at current fair value with assistance where appropriate from independent professionals. However due to the nature of these investments they may increase or decrease in value in the future.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of value added tax and trade discounts.

Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life of 5 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.

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 25% on cost, 25% on reducing balance, 15% on reducing balance, 15% on cost and 10% on cost
Motor vehicles - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold land and buildings, including all improvements, which are used in the group's own activities for the supply of goods and services or for administrative purposes are stated at cost. The directors review the carrying value each year and an adjustment is made if an impairment is considered permanent. The value of freehold buildings is not separately identified from land as the directors do not consider this provides any additional value to the shareholders. The directors are of the opinion that due to the high residual value any depreciation charge would be immaterial. Accordingly no deprecation is charged on freehold buildings.

Plant and equipment are stated at cost less accumulated depreciation.

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST 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.

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.

Fixed asset investments
Shares in subsidiaries are valued at costs less provision for permanent impairment. Listed investments held as fixed assets are included at fair value and gains and losses are recognised in the income statement. Unlisted investments are included at cost less impairment where it is not possible to measure fair value reliably.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,400,714 2,192,591
Social security costs 158,766 141,995
Other pension costs 221,387 171,536
2,780,867 2,506,122

The average number of employees during the year was as follows:
2024 2023

Shop, café, restaurant and admin staff 150 144

2024 2023
£    £   
Directors' remuneration 88,097 39,265
Directors' pension contributions to money purchase schemes 62,934 50,000

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 51,435 27,307
Depreciation - owned assets 360,077 253,204
Loss on disposal of fixed assets 5,035 16,859
Goodwill amortisation 444,829 378,575
Auditors' remuneration 29,400 29,595

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 548 1,845
Bank and other loan interest 108 -
656 1,845

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 156,521 109,950

Deferred tax 55,333 406,160
Tax on profit 211,854 516,110

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


6. TAXATION - continued

Reconciliation of total tax 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:

2024 2023
£    £   
Profit before tax 203,552 475,714
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

50,888

118,929

Effects of:
Expenses not deductible for tax purposes 60,963 14,931
Income not taxable for tax purposes (10,576 ) (11,463 )
Capital allowances in excess of depreciation - (51,166 )
Depreciation in excess of capital allowances 8,365 -
Utilisation of tax losses (65,356 ) 21,355
Adjustments to tax charge in respect of previous periods 388 5,836
Consolidation goodwill 109,707 101,499
Deferred tax 57,741 264,507
Change in the rate of tax - 51,682
Small companies rate adjustment (266 ) -
Total tax charge 211,854 516,110

7. 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.


DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st April 2023 2,492,316
Disposals (1,836 )
At 31st March 2024 2,490,480
AMORTISATION
At 1st April 2023 645,575
Amortisation for year 444,829
At 31st March 2024 1,090,404
NET BOOK VALUE
At 31st March 2024 1,400,076
At 31st March 2023 1,846,741

Consolidation goodwill relates the acquisition of subsidiary undertakings. This is being written down over the expected useful life of 5 years.

9. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st April 2023 13,121,778 1,894,068 69,733 15,085,579
Additions 3,168,131 58,929 - 3,227,060
Disposals - (10,057 ) - (10,057 )
At 31st March 2024 16,289,909 1,942,940 69,733 18,302,582
DEPRECIATION
At 1st April 2023 226,966 1,094,157 22,042 1,343,165
Charge for year 215,001 133,153 11,923 360,077
Eliminated on disposal - (8,019 ) - (8,019 )
At 31st March 2024 441,967 1,219,291 33,965 1,695,223
NET BOOK VALUE
At 31st March 2024 15,847,942 723,649 35,768 16,607,359
At 31st March 2023 12,894,812 799,911 47,691 13,742,414

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


9. TANGIBLE FIXED ASSETS - continued

Company
Motor
vehicles
£   
COST
At 1st April 2023
and 31st March 2024 29,160
DEPRECIATION
At 1st April 2023 7,290
Charge for year 5,468
At 31st March 2024 12,758
NET BOOK VALUE
At 31st March 2024 16,402
At 31st March 2023 21,870

10. FIXED ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Shares in group undertakings - - 2,393,754 2,393,754
Other investments not loans 3,654,447 3,007,740 3,654,447 3,007,740
Other loans 1,499,954 1,117,900 1,499,954 1,117,900
5,154,401 4,125,640 7,548,155 6,519,394

Additional information is as follows:

Group
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1st April 2023 3,007,740 - 3,007,740
Additions 1,060,333 213,410 1,273,743
Disposals (962,135 ) - (962,135 )
Value adjustments 335,099 - 335,099
At 31st March 2024 3,441,037 213,410 3,654,447
NET BOOK VALUE
At 31st March 2024 3,441,037 213,410 3,654,447
At 31st March 2023 3,007,740 - 3,007,740

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


10. FIXED ASSET INVESTMENTS - continued

Group

Cost or valuation at 31st March 2024 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2024 789,184 - 789,184
Cost 2,651,853 213,410 2,865,263
3,441,037 213,410 3,654,447
Company
Shares in
group Listed Unlisted
undertakings investments investments Totals
£    £    £    £   
COST
At 1st April 2023 2,393,754 3,007,740 - 5,401,494
Additions - 1,060,333 213,410 1,273,743
Disposals - (962,135 ) - (962,135 )
Value adjustments - 335,099 - 335,099
At 31st March 2024 2,393,754 3,441,037 213,410 6,048,201
NET BOOK VALUE
At 31st March 2024 2,393,754 3,441,037 213,410 6,048,201
At 31st March 2023 2,393,754 3,007,740 - 5,401,494

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

Subsidiaries

Maerdy Mawr Farm Limited - company number: 05518735
Registered office: Oswaldtwistle Mills Business & Conference Centre, Pickup Street, Accrington, England, BB5 0EY.
Nature of business: Letting of land
%
Class of shares: holding
Ordinary A, B, C and D 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,248 666
Profit/(loss) for the year 3,582 (1,157,669 )

DDFI Limited has guaranteed all outstanding liabilities of this company for the financial year ending 31 March 2024 thus entitling it to exemption from audit under Section 479A.

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


10. FIXED ASSET INVESTMENTS - continued

Tweedmill Factory Shopping Limited - company number: 02840101
Registered office: Oswaldtwistle Mills Business & Conference Centre, Pickup Street, Accrington, BB5 0EY.
Nature of business: Retailer
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,563,342 2,292,417
Profit/(loss) for the year 241,925 (3,689,597 )

Nfield Holdings Limited Company number: 01863726
Registered office: Clifton Mill, Pickup Street, Oswaldtwistle, Accrington, Lancashire, BB5 0EY
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (451,138 ) (451,138 )

Oswaldtwistle Mills Limited Company number: 02928759
Registered office: Clifton Mill, Pickup Street, Oswaldtwistle, Accrington, Lancashire, BB5 0EY
Nature of business: Retailer
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,891,548 2,940,533
Loss for the year (48,925 ) (202,425 )

The Kitchen Dresser Company Limited Company number: 05183249
Registered office: Oswaldtwistle Mills Business & Conference Centre, Pickup Street, Accrington, England, BB5 0EY.
Nature of business: On-line retail
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 30,971
(Loss)/profit for the year (12,108 ) 18,804

DDFI Limited has guaranteed all outstanding liabilities of this company for the financial year ending 31 March 2024 thus entitling it to exemption from audit under Section 479A.


DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


10. FIXED ASSET INVESTMENTS - continued
Group
Other
loans
£   
At 1st April 2023 1,117,900
New in year 400,000
Repayment in year (17,946 )
At 31st March 2024 1,499,954

Company
Other
loans
£   
At 1st April 2023 1,117,900
New in year 400,000
Repayment in year (17,946 )
At 31st March 2024 1,499,954

11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st April 2023 5,900,701
Additions 290,795
Revaluations (326,869 )
At 31st March 2024 5,864,627
NET BOOK VALUE
At 31st March 2024 5,864,627
At 31st March 2023 5,900,701

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2022 805,996
Valuation in 2023 355,744
Valuation in 2024 (326,869 )
Cost 5,029,756
5,864,627

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


11. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1st April 2023 5,900,701
Additions 290,795
Revaluations (326,869 )
At 31st March 2024 5,864,627
NET BOOK VALUE
At 31st March 2024 5,864,627
At 31st March 2023 5,900,701

The directors have reviewed the valuations of the properties at 31 March 2024 and adjustments to the fair value have been made where it was considered to be appropriate.

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2022 805,996
Valuation in 2023 355,744
Valuation in 2024 (326,869 )
Cost 5,029,756
5,864,627

12. STOCKS

Group
2024 2023
£    £   
Stocks 1,035,970 1,055,489

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 157,926 51,101 79,645 -
Amounts owed by group undertakings - - 10,547,930 8,348,625
Other debtors 78,568 82,283 21,943 -
VAT - - - 2,111
Prepayments and accrued income 103,481 31,087 17,103 4,433
339,975 164,471 10,666,621 8,355,169

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) - 31,859 - -
Trade creditors 952,166 1,077,003 52,969 19,884
Tax 156,133 110,212 - -
Social security and other taxes 28,026 27,933 - 702
VAT 316,140 440,379 9,616 -
Other creditors 686,535 685,748 8,032 6,040
Directors' current accounts 2,750,000 2,875,000 2,750,000 2,875,000
Accruals and deferred income 463,331 195,988 132,109 25,498
5,352,331 5,444,122 2,952,726 2,927,124

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans (see note 16) 8,300,000 5,128,250 8,300,000 5,128,250

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 31,859 - -
Amounts falling due between one and two years:
Other loans - 1-2 years 8,300,000 5,128,250 8,300,000 5,128,250

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans - 31,859

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 728,332 741,162 4,101 5,468
Property revaluation 689,014 686,956 406,014 403,956
Losses (15,392 ) (81,497 ) - -
1,401,954 1,346,621 410,115 409,424

Group
Deferred
tax
£   
Balance at 1st April 2023 1,346,621
Charge (release) in the year 55,333
Balance at 31st March 2024 1,401,954

Company
Deferred
tax
£   
Balance at 1st April 2023 409,424
Increase (decrease) 691
Balance at 31st March 2024 410,115

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,726,797 Ordinary £1 7,726,797 7,726,797
3,500,000 Preference £1 3,500,000 3,500,000
11,226,797 11,226,797

Preference shares are redeemable at the sole option of the company. There is no specific redemption date.

DDFI LIMITED (REGISTERED NUMBER: 05868600)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


20. RESERVES

Group
Retained
earnings
£   

At 1st April 2023 5,378,226
Deficit for the year (8,302 )
At 31st March 2024 5,369,924

Company
Retained
earnings
£   

At 1st April 2023 1,721,532
Deficit for the year (96,267 )
At 31st March 2024 1,625,265


21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Key management personnel include all statutory directors who together have authority and responsibility for planning, directing and controlling the activities of the group. The total compensation paid to key management personnel amounted to £150,031 (31.03.23: £89,265).

Included within creditors due after one year is a loan of £8,300,000 (2023: £5,128,250) from a related party. The loan carries interest at a rate of 1% or such other rate as may be agreed between the lender and the borrower from time to time. It was agreed that a rate of nil% would be charged in the year to 31st March 2024.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R J Booth.

23. GENERAL INFORMATION

DDFI Limited is a limited company incorporated in England. It's registered office address is disclosed on page 1. The principal activity is that of a holding company. The financial statements are presented in Sterling, which is also the functional currency of the Company.