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COMPANY REGISTRATION NUMBER: 13754002
DB2 INVESTMENTS LTD
Financial Statements
30 September 2024
DB2 INVESTMENTS LTD
Financial Statements
Year ended 30 September 2024
Contents
Page
Strategic report
1
Director's report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
17
DB2 INVESTMENTS LTD
Strategic Report
Year ended 30 September 2024
The directors present their strategic report of the group for the year ended 30th September 2024. Review of the business The group has had a successful year despite the ongoing challenges of a competitive marketplace, relatively high inflation and increased costs. During the year the group continued its investment programme in new marketing strategies, software systems and talent which will facilitate greater productivity, scalability and efficiency in its design and build process. This will allow the group to increase capacity and improve the client experience and quality levels its existing and new clients demand. The group continued to expand its customer base during the financial year. This has continued since the end of the financial year with forward sales orders indicating continued growth during the rest of the current year, however the investment will take longer than the new financial year to manifest thus we expect an upwards trajectory end of 2025 going into 2026. The directors intend to continue to invest in the group's systems, processes and talent to enable growth into a new route to markets mid to 3rd quarter of 2025. Results The group made a pre-tax profit of £1,762,062 (2023: £2,474,296) for the year from a turnover of £14,034,092 (2023: £16,522,888). At 30th September 2024 the group had net assets of £4,663,874 (2023: £3,851,722) Principal risks and uncertainties The principal risks and uncertainties facing the group relate to uncertainties in the general economic climate in the UK. To minimise the risk of the above to the group, the directors continued to invest significantly in its marketing strategies, systems & processes in order to both maintain and create an increase in revenue and profitability Performance monitoring The delivery of the group's strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the group's operations. The directors consider the following Key Performance Indicators as appropriate measures for the delivery of its corporate strategy. Financial Definition Sales Revenue Growth in sales revenue and strength of the group's market position Operating Profit The continued growth of operating profits which allow the group to continue to invest in its systems, processes and talent.
This report was approved by the board of directors on 12 June 2025 and signed on behalf of the board by:
Mr D. Blackburn
Director
Registered office:
7 Yew Close
Buckhurst Hill
England
IG96BB
DB2 INVESTMENTS LTD
Director's Report
Year ended 30 September 2024
The director presents his report and the financial statements of the group for the year ended 30 September 2024 .
Principal activities
The principal activity of the group during the year was that of the design and build of workspace solutions and real estate buying, selling, renting and making investments.
Director
The director who served the company during the year was as follows:
Mr D. Blackburn
Dividends
Particulars of recommended dividends are detailed in note 14 to the financial statements.
Future developments
The group intends to make further investment in its new marketing strategies and software systems as part of its rolling capital investment programme. This will enhance the productivity, scalability and efficiency of the group and will allow it to maintain the level of service provided to customers.
Financial instruments
The director considers that the group only has limited exposure to the various aspects of financial risk and it does not enter into any non basic contracts as there is no requirement for this within its trade. The group's revenue is invoiced in sterling and all its operational costs arise within the United Kingdom.
Director's responsibilities statement
The directors are responsible for preparing 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 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 group and 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 judgments 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 group's transactions and disclose with reasonable accuracy at any time the financial position of 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 12 June 2025 and signed on behalf of the board by:
Mr D. Blackburn
Director
Registered office:
7 Yew Close
Buckhurst Hill
England
IG96BB
DB2 INVESTMENTS LTD
Independent Auditor's Report to the Members of DB2 INVESTMENTS LTD
Year ended 30 September 2024
Opinion
We have audited the financial statements of DB2 INVESTMENTS LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 30 September 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 director's 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 or 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 director 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 auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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 strategic report or the director's 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 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 auditor’s 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. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: - obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; - inquired of management and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures. The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions recorded in the year to determine whether revenue had been recorded correctly. 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 auditor's report. 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 an auditor's report 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.
Paul A. O'Brien FCA
(Senior Statutory Auditor)
For and on behalf of
Edwards Veeder LLP
Chartered accountants & statutory auditor
Alex House
260-268 Chapel Street
Salford
M3 5JZ
12 June 2025
DB2 INVESTMENTS LTD
Consolidated Statement of Comprehensive Income
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
14,034,092
16,522,888
Cost of sales
10,560,566
12,632,716
-------------
-------------
Gross profit
3,473,526
3,890,172
Administrative expenses
1,690,349
1,396,973
------------
------------
Operating profit
5
1,783,177
2,493,199
Income from interests in associates
9
5,200
Other interest receivable and similar income
10
155,768
4,723
Amounts written off investments
11
167,156
7,835
Interest payable and similar expenses
12
14,927
15,791
------------
------------
Profit before taxation
1,762,062
2,474,296
Tax on profit
13
465,845
558,022
------------
------------
Profit for the financial year and total comprehensive income
1,296,217
1,916,274
------------
------------
Profit for the financial year attributable to:
The owners of the parent company
849,122
1,339,310
Non-controlling interests
447,095
576,964
------------
------------
1,296,217
1,916,274
------------
------------
All the activities of the group are from continuing operations.
DB2 INVESTMENTS LTD
Consolidated Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
15
840,542
640,650
Tangible assets
16
189,519
206,783
Investments
17
519,306
2
------------
---------
1,549,367
847,435
Current assets
Stocks
18
445,807
489,292
Debtors
19
3,603,115
3,232,484
Investments
20
239,244
Cash at bank and in hand
2,640,100
2,066,419
------------
------------
6,689,022
6,027,439
Creditors: amounts falling due within one year
21
3,502,808
2,943,457
------------
------------
Net current assets
3,186,214
3,083,982
------------
------------
Total assets less current liabilities
4,735,581
3,931,417
Creditors: amounts falling due after more than one year
22
32,102
32,120
Provisions
24
39,605
47,575
------------
------------
Net assets
4,663,874
3,851,722
------------
------------
Capital and reserves
Called up share capital
28
1,000
1,000
Share premium account
29
238,351
238,351
Profit and loss account
29
3,733,684
3,138,623
------------
------------
Equity attributable to the owners of the parent company
3,973,035
3,377,974
Non-controlling interests
690,839
473,748
------------
------------
4,663,874
3,851,722
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
DB2 INVESTMENTS LTD
Consolidated Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
Mr D. Blackburn
Director
Company registration number: 13754002
DB2 INVESTMENTS LTD
Company Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
15
50,000
Investments
17
758,657
239,353
---------
---------
808,657
239,353
Current assets
Debtors
19
1,433,921
1,024,269
Investments
20
155,000
Cash at bank and in hand
122,946
906,944
------------
------------
1,556,867
2,086,213
Creditors: amounts falling due within one year
21
16,698
15,655
------------
------------
Net current assets
1,540,169
2,070,558
------------
------------
Total assets less current liabilities
2,348,826
2,309,911
------------
------------
Net assets
2,348,826
2,309,911
------------
------------
Capital and reserves
Called up share capital
28
1,000
1,000
Share premium account
29
238,351
238,351
Profit and loss account
29
2,109,475
2,070,560
------------
------------
Shareholders funds
2,348,826
2,309,911
------------
------------
The profit for the financial year of the parent company was £ 292,976 (2023: £ 1,272,411 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
Mr D. Blackburn
Director
Company registration number: 13754002
DB2 INVESTMENTS LTD
Consolidated Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Share premium account
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
At 1 October 2022
1,000
238,351
2,012,323
2,251,674
463,634
2,715,308
Profit for the year
1,339,310
1,339,310
576,964
1,916,274
-------
---------
------------
------------
---------
------------
Total comprehensive income for the year
1,339,310
1,339,310
576,964
1,916,274
Dividends paid and payable
14
( 213,010)
( 213,010)
( 566,850)
( 779,860)
-------
---------
------------
------------
---------
------------
Total investments by and distributions to owners
( 213,010)
( 213,010)
( 566,850)
( 779,860)
At 30 September 2023
1,000
238,351
3,138,623
3,377,974
473,748
3,851,722
Profit for the year
849,122
849,122
447,095
1,296,217
-------
---------
------------
------------
---------
------------
Total comprehensive income for the year
849,122
849,122
447,095
1,296,217
Dividends paid and payable
14
( 254,061)
( 254,061)
( 230,004)
( 484,065)
----
----
---------
---------
---------
---------
Total investments by and distributions to owners
( 254,061)
( 254,061)
( 230,004)
( 484,065)
-------
---------
------------
------------
---------
------------
At 30 September 2024
1,000
238,351
3,733,684
3,973,035
690,839
4,663,874
-------
---------
------------
------------
---------
------------
DB2 INVESTMENTS LTD
Company Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 October 2022
1,000
238,351
1,011,159
1,250,510
Profit for the year
1,272,411
1,272,411
-------
---------
------------
------------
Total comprehensive income for the year
1,272,411
1,272,411
Dividends paid and payable
14
( 213,010)
( 213,010)
-------
---------
------------
------------
Total investments by and distributions to owners
( 213,010)
( 213,010)
At 30 September 2023
1,000
238,351
2,070,560
2,309,911
Profit for the year
292,976
292,976
-------
---------
------------
------------
Total comprehensive income for the year
292,976
292,976
Dividends paid and payable
14
( 254,061)
( 254,061)
----
----
---------
---------
Total investments by and distributions to owners
( 254,061)
( 254,061)
-------
---------
------------
------------
At 30 September 2024
1,000
238,351
2,109,475
2,348,826
-------
---------
------------
------------
DB2 INVESTMENTS LTD
Consolidated Statement of Cash Flows
Year ended 30 September 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,296,217
1,916,274
Adjustments for:
Depreciation of tangible assets
100,605
110,543
Amounts written off investments
101,508
7,835
Income from interests in associates
( 5,200)
Other interest receivable and similar income
( 155,768)
( 4,723)
Interest payable and similar expenses
14,927
15,791
Gains on disposal of tangible assets
( 20,485)
( 36,935)
Tax on profit
465,845
558,022
Accrued income
( 20,360)
( 85,984)
Changes in:
Stocks
43,485
( 172,107)
Trade and other debtors
( 369,431)
( 877,294)
Trade and other creditors
465,216
154,427
------------
------------
Cash generated from operations
1,916,559
1,585,849
Interest paid
( 14,927)
( 15,791)
Interest received
155,768
4,723
Tax paid
( 437,190)
( 299,998)
------------
------------
Net cash from operating activities
1,620,210
1,274,783
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 94,951)
( 179,636)
Proceeds from sale of tangible assets
32,095
69,210
Purchase of intangible assets
( 50,000)
Acquisition of subsidiaries
( 2)
Purchases of other investments
( 770,704)
( 155,000)
Proceeds from sale of other investments
239,244
40
Dividends received
5,200
------------
------------
Net cash used in investing activities
( 639,116)
( 265,388)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 25,541)
( 121,609)
Proceeds from loans from participating interests
70,300
Payments of finance lease liabilities
31,893
( 97,001)
Dividends paid
( 484,065)
( 779,860)
------------
------------
Net cash used in financing activities
( 407,413)
( 998,470)
------------
------------
DB2 INVESTMENTS LTD
Consolidated Statement of Cash Flows (continued)
Year ended 30 September 2024
2024
2023
Note
£
£
Net increase in cash and cash equivalents
573,681
10,925
Cash and cash equivalents at beginning of year
2,066,419
2,055,494
------------
------------
Cash and cash equivalents at end of year
2,640,100
2,066,419
------------
------------
DB2 INVESTMENTS LTD
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Yew Close, Buckhurst Hill, IG96BB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of DB2 INVESTMENTS LTD and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows Valuation of Investments Market valuations have been obtained for investments however this doesn't guarantee the monies received if the investments were to be liquidated. Useful life of fixed assets In making decisions regarding the depreciation of non current assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to profit and loss in each year. The carrying amount of depreciation at the end of 30th September 2024 is £100,605 (2023 £110,543).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
15% straight line
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Income Earned
14,034,092
16,522,888
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
100,605
110,543
Gains on disposal of tangible assets
( 20,485)
( 36,935)
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
15,000
--------
----
7. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
21
17
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,102,306
1,039,056
Social security costs
11,677
11,812
Other pension costs
16,364
25,399
------------
------------
1,130,347
1,076,267
------------
------------
8. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
92,677
92,220
Company contributions to defined contribution pension plans
1,696
1,679
--------
--------
94,373
93,899
--------
--------
9. Income from interests in associates
2024
2023
£
£
Income from interests in associates
5,200
-------
----
10. Other interest receivable and similar income
2024
2023
£
£
Interest on loans and receivables
60,252
Interest on cash and cash equivalents
29,868
4,723
Gain on fair value adjustment of financial assets at fair value through profit or loss
65,648
---------
-------
155,768
4,723
---------
-------
11. Amounts written off investments
2024
2023
£
£
Impairment of other fixed asset investments
167,156
7,835
---------
-------
12. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
598
843
Interest on obligations under finance leases and hire purchase contracts
14,329
14,948
--------
--------
14,927
15,791
--------
--------
13. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
473,815
535,082
Deferred tax:
Origination and reversal of timing differences
( 7,970)
22,940
---------
---------
Tax on profit
465,845
558,022
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 22 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,762,062
2,474,296
------------
------------
Profit on ordinary activities by rate of tax
550,265
812,461
Effect of expenses not deductible for tax purposes
47,509
3,987
Effect of capital allowances and depreciation
9,190
( 4,746)
Effect of revenue exempt from tax
( 132,583)
( 276,041)
Utilisation of tax losses
( 578)
Rounding on tax charge
1
( 1)
Marginal Relief
( 567)
Deferred tax
( 7,970)
22,940
------------
------------
Tax on profit
465,845
558,022
------------
------------
14. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
484,065
779,860
---------
---------
15. Intangible assets
Group
Goodwill
Investments
Total
£
£
£
Cost
At 1 October 2023
640,650
640,650
Additions
50,000
50,000
Revaluations
65,648
65,648
Transfers
84,244
84,244
---------
---------
---------
At 30 September 2024
640,650
199,892
840,542
---------
---------
---------
Amortisation
At 1 October 2023 and 30 September 2024
---------
---------
---------
Carrying amount
At 30 September 2024
640,650
199,892
840,542
---------
---------
---------
At 30 September 2023
640,650
640,650
---------
---------
---------
Company
Investments
£
Cost
At 1 October 2023
Additions
50,000
---------
At 30 September 2024
50,000
---------
Amortisation
At 1 October 2023 and 30 September 2024
---------
Carrying amount
At 30 September 2024
50,000
---------
At 30 September 2023
---------
Intangible assets held at valuation
The revaluation of intangible assets was carried out by the directors on 30 September 2024 using the market value method and third-party statements. The carrying amount that would have been recognised had the assets been carried under the historical cost model is £250,000.
16. Tangible assets
Group
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023
110,122
20,387
44,718
320,828
70,342
566,397
Additions
6,142
76,006
12,803
94,951
Disposals
( 85,220)
( 85,220)
---------
--------
--------
---------
--------
---------
At 30 Sep 2024
110,122
20,387
50,860
311,614
83,145
576,128
---------
--------
--------
---------
--------
---------
Depreciation
At 1 Oct 2023
90,314
18,010
27,797
167,203
56,290
359,614
Charge for the year
4,203
1,005
7,412
74,548
13,437
100,605
Disposals
( 73,610)
( 73,610)
---------
--------
--------
---------
--------
---------
At 30 Sep 2024
94,517
19,015
35,209
168,141
69,727
386,609
---------
--------
--------
---------
--------
---------
Carrying amount
At 30 Sep 2024
15,605
1,372
15,651
143,473
13,418
189,519
---------
--------
--------
---------
--------
---------
At 30 Sep 2023
19,808
2,377
16,921
153,625
14,052
206,783
---------
--------
--------
---------
--------
---------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 30 September 2024
62,809
--------
At 30 September 2023
32,630
--------
17. Investments
Group
Shares in group undertakings
Joint ventures
Other investments other than loans
Total
£
£
£
£
Share of net assets/cost
At 1 October 2023
2
2
Additions
686,460
686,460
Revaluations
( 167,156)
( 167,156)
Transfers
( 2)
2
----
----
---------
---------
At 30 September 2024
2
519,304
519,306
----
----
---------
---------
Impairment
At 1 October 2023 and 30 September 2024
----
----
---------
---------
Carrying amount
At 30 September 2024
2
519,304
519,306
----
----
---------
---------
At 30 September 2023
2
2
----
----
---------
---------
Company
Shares in group undertakings
Shares in participating interests
Other investments other than loans
Total
£
£
£
£
Cost
At 1 October 2023
239,353
239,353
Additions
686,460
686,460
Revaluations
( 167,156)
( 167,156)
Transfers
( 2)
2
---------
----
---------
---------
At 30 September 2024
239,351
2
519,304
758,657
---------
----
---------
---------
Impairment
At 1 October 2023 and 30 September 2024
---------
----
---------
---------
Carrying amount
At 30 September 2024
239,351
2
519,304
758,657
---------
----
---------
---------
At 30 September 2023
239,353
239,353
---------
----
---------
---------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Opus 4 Logistics Limited
210 Chester Road
Ordinary A
67
Manchester
Ordinary E
1
England
Ordinary H
1
M15 4JE
Investments in associates and joint ventures
DB2 Investments Ltd hold 50% ordinary shares in Opus 4 Property Limited, a property business, which made a loss of £10,626 in the year. It had retained reserves of (£10,848) at the end of its latest financial year end. The registered office is 210 Chester Road, Manchester, England, M15 4JE
18. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Stocks and work in progress
445,807
489,292
---------
---------
----
----
19. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,162,016
2,196,429
Amounts owed by group undertakings
82,334
107,472
Amounts owed by undertakings in which the company has a participating interest
366,619
50,019
366,619
50,019
Prepayments and accrued income
96,093
91,327
6,581
2,400
Director's loan account
28,331
Other debtors
978,387
866,378
978,387
864,378
------------
------------
------------
------------
3,603,115
3,232,484
1,433,921
1,024,269
------------
------------
------------
------------
20. Investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Other investments
239,244
155,000
----
---------
----
---------
21. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
10,000
Trade creditors
2,349,137
2,079,674
Amounts owed to undertakings in which the company has a participating interest
70,300
Accruals and deferred income
148,588
167,748
5,863
733
Corporation tax
271,709
235,084
Social security and other taxes
629,599
434,482
10,820
14,810
Obligations under finance leases and hire purchase contracts
27,648
14,070
Director loan accounts
2,792
15
112
Other creditors
3,035
2,399
------------
------------
--------
--------
3,502,808
2,943,457
16,698
15,655
------------
------------
--------
--------
22. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
18,333
Obligations under finance leases and hire purchase contracts
32,102
13,787
--------
--------
----
----
32,102
32,120
--------
--------
----
----
23. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
27,648
14,070
Later than 1 year and not later than 5 years
32,102
13,787
--------
--------
----
----
59,750
27,857
--------
--------
----
----
24. Provisions
Group
Deferred tax (note 25)
£
At 1 October 2023
47,575
Charge against provision
( 7,970)
--------
At 30 September 2024
39,605
--------
The company does not have any provisions.
25. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 24)
39,605
47,575
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
39,605
47,575
--------
--------
----
----
26. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 14,668 (2023: £ 23,720 ).
27. Prior period reclassification
There has been a presentational adjustment within Debtors in which amounts owed by group undertakings has been reallocated to amounts owed by undertakings in which the company has a participating interest. This is due to the shares in group undertakings being reclassified to shares in participating interests.
28. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
29. Reserves
Share premium account: The share premium reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss reserve: The profit and loss reserve records retained earnings and accumulated losses.
30. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
2,066,419
573,681
2,640,100
Debt due within one year
(24,070)
(76,670)
(100,740)
Debt due after one year
(32,120)
18
(32,102)
Current asset investments
239,244
(239,244)
------------
---------
------------
2,249,473
257,785
2,507,258
------------
---------
------------
31. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
19,104
19,905
Later than 1 year and not later than 5 years
13,333
--------
--------
----
----
19,104
33,238
--------
--------
----
----
32. Director's advances, credits and guarantees
Company At 30 September 2024 the company owed its directors £15 (2023: £112). No interest has been charged to the company in respect of the loan which is repayable on demand. Group At 30 September 2024 the group owed its directors £2,792. No interest has been charged to the group in respect of the loan which is repayable on demand. At 30 September 2023 there was an amount owed to the group of £28,331 by its directors.
DB2 INVESTMENTS LTD
Notes to the Financial Statements (continued)
Year ended 30 September 2024
33. Related party transactions
Company
At 30 September 2024 the company was owed £448,953 (2023: £157,491) from companies related by common ownership and control. There are no fixed repayment terms on amounts outstanding. No securities have been given or received. Transactions during the year amounted to £8,662 (2023: £6,497) made up of loan interest received. Group At 30 September 2024 the group was owed £366,619 (2023: £50,019) from companies related by common ownership and control. At 30 September 2024 the group owed £70,300 (2023: £0) to companies related by common ownership and control. There is no interest chargeable in respect of these balances. There are no fixed repayment terms on amounts outstanding. No securities have been given or received. Transactions during the year amounted to £8,662 (2023: £6,497) made up of loan interest received.
34. Controlling party
The group was under the control of D.M. Blackburn, a director throughout the current and previous year. D.M. Blackburn is the managing director and majority shareholder.