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DACERELL LIMITED ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Registered number: 1457536
DACERELL LIMITED
COMPANY INFORMATION
Directors | A D Clark
| J M Holladay
Company secretary | A D Clark
Registered number | 1457536
Registered office | 52 Cambridge Road South
| London
| W4 3DA
Independent auditors | Larking Gowen LLP
| Chartered Accountants & Statutory Auditors
| 1st Floor Prospect House
| Rouen Road
| Norwich
| Norfolk
| NR1 1RE
Bankers | Lloyds Bank PLC
| 3 Sidney Street
| Cambridge
| Cambridgeshire
| CB2 3HG
DACERELL LIMITED
CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 18
DACERELL LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present their strategic report for the year ended 31 March 2025.
Business review
The principal activity of the Company is the management of its wholly owned subsidiaries and the provision of management and service charges to the group. The company results are shown in the Statement of Comprehensive Income on page 8 and the Balance Sheet on page 9. The company is funded by reserves and the subsidiary company, Norfolk Homes Limited.
Principal risks and uncertainties
The directors and senior management are mindful at all times of the risks and factors which affect the successful operation and performance of the Company's business. Appropriate processes are in place to monitor and manage operational risks on a regular basis and to also identify and mitigate potential risks. The principal risks and uncertainties facing the company are as follows: ∙Attracting and retaining the very best personnel, workforce, subcontractors and professional advisers. The directors regularly monitor the employment and construction services market to ensure that the company's exposure in this respect is minimised. ∙The economic climate, buyer confidence, and general housing demand as this effects the operational performance of the subsidiary company Norfolk Homes Limited.
Financial and other key performance indicators
The following key performance indicators are highlighted: Turnover for the year amounted to £2,413,313 (2024 - £1,769,499); Profit on ordinary activities before taxation £3,174,610 (2024 - £3,175,633); Total shareholder funds £648,674 (2024 - £638,569). The total number of employees was 6 (2024 - 6).
Directors' statement of compliance with duty to promote the success of the Company
The directors have a duty to act in good faith and to promote the success of the company for the benefit of its member. The following details how the directors have had regard to the relevant matters set out in s172 of the Companies Act 2006 in relation to the company's operations. ∙The long term success of the company - is always considered when making strategic decisions and formulating strategies and risk management procedures within the company. ∙The interests of the company’s employees – The company has a very experienced and dedicated workforce which the directors appreciate and recognise is a valuable asset. The directors endeavour to create opportunities and the right environment for all employees to prosper and realise their full potential for mutual benefit. Page 1
DACERELL LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ∙Maintaining high standards and reputation – The directors and company operate and maintain high standards in all aspects of business. This report was approved by the board and signed on its behalf.
A D Clark Director
Date: 26 September 2025
Page 2
DACERELL LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the Company is the management of its wholly owned subsidiaries and the provision of management and service charges to the group.
Results and dividends
The profit for the year, after taxation, amounted to £3,170,105 (2024 - £3,173,671). The directors recommended the payment of a dividend amounting to £3,160,000 (2024 - £3,160,000) during the year. The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
A D Clark
J M Holladay
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company's greenhouse gas emissions and energy consumption data is included with other group companies in the consolidated financial statements of the parent, Norfolk Homes Holdings Limited. Page 3
DACERELL LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Future developments and outlook for the company
The directors’ believe that the Company and its subsidiary, Norfolk Homes Limited are well positioned to prosper in the future and to continue to operate profitably.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end that require adjustment to these financial statements.
Auditors
The auditors, Larking Gowen LLP, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
A D Clark Director
Date: 26 September 2025
Page 4
DACERELL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED
Opinion
We have audited the financial statements of Dacerell Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 Company's affairs as at 31 March 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
DACERELL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Extent to which the audit was considered capable of detecting irregularities including fraud Due to the field in which the Company operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the Company's ability to operate including compliance with building regulations; Health and Safety; employment law (including Working Time Directive); and anti-bribery and corruption. Page 6
DACERELL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED (CONTINUED) Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following: ∙Enquiries with management and those charged with governance around actual and potential litigation and claims; ∙Enquiries of entity staff in the finance function to identify any instances of non-compliance with laws and regulations; ∙Reviewing minutes of management and board meetings; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Challenging assumptions and judgments made by management in their significant accounting estimates, in particular in relation to the net realisable value of land bank and work in progress adjustments and valuations; and ∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business. 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 Auditors' 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. Anders Rasmussen FCA (Senior Statutory Auditor) for and on behalf of Larking Gowen LLP Chartered Accountants Statutory Auditors Norwich 26 September 2025 Page 7
DACERELL LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 2,413,313 | 1,769,499
Administration expenses |  | (2,419,703) | (1,774,866)
Other operating income | 5 | 21,000 | 21,000
Operating profit |  | 14,610 | 15,633
Income from fixed assets investments |  | 3,160,000 | 3,160,000
Profit before taxation |  | 3,174,610 | 3,175,633
Tax on profit | 10 | (4,505) | (1,962)
Profit for the financial year |  | £3,170,105 | £3,173,671
Total comprehensive income for the year |  | £3,170,105 | £3,173,671
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
The notes on pages 11 to 18 form part of these financial statements.
Page 8
DACERELL LIMITED REGISTERED NUMBER:1457536
BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 592,086 |  | 593,839
Investments | 13 |  | 400,103 |  | 400,103
|  |  | 992,189 |  | 993,942
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 37,936 |  | 28,402 |
Cash at bank and in hand |  | 3,898,166 |  | 3,161,269 |
|  | 3,936,102 |  | 3,189,671 |
Creditors: amounts falling due within one year | 15 | (4,279,617) |  | (3,545,044) |
Net current liabilities |  |  | (343,515) |  | (355,373)
Total assets less current liabilities |  |  | 648,674 |  | 638,569
Net assets |  |  | £648,674 |  | £638,569
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 200 |  | 200
Revaluation reserve | 17 |  | 362,184 |  | 362,184
Profit and loss account | 17 |  | 286,290 |  | 276,185
|  |  | £648,674 |  | £638,569
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A D Clark
Director
Date: 26 September 2025
The notes on pages 11 to 18 form part of these financial statements. Page 9
DACERELL LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2024 | 200 | 362,184 | 276,185 | 638,569
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,170,105 | 3,170,105
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (3,160,000) | (3,160,000)
At 31 March 2025 | £200 | £362,184 | £286,290 | £648,674
| The notes on pages 11 to 18 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 200 | 362,184 | 262,514 | 624,898
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,173,671 | 3,173,671
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (3,160,000) | (3,160,000)
At 31 March 2024 | £200 | £362,184 | £276,185 | £638,569
| The notes on pages 11 to 18 form part of these financial statements.
Page 10
DACERELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Dacerell Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered office is 52 Cambridge Road South, London, W4 3DA. The company's principal place of business is Weybourne Road, Sheringham, Norfolk, NR26 8WB. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in sterling which is the functional currency of the company. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Norfolk Homes Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
The directors have considered the economic and trading outlook and the company's overall financial position at the time of signing these accounts. Based on this assessment, having reviewed budgets and forecast projections and taking account of the company's financial strength the directors have concluded that they are confident that the company will have adequate resources to continue successful operations for the foreseeable future and for a period of no less than twelve months from the date of signing these financial statements, and accordingly continue to adopt the going concern basis of accounting in preparing these financial statements.
| 2.5 | Turnover
Turnover represents the value of group service and management charges recharged to group members. Page 11
DACERELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets
Freehold properties have been valued by the directors and depreciation has not been charged on freehold land. Depreciation is provided on the following bases:
|  |  |  | Freehold trading property | - | 2% | straight line
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
| 2.7 | Revaluation of tangible fixed assets
Freehold properties are included at a fair value determined from market based evidence and assessed by the directors.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.9 | Debtors
Debtors are measured at transaction price, less any impairment for bad or doubtful debts.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Financial instruments
Basic financial assets and liabilities The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities at transaction price like trade and other debtors and creditors, loans from banks, related parties and other third parties.
| 2.12 | Creditors
Creditors are measured at the transaction price.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Page 12
DACERELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. The assets of the plan are held separately from the Company in independently administered funds.
| 2.15 | Taxation
The taxation expense for the year comprises current tax. Taxation is recognised in the Statement of Comprehensive Income. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.
3. | Accounting estimates and judgments
The preparation of the financial statements involves, in certain areas, the use of accounting estimates and management judgment. The assessment of the fair value of Freehold Property involves a degree of judgment and estimation by the directors taking account of market based evidence for the value of commercial property.
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group management charges | 2,413,313 | 1,769,499
|  | £2,413,313 | £1,769,499
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 21,000 | 21,000
|  | £21,000 | £21,000
Page 13
DACERELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 2,250 | 1,750
| Fees payable to the Company's auditor in respect of: |  |
| Taxation compliance services | - | 500
| All non-audit services not included above | - | 1,250
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,080,729 | 1,505,252
| Social security costs | 279,249 | 198,511
| Cost of defined contribution pension scheme | 73,333 | 77,917
|  | £2,433,311 | £1,781,680
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office, administration and managerial | 6 | 6
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 593,990 | 660,033
|  | £593,990 | £660,033
| The highest paid director received remuneration of £476,903 (2024 - £475,917).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
| During the year no retirement benefits were paid (2024 - £NIL) in respect of directors defined contribution pension schemes.
Page 14
DACERELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends received from unlisted investments | 3,160,000 | 3,160,000
|  | £3,160,000 | £3,160,000
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 3,109 | 1,962
| Adjustments in respect of previous periods | 1,396 | -
| Total current tax | £4,505 | £1,962
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | £3,174,610 | £3,175,633
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 793,653 | 793,908
| Effects of: |  |
| Depreciation for year in excess of capital allowances | 438 | 438
| Adjustments to tax charge in respect of prior periods | 1,396 | -
| Dividends from UK companies | (790,000) | (790,000)
| Group relief | - | (1,765)
| Marginal relief | (982) | (619)
| Total tax charge for the year | £4,505 | £1,962
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 15
DACERELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim dividend paid | 3,160,000 | 3,160,000
|  | £3,160,000 | £3,160,000
12. | Tangible fixed assets
|  | Freehold property
|  | £
| Cost or valuation |
| At 1 April 2024 | 652,661
| At 31 March 2025 | 652,661
| Depreciation |
| At 1 April 2024 | 58,822
| Charge for the year on owned assets | 1,753
| At 31 March 2025 | 60,575
| Net book value |
| At 31 March 2025 | £592,086
| At 31 March 2024 | £593,839
Freehold properties are revalued on a fair value basis by the directors. Freehold property includes trading property used in the groups business which is not held for investment purposes. The cost of trading property was £112,694 (2024 - £112,694). The depreciation charge on trading property amounted to £1,753 (2024 - £1,753). Land relating to trading property is valued at £25,000.
| If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 290,477 | 290,477
| Accumulated depreciation | (60,575) | (58,822)
| Net book value | £229,902 | £231,655
Page 16
DACERELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Fixed asset investments
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Principal activity | Class of shares | Holding
| Norfolk Homes Limited | House building | Ordinary | 100%
| Sheridan Clark (Civil Engineering) Limited | Dormant company | Ordinary | 100%
| Suffolk Homes Limited | Dormant company | Ordinary | 100%
| The registered office of the above subsidiary undertakings is located at 52 Cambridge Road South, London, W4 3DA.
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 37,936 | 28,402
|  | £37,936 | £28,402
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 3,884,065 | 3,425,235
| Corporation tax | 3,109 | 1,962
| Other taxation and social security | 251,805 | 92,683
| Other creditors | 136,138 | 20,664
| Accruals and deferred income | 4,500 | 4,500
|  | £4,279,617 | £3,545,044
16. | Share capital
|  |  |  |  | 2025 | 2024
|  | Allotted, called up and fully paid |  |
|  | 200 (2024 - 200) Ordinary shares of £1 each | £200 | £200
Page 17
DACERELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Reserves
Revaluation reserve The property revaluation reserve comprises unrealised revaluation gains on freehold property. The property revaluation reserve is not distributable. Profit & loss account The Profit and Loss Account includes all current and prior year retained profits and losses.
18. | Contingent liabilities
An election has been made for the Group of undertakings of which this Company is a member to be treated as a single entity for VAT purposes. The Company has therefore been required to provide guarantees in respect of any liability for Value Added Tax by the other undertakings within the Group. The level of exposure at year end is £NIL (2024 - £NIL). The Company's bankers hold a letter of set-off and unlimited guarantees between the Company and the other members of the group. This arrangement is reciprocated. The level of exposure at year end is £NIL (2024 - £NIL).
19. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,333 (2024 - £77,917).
20. | Related party transactions
| The company has taken advantage of the exemption under FRS 102 from disclosing transactions with 100% group companies. At the year end, the balance on the director's loan account owed by the Company was £30,138 (2024 - £20,664), which is on an interest-free basis.
21. | Controlling party
The company is a wholly owned subsidiary of Norfolk Homes Holdings Limited. The company is ultimately controlled by Mr A D Clark who owns the controlling share of the issued share capital of the holding company.
Page 18