IRIS Accounts Production v25.4.0.155 10632331 Board of Directors 1.4.24 31.3.25 31.3.25 31/7/2025 false true false false true false Auditors Opinion Fair value model Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 10632331 2024-03-31 10632331 2025-03-31 10632331 2024-04-01 2025-03-31 10632331 2023-03-31 10632331 2023-04-01 2024-03-31 10632331 2024-03-31 10632331 ns15:EnglandWales 2024-04-01 2025-03-31 10632331 ns14:PoundSterling 2024-04-01 2025-03-31 10632331 ns10:Director1 2024-04-01 2025-03-31 10632331 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 10632331 ns10:SmallEntities 2024-04-01 2025-03-31 10632331 ns10:Audited 2024-04-01 2025-03-31 10632331 ns10:SmallCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 10632331 ns10:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 10632331 ns10:FullAccounts 2024-04-01 2025-03-31 10632331 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 10632331 ns10:Director2 2024-04-01 2025-03-31 10632331 ns10:RegisteredOffice 2024-04-01 2025-03-31 10632331 ns5:CurrentFinancialInstruments 2025-03-31 10632331 ns5:CurrentFinancialInstruments 2024-03-31 10632331 ns5:Non-currentFinancialInstruments 2025-03-31 10632331 ns5:Non-currentFinancialInstruments 2024-03-31 10632331 ns5:ShareCapital 2025-03-31 10632331 ns5:ShareCapital 2024-03-31 10632331 ns5:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 10632331 ns5:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 10632331 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 10632331 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 10632331 ns5:LandBuildings ns5:ShortLeaseholdAssets 2024-04-01 2025-03-31 10632331 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-04-01 2025-03-31 10632331 ns5:PlantMachinery 2024-04-01 2025-03-31 10632331 ns5:MotorVehicles 2024-04-01 2025-03-31 10632331 ns5:ComputerEquipment 2024-04-01 2025-03-31 10632331 ns5:LandBuildings ns5:ShortLeaseholdAssets 2024-03-31 10632331 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-03-31 10632331 ns5:PlantMachinery 2024-03-31 10632331 ns5:LandBuildings ns5:ShortLeaseholdAssets 2025-03-31 10632331 ns5:LongLeaseholdAssets ns5:LandBuildings 2025-03-31 10632331 ns5:PlantMachinery 2025-03-31 10632331 ns5:LandBuildings ns5:ShortLeaseholdAssets 2024-03-31 10632331 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-03-31 10632331 ns5:PlantMachinery 2024-03-31 10632331 ns5:MotorVehicles 2024-03-31 10632331 ns5:ComputerEquipment 2024-03-31 10632331 ns5:MotorVehicles 2025-03-31 10632331 ns5:ComputerEquipment 2025-03-31 10632331 ns5:MotorVehicles 2024-03-31 10632331 ns5:ComputerEquipment 2024-03-31 10632331 ns5:MotorVehicles ns5:LeasedAssetsHeldAsLessee 2024-04-01 2025-03-31 10632331 ns5:MotorVehicles ns5:LeasedAssetsHeldAsLessee 2025-03-31 10632331 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 10632331 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 10632331 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2025-03-31 10632331 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2024-03-31 10632331 ns5:BetweenOneFiveYears ns5:HirePurchaseContracts 2025-03-31 10632331 ns5:BetweenOneFiveYears ns5:HirePurchaseContracts 2024-03-31 10632331 ns5:HirePurchaseContracts 2025-03-31 10632331 ns5:HirePurchaseContracts 2024-03-31 10632331 ns5:WithinOneYear 2025-03-31 10632331 ns5:WithinOneYear 2024-03-31 10632331 ns5:BetweenOneFiveYears 2025-03-31 10632331 ns5:BetweenOneFiveYears 2024-03-31 10632331 ns5:AllPeriods 2025-03-31 10632331 ns5:AllPeriods 2024-03-31 10632331 ns5:Secured 2025-03-31 10632331 ns5:Secured 2024-03-31 10632331 ns10:OrdinaryShareClass1 2025-03-31 10632331 ns5:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 10632331 1 ns10:Director1 2024-03-31 10632331 1 ns10:Director1 2023-03-31 10632331 1 ns10:Director1 2024-04-01 2025-03-31 10632331 1 ns10:Director1 2023-04-01 2024-03-31 10632331 1 ns10:Director1 2025-03-31 10632331 1 ns10:Director1 2024-03-31 10632331 ns10:Director2 2 2024-03-31 10632331 ns10:Director2 2 2023-03-31 10632331 ns10:Director2 2 2024-04-01 2025-03-31 10632331 ns10:Director2 2 2023-04-01 2024-03-31 10632331 ns10:Director2 2 2025-03-31 10632331 ns10:Director2 2 2024-03-31

REGISTERED NUMBER: 10632331 (England and Wales)

| D2 PROPCO LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST MARCH 2025 |

| D2 PROPCO LIMITED (REGISTERED NUMBER: 10632331) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 3 |

| D2 PROPCO LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST MARCH 2025

| DIRECTORS: | Mr S G Dibley

| Mr D M Evans

| REGISTERED OFFICE: | Millgrove House

| Parc Ty Glas

| Llanishen

| Cardiff

| CF14 5DU

| REGISTERED NUMBER: | 10632331 (England and Wales)

| AUDITORS: | Carston ETL

| Tudor House

| 16 Cathedral Road

| Cardiff

| CF11 9LJ

| D2 PROPCO LIMITED (REGISTERED NUMBER: 10632331) |

STATEMENT OF FINANCIAL POSITION

31ST MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 426,747 |  | 54,676 |  |

Investment property | 5 | 17,257,104 |  | 12,381,710 |  |

17,683,851 |  | 12,436,386 |  |

CURRENT ASSETS

Debtors | 6 | 791,573 |  | 1,184,178 |  |

Cash at bank | 905,051 |  | 502,168 |  |

1,696,624 |  | 1,686,346 |  |

CREDITORS

Amounts falling due within one year | 7 | 2,477,194 |  | 1,023,626 |  |

NET CURRENT (LIABILITIES)/ASSETS | (780,570 | ) | 662,720 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 16,903,281 |  | 13,099,106 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (10,746,803 | ) | (7,506,682 | ) |

PROVISIONS FOR LIABILITIES | (90,537 | ) | (147,656 | ) |

NET ASSETS | 6,065,941 |  | 5,444,768 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 100 |  | 100 |  |

Fair value reserve | 12 | 280,254 |  | 442,969 |  |

Retained earnings | 5,785,587 |  | 5,001,699 |  |

SHAREHOLDERS' FUNDS | 6,065,941 |  | 5,444,768 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2025 and were signed on its behalf by:

Mr D M Evans - Director

| D2 PROPCO LIMITED (REGISTERED NUMBER: 10632331) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

1. | STATUTORY INFORMATION

| D2 Propco 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Leasehold improvements | - | over the duration of the lease

| Office improvements | - | over the duration of the lease

| Plant and machinery | - | 25% straight line on cost

| Motor vehicles | - | 25% straight line on cost

| Office equipment | - | 25% straight line on cost

| Investment property

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| D2 PROPCO LIMITED (REGISTERED NUMBER: 10632331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 29 (2024 - 17 ) .

4. | TANGIBLE FIXED ASSETS

| Leasehold |  | Office |  | Plant and

| improvements |  | improvements |  | machinery

£ | £ | £ |

| COST

| At 1st April 2024 | 49,319 |  | - |  | - |  |

| Additions | 105,946 |  | 6,128 |  | 3,331 |  |

| Disposals | (35,158 | ) | - |  | - |  |

| At 31st March 2025 | 120,107 |  | 6,128 |  | 3,331 |  |

| DEPRECIATION

| At 1st April 2024 | 18,147 |  | - |  | - |  |

| Charge for year | 19,497 |  | 1,164 |  | 833 |  |

| Eliminated on disposal | (18,556 | ) | - |  | - |  |

| At 31st March 2025 | 19,088 |  | 1,164 |  | 833 |  |

| NET BOOK VALUE

| At 31st March 2025 | 101,019 |  | 4,964 |  | 2,498 |  |

| At 31st March 2024 | 31,172 |  | - |  | - |  |

| Motor |  | Office |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1st April 2024 | 22,400 |  | 4,824 |  | 76,543 |  |

| Additions | 336,580 |  | 3,672 |  | 455,657 |  |

| Disposals | - |  | - |  | (35,158 | ) |

| At 31st March 2025 | 358,980 |  | 8,496 |  | 497,042 |  |

| DEPRECIATION

| At 1st April 2024 | 3,017 |  | 703 |  | 21,867 |  |

| Charge for year | 44,013 |  | 1,477 |  | 66,984 |  |

| Eliminated on disposal | - |  | - |  | (18,556 | ) |

| At 31st March 2025 | 47,030 |  | 2,180 |  | 70,295 |  |

| NET BOOK VALUE

| At 31st March 2025 | 311,950 |  | 6,316 |  | 426,747 |  |

| At 31st March 2024 | 19,383 |  | 4,121 |  | 54,676 |  |

| D2 PROPCO LIMITED (REGISTERED NUMBER: 10632331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2025

4. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| Additions | 317,765 |  |

| At 31st March 2025 | 317,765 |  |

| DEPRECIATION

| Charge for year | 35,050 |  |

| At 31st March 2025 | 35,050 |  |

| NET BOOK VALUE

| At 31st March 2025 | 282,715 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1st April 2024 | 12,381,710 |  |

| Additions | 5,335,142 |  |

| Disposals | (242,795 | ) |

| Revaluations | (216,953 | ) |

| At 31st March 2025 | 17,257,104 |  |

| NET BOOK VALUE

| At 31st March 2025 | 17,257,104 |  |

| At 31st March 2024 | 12,381,710 |  |

| Fair value at 31st March 2025 is represented by:

£ |

| Valuation in 2023 | 472,835 |  |

| Valuation in 2024 | 117,791 |  |

| Valuation in 2025 | (216,953 | ) |

| Cost | 16,883,431 |  |

17,257,104 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 315,909 |  | 63,028 |  |

| Amounts owed by group undertakings | 2,466 |  | - |  |

| Other debtors | 473,198 |  | 1,121,150 |  |

791,573 |  | 1,184,178 |  |

| D2 PROPCO LIMITED (REGISTERED NUMBER: 10632331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 244,723 |  | 256,990 |  |

| Hire purchase contracts (see note 9) | 55,089 |  | - |  |

| Trade creditors | 19,407 |  | - |  |

| Amounts owed to group undertakings | 1,622,121 |  | - |  |

| Taxation and social security | 73,981 |  | 266,197 |  |

| Other creditors | 461,873 |  | 500,439 |  |

2,477,194 |  | 1,023,626 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | 10,558,446 |  | 7,506,682 |  |

| Hire purchase contracts (see note 9) | 188,357 |  | - |  |

10,746,803 |  | 7,506,682 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 55,089 |  | - |  |

| Between one and five years | 188,357 |  | - |  |

243,446 |  | - |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 289,039 |  | 134,554 |  |

| Between one and five years | 443,466 |  | 203,961 |  |

732,505 |  | 338,515 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 10,803,169 |  | 7,763,672 |  |

| Hire purchase contracts | 243,446 |  | - |  |

11,046,615 |  | 7,763,672 |  |

| The secured debts are secured by fixed charges on the asset to which they relate and floating charges over the assets of the company.

| D2 PROPCO LIMITED (REGISTERED NUMBER: 10632331) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2025

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

12. | RESERVES

| Fair

| value

| reserve

£ |

| At 1st April 2024 | 442,969 |  |

| Revaluation in the year | (162,715 | ) |

| At 31st March 2025 | 280,254 |  |

13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Steven Davies (Senior Statutory Auditor)

| for and on behalf of Carston ETL

14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31st March 2025 and 31st March 2024:

2025 | 2024 |

£ | £ |

| Mr D M Evans

| Balance outstanding at start of year | 325,000 |  | (27,367 | ) |

| Amounts advanced | - |  | 352,367 |  |

| Amounts repaid | (325,000 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 325,000 |  |

| Mr S G Dibley

| Balance outstanding at start of year | 325,000 |  | (3,881 | ) |

| Amounts advanced | - |  | 328,881 |  |

| Amounts repaid | (325,000 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 325,000 |  |

15. | RELATED PARTY DISCLOSURES

| As at the year end D2 Propco Limited was owed £335,951 (2024 - £179,341) by a company in which a director has a controlling interest.

| As at the year end D2 Propco Limited owed £256,072 (2024 - £409,222) to a company in which a director has a controlling interest.