REGISTERED NUMBER: 02896868 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

DCD LONDON & MUTUAL PLC

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

Directors:

S A Randeree

F A Randeree

Secretary:

C E Shelley

Registered office:

84 Newman Sreet

London

WC2R 0DW

Registered number:

02896868 (England and Wales)

Senior statutory auditor:

Naresh Jani FCCA

Auditors:

Andertons Europe Ltd (Statutory Auditors)

1st Floor Mezzanine

35-37 Ludgate Hill

London

EC4M 7JN

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

Principal risks and uncertainties

The principal activities of the group are those of property investment and management. There have been no changes in the company's activities in the year under review.

The group profit and loss account is set out on page 9. The group turnover for the year was £ 4,864,670 (2023 - £ 3,553,377). The group (loss) / profit before tax for the year was £ 7,731,230 (2023 - loss £ (180,117) ).

The property management business in 2024 remained stable.

The company monitors cash flow as part of its day to day control procedures. The Board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be drawn upon as necessary.

Results and dividends

The group income statement is set out on page 9 and shows the results for the year. The directors do not recommend payment of a dividend (2023: Nil).

On behalf of the board:

Director

30 December 2025

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

Principal activity

The principal activity of the group in the year under review was that of The principal activities of the group are those of property investment and management. There have been no changes in the company's activities in the year under review.

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S A Randeree

F A Randeree

Charitable contributions and political donations

During the year the group made donations totalling £6,800 (2023 - £301) to charitable organisations and political contributions during the year of £29,850 (2023 - £42,705).

Statement of directors' responsibilities

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors

All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.

Andertons Europe Ltd have expressed their willingness to continue in office and a resolution to re appoint them will be proposed at the annual general meeting.

On behalf of the board:

F A Randeree - Director

30 December 2025

Opinion

We have audited the financial statements of DCD LONDON & MUTUAL PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 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; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Audit response to risks identified:

We considered the extent of compliance with laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the group policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. The review at the completion stage of the audit, included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non- compliance with laws and regulations and fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Naresh Jani FCCA (Senior Statutory Auditor)

for and on behalf of Andertons Europe Ltd (Statutory Auditors)

1st Floor Mezzanine

35-37 Ludgate Hill

London

EC4M 7JN

30 December 2025

Turnover

4,864,670

3,553,377

Cost of sales

(654,833

)

(872,626

)

Gross profit

4,209,837

2,680,751

Distribution costs

(10,239

)

(2,589

)

Administrative expenses

(2,980,494

)

(2,518,382

)

Operating profit

4

1,219,104

159,780

Profit/loss on sale of tang Fi

xed Assets

5

6,690,000

-

7,909,104

159,780

Income from fixed asset investments

-

33,865

Interest receivable and similar income

412,188

211,312

8,321,292

404,957

Amounts written off investments

6

(41,000

)

(41,000

)

8,280,292

363,957

Interest payable and similar expenses

7

(549,062

)

(544,074

)

Profit/(loss) before taxation

7,731,230

(180,117

)

Tax on profit/(loss)

8

(1,867,454

)

3,001

Profit/(loss) for the financial year

5,863,776

(177,116

)

Profit/(loss) attributable to:

Owners of the parent

2,159,357

(133,731

)

Non-controlling interests

3,704,419

(43,385

)

5,863,776

(177,116

)

Profit/(loss) for the year

5,863,776

(177,116

)

Other comprehensive income

Capital contribution Interest

Imputed Interest

(21,559

)

(21,033

)

Deferred Tax revaluation of Land&Buildin

(494,622

)

-

Income tax relating to components of other comprehensive income

-

-

Other comprehensive income for the year, net of income tax

(516,181

)

(21,033

)

Total comprehensive income for the year

5,347,595

(198,149

)

Total comprehensive income attributable to:

Owners of the parent

5,347,595

(198,149

)

Fixed assets

Intangible assets

10

1,909,867

1,909,867

Tangible assets

11

36,973,884

37,409,384

Investments

12

20,579,820

12,588,068

59,463,571

51,907,319

Current assets

Debtors

13

7,855,190

5,651,797

Cash at bank and in hand

28,948,760

33,336,167

36,803,950

38,987,964

Creditors

Amounts falling due within one year

14

38,158,872

38,422,389

Net current (liabilities)/assets

(1,354,922

)

565,575

Total assets less current liabilities

58,108,649

52,472,894

Creditors

Amounts falling due after more than one year

15

(18,498,724

)

(20,374,709

)

Provisions for liabilities

17

(3,437,747

)

(1,273,602

)

Net assets

36,172,178

30,824,583

Capital and reserves

Called up share capital

18

2,166,660

2,166,660

Other reserves

19

5,278,982

5,773,604

Retained earnings

19

1,368,226

(769,572

)

Shareholders' funds

8,813,868

7,170,692

Non-controlling interests

27,358,310

23,653,891

Total equity

36,172,178

30,824,583

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

F A Randeree - Director

Fixed assets

Intangible assets

10

-

-

Tangible assets

11

2,178,515

2,181,235

Investments

12

16,032,368

13,737,818

18,210,883

15,919,053

Current assets

Debtors

13

3,000,557

1,519,971

Cash at bank

10,270

388,057

3,010,827

1,908,028

Creditors

Amounts falling due within one year

14

12,418,401

9,122,412

Net current liabilities

(9,407,574

)

(7,214,384

)

Total assets less current liabilities

8,803,309

8,704,669

Creditors

Amounts falling due after more than one year

15

5,881,189

6,533,422

Net assets

2,922,120

2,171,247

Capital and reserves

Called up share capital

18

2,166,660

2,166,660

Retained earnings

19

755,460

4,587

Shareholders' funds

2,922,120

2,171,247

Company's profit/(loss) for the financial year

772,432

(215,219

)

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

F Randeree - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Balance at 1 January 2023

2,166,660

(614,808

)

5,773,604

Changes in equity

Total comprehensive income

-

(154,764

)

-

2,166,660

(769,572

)

5,773,604

Non-controlling interest arising on business combination

-

-

-

Balance at 31 December 2023

2,166,660

(769,572

)

5,773,604

Changes in equity

Total comprehensive income

-

2,137,798

(494,622

)

2,166,660

1,368,226

5,278,982

Non-controlling interest arising on business combination

-

-

-

Balance at 31 December 2024

2,166,660

1,368,226

5,278,982

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

7,325,456

23,697,276

31,022,732

Changes in equity

Total comprehensive income

(154,764

)

-

(154,764

)

7,170,692

23,697,276

30,867,968

Non-controlling interest arising on business combination

-

(43,385

)

(43,385

)

Balance at 31 December 2023

7,170,692

23,653,891

30,824,583

Changes in equity

Total comprehensive income

1,643,176

-

1,643,176

8,813,868

23,653,891

32,467,759

Non-controlling interest arising on business combination

-

3,704,419

3,704,419

Balance at 31 December 2024

8,813,868

27,358,310

36,172,178

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

2,166,660

240,839

2,407,499

Changes in equity

Total comprehensive income

-

(236,252

)

(236,252

)

Balance at 31 December 2023

2,166,660

4,587

2,171,247

Changes in equity

Total comprehensive income

-

750,873

750,873

Balance at 31 December 2024

2,166,660

755,460

2,922,120

Cash flows from operating activities

Cash generated from operations

1

(1,386,936

)

(124,708

)

Interest paid

(549,062

)

(544,074

)

Tax paid

48,057

(15,948

)

Net cash from operating activities

(1,887,941

)

(684,730

)

Cash flows from investing activities

Purchase of tangible fixed assets

(9,771

)

(1,215,259

)

Purchase of fixed asset investments

(2,357,109

)

-

Reduction of fixed asset investments

1,327,048

871,446

Interest received

412,188

211,312

Dividends received

-

33,865

Net cash from investing activities

(627,644

)

(98,636

)

Cash flows from financing activities

New loans in year

-

181,607

Loan repayments in year

(1,875,985

)

-

Amount introduced by directors

4,163

-

Net cash from financing activities

(1,871,822

)

181,607

Decrease in cash and cash equivalents

(4,387,407

)

(601,759

)

Cash and cash equivalents at beginning of year

2

33,336,167

33,937,926

Cash and cash equivalents at end of year

2

28,948,760

33,336,167

1.	Reconciliation of profit/(loss) before taxation to cash generated from operations

2024

2023

£

£

Profit/(loss) before taxation

7,731,230

(180,117

)

Depreciation charges

110,271

60,472

Revaluation of investments

(7,025,000

)

-

Impairment of Property

335,000

-

Finance costs

549,062

544,074

Finance income

(412,188

)

(245,177

)

1,288,375

179,252

Increase in trade and other debtors

(3,018,209

)

(343,417

)

Increase in trade and other creditors

342,898

39,457

Cash generated from operations

(1,386,936

)

(124,708

)

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

28,948,760

33,336,167

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

33,336,167

33,937,926

3.	Analysis of changes in net funds/(debt)

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

33,336,167

(4,387,407

)

28,948,760

33,336,167

(4,387,407

)

28,948,760

Debt

Debts falling due after 1 year

(20,374,709

)

2,711,764

(17,662,945

)

(20,374,709

)

2,711,764

(17,662,945

)

Total

12,961,458

(1,675,643

)

11,285,815

1.	Statutory information

DCD LONDON & MUTUAL PLC is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation

The consolidated financial statements incorporate those of DCD London & Mutual Plc and all of its subsidiaries for the financial year. Subsidiaries are consolidated using the acquisition method and their results are included from the date of acquisition. All subsidiaries have prepared financial statements to 31 December 2024.

Turnover

Turnover represents the total sales to external customers at the invoiced value exclusive of value added tax during the year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided on fixed assets from the date of acquisition and up to the date of disposal at the following annual rates which are estimated to write off their cost less estimated net realisable value on a straight line basis over their expected useful lives:

Leasehold improvements - 5% per annum

Fixtures, fittings and equipment - 10% per annum

Computer equipment - 33 1/3% per annum

Motor vehicles - 25% per annum

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial liabilities are equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.