David Andrews (Construction) Limited iXBRL

Company Registration Number: 02169815

David Andrews (Construction) Limited

Reports and Financial Statements

for the financial year ended 31 October 2025

David Andrews (Construction) Limited

DIRECTORS AND OTHER INFORMATION


Directors	Mr D P Walsh
	Mrs S Walsh


Company Secretary	Mrs S Walsh


Company Registration Number	02169815


Registered Office and Business Address	Level 2 Klaco House
	28 St John's Square
	Clerkenwell
	London
	EC1M 4DN


Independent Auditors	Henry Reeves and Co
	Chartered Certified Accountants and Registered Auditors
	5 West Court
	Enterprise Road
	Maidstone
	Kent
	ME15 6JD


Bankers	National Westminster Bank Plc
	65 Eltham High Street
	London
	SE9 1TE

David Andrews (Construction) Limited

STRATEGIC REPORT

for the financial year ended 31 October 2025

The directors present their strategic report on the company for the financial year ended 31 October 2025.

Review of the Company's Business

The company continues to operate in both the residential and commercial markets, offering high quality plastering and drylining to high end developments. The strategies employed by the company have remained fundamentally the same as in previous years, the directors choosing to focus on the company's traditional target market within affluent areas of London.

The directors have taken steps to mitigate the impact of the difficult global economic environment on the profitability and the continuing operations of the business. Gross profits have fallen by 13.8 % to 17.6% compared to 31.4% the previous year. However, net profits before tax have increased, with the margin increasing to 8.9% compared to 6.8% the previous year.

At the end of the financial reporting period the financial statements show a promising position. The Balance Sheet remains healthy with net assets of £5.5 million and strong cash reserves of £5.5 million. Furthermore, the business has benefitted from a continuation of its historically low turnover of key staff which ensures that contacts within the industry remain strong.

Principal Risks and Uncertainties

Working in such a high end market makes the company particularly susceptible to changes in the world economy. A significant number of residential projects are completed with a view to sell to investors from overseas and any impact on the incomes of such investors can have a significant effect on the London housing market. In the event of another worldwide financial crisis the amount of construction work available to the company could fall dramatically.

Commercial contracts are much more influenced by the UK economy and the commission of new projects. The company remains reliant on the generation of new contracts as no income is generated from on-going maintenance.

As with many companies operating in this industry, the maintenance of staff is key to the on-going success of the company. As mentioned above, turnover of key staff has remained low historically but this does not remove an element of uncertainty for the future.

On behalf of the board



___________________________
Mr D P Walsh
Director

30 July 2026

David Andrews (Construction) Limited

DIRECTORS' REPORT

for the financial year ended 31 October 2025

The directors present their report and the audited financial statements for the financial year ended 31 October 2025.

Principal Activity

The company continues to operate in both the residential and commercial markets, offering high quality plastering and drylining to high end developments.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £956,358 (2024 - £501,109).

The directors have paid an interim dividend amounting to £625,000 and they do not recommend payment of a final dividend.

Directors

The directors who served during the financial year are as follows:

Mr D P Walsh

Mrs S Walsh

Future Developments

The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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) including FRS 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 and apply them consistently;

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

●prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditor

Each persons who are directors at the date of approval of this report confirms that:

In so far as the directors are aware:

●there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and

●the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, Henry Reeves and Co, (Chartered Certified Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Disclosure in the Strategic Report

The following matters are addressed in the Strategic Report:

- An indication of the financial risk management objectives and policies and the exposure to price, credit, liquidity and cash flow risk where material to assessment of assets, liabilities, financial position and profit/loss.

On behalf of the board

___________________________

Mr D P Walsh

Director

30 July 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of David Andrews (Construction) Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of David Andrews (Construction) Limited ('the company') for the financial year ended 31 October 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity and the related notes to the financial statements, including significant accounting policies set out in note . 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 company's affairs as at 31 October 2025 and of its profit for the financial 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 Auditor's 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 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 company's ability to continue as a going concern for a period of at least twelve months from the date 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 Auditor's 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.

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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.

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; 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 for the financial statements

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 they 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 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.

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:

a) Identification with management of significant laws and regulations relating to the company, and how the company maintains compliance. The key laws and regulations we considered included FRS 102, the Companies Act 2006 along with tax, employment, data protection and health and safety legislation. Non-compliance with any key laws or regulations may be fundamental to the company's ability to operate or to avoid a material penalty.

b) Considering the competencies, independence, and integrity of individuals within the company to identify and recognise non-compliance with laws and regulations.

c) Requesting management confirm and outline any instances of actual, suspected, or alleged fraud in the year. This forms part of the company's representations to us.

d) Reviewing the company's internal control processes by way of substantive testing and journal entries testing. The reasonable implementation of these processes would mitigate the likelihood of fraud.

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

●

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

●

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

●

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

●

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

●

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

__________________________________

Andrew Drinkwater FCCA (Senior Statutory Auditor)

for and on behalf of

HENRY REEVES AND CO

Chartered Certified Accountants and Registered Auditors

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

30 July 2026

David Andrews (Construction) Limited

INCOME STATEMENT

for the financial year ended 31 October 2025

	2025	2024
Notes	£	£

Turnover	3	15,804,430	13,032,451

Cost of sales		(13,023,827)	(8,944,629)
		─────────	─────────
Gross profit		2,780,603	4,087,822

Administrative expenses		(1,426,702)	(3,263,302)
		─────────	─────────
Operating profit	4	1,353,901	824,520

Interest receivable and similar income	5	60,997	57,949
Interest payable and similar expenses	6	(15,699)	-
		─────────	─────────
Profit before taxation		1,399,199	882,469

Tax on profit	8	(442,841)	(381,360)
		─────────	─────────
Profit for the financial year		956,358	501,109
		─────────	─────────
Total comprehensive income		956,358	501,109
		═════════	═════════

David Andrews (Construction) Limited

Company Registration Number: 02169815

STATEMENT OF FINANCIAL POSITION

as at 31 October 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment

6,949

9,637

─────────

Current Assets

Debtors

4,823,622

5,472,981

Cash and cash equivalents

5,542,024

3,476,673

─────────

10,365,646

8,949,654

─────────

Creditors: amounts falling due within one year

(4,003,232)

(2,473,681)

─────────

Net Current Assets

6,362,414

6,475,973

─────────

Total Assets less Current Liabilities

6,369,363

6,485,610

Provisions for liabilities

(821,737)

(1,269,342)

─────────

Net Assets

5,547,626

5,216,268

═════════

Capital and Reserves

Called up share capital

101

101

Retained earnings

5,547,525

5,216,167

─────────

Equity attributable to owners of the company

5,547,626

5,216,268

═════════

Approved by the Board and authorised for issue on 30 July 2026 and signed on its behalf by



________________________________
Mr D P Walsh
Director

David Andrews (Construction) Limited

STATEMENT OF CHANGES IN EQUITY

as at 31 October 2025

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 November 2023	101	5,729,458	5,729,559
	─────────	─────────	─────────
Profit for the financial year	-	501,109	501,109
	─────────	─────────	─────────
Payment of dividends	-	(1,014,400)	(1,014,400)
	─────────	─────────	─────────
At 31 October 2024	101	5,216,167	5,216,268
	─────────	─────────	─────────
Profit for the financial year	-	956,358	956,358
	─────────	─────────	─────────
Payment of dividends	-	(625,000)	(625,000)
	─────────	─────────	─────────
At 31 October 2025	101	5,547,525	5,547,626
	═════════	═════════	═════════

David Andrews (Construction) Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 October 2025

General Information

David Andrews (Construction) Limited is a company limited by shares incorporated and registered in England. The registered number of the company is 02169815. The registered office of the company is Level 2 Klaco House, 28 St John's Square, Clerkenwell, London, EC1M 4DN which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 October 2025 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Cash flow statement

The company has availed of the exemption in FRS 102 from the requirement to prepare a Statement of Cash Flows because it is a subsidiary undertaking for which the consolidated financial statements are publicly available.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Turnover is derived from long-term construction contracts. Turnover in respect of rendering of these services is recognised with reference to the stage of completion of the contract. Stage of completion is measured by the value of work completed by the end of the financial year.

Significant judgements and estimates

There are no judgements in relation to specific accounting policies that have a material effect on the amounts recognised within these financial statements.

There are no key sources of estimation or key assumptions concerning the future that carry a significant risk of resulting in a material adjustment to the carrying amounts of any assets or liabilities

within the next financial year.

It is the case, however, that the Company's income is derived from long-term construction contracts for which the Company is required to make estimates in accounting for revenue and margin. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.

Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost comprises purchase price and other directly attributable costs. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

25% on cost

Leasing

Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial Instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Turnover

The whole of the company's turnover is attributable to its market in United Kingdom and is derived from the principal activity of high quality plastering and drylining to high end developments.


4.	Operating profit	2025	2024
		£	£
	Operating profit is stated after charging:
	Depreciation of property, plant and equipment	11,954	9,638
	Operating lease rentals
	- Land and buildings	92,319	90,564
	Auditor's remuneration
	- audit services	39,000	38,000
		═════════	═════════


5.	Interest receivable and similar income	2025	2024
		£	£

	Bank interest	60,997	57,949
		═════════	═════════


6.	Interest payable and similar expenses	2025	2024
		£	£

	On bank loans and overdrafts	919	-
	Interest on overdue tax	14,780	-
		─────────	─────────
		15,699	-
		═════════	═════════

Employees and remuneration

Number of employees

The average number of persons employed (including executive directors) during the financial year was as follows:

2025

2024

Number

Number

Directors

Office staff

Tradesmen

─────────

═════════

The staff costs (inclusive of directors' salaries) comprise:

2025

2024

Wages and salaries

4,516,964

4,033,990

Social security costs

565,492

306,666

Pension costs

124,072

66,076

─────────

5,206,528

4,406,732

═════════

Tax on profit

2025

2024

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2024 - 25.00%) (Note 8 (b))

443,446

383,837

─────────

Deferred tax:

Origination and reversal of timing differences

(605)

(2,477)

─────────

Total deferred tax

(605)

(2,477)

═════════

Tax on profit (Note 8 (b))

442,841

381,360

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in United Kingdom 25.00% (2024 - 25.00%). The differences are explained below:

2025

2024

Profit taxable at 25.00%

1,399,199

882,469

═════════

Profit before tax

multiplied by the standard rate of corporation tax

in United Kingdom at 25.00% (2024 - 25.00%)

349,800

220,617

Effects of:

Expenses not deductible for tax purposes

92,974

160,810

Depreciation in excess of capital allowances for period

672

2,410

Deferred tax

(605)

(2,477)

─────────

Total tax charge for the financial year (Note 8 (a))

442,841

381,360

═════════


9.	Dividends	2025	2024
		£	£
	Dividends on equity shares:

	Ordinary A - Interim paid	625,000	1,014,400
		═════════	═════════


10.	Property, plant and equipment
		Fixtures,	Total
		fittings and
		equipment
		£	£
	Cost
	At 1 November 2024	38,551	38,551
	Additions	9,266	9,266
		─────────	─────────
	At 31 October 2025	47,817	47,817
		─────────	─────────
	Depreciation
	At 1 November 2024	28,914	28,914
	Charge for the financial year	11,954	11,954
		─────────	─────────
	At 31 October 2025	40,868	40,868
		─────────	─────────
	Net book value
	At 31 October 2025	6,949	6,949
		═════════	═════════
	At 31 October 2024	9,637	9,637
		═════════	═════════


11.	Debtors	2025	2024
		£	£

	Trade debtors	989,522	849,469
	Amounts owed by group undertakings	2,118,781	3,198,576
	Other debtors	44,102	28,288
	Taxation	233,494	124,819
	Prepayments and accrued income	1,437,723	1,271,829
		─────────	─────────
		4,823,622	5,472,981
		═════════	═════════


12.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Trade creditors	1,156,622	1,022,135
	Taxation	445,335	418,251
	Other creditors	48,563	22,308
	Accruals and deferred income	2,352,712	1,010,987
		─────────	─────────
		4,003,232	2,473,681
		═════════	═════════

13.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Other

Total

Total

allowances

Provisions

2025

2024

At financial year start

2,342

1,267,000

1,269,342

4,819

Charged to profit and loss

(605)

(605)

1,264,523

Released during the financial year

(447,000)

(447,000)

─────────

At financial year end

1,737

820,000

821,737

1,269,342

═════════

Other provisions relate to one-off penalties which are expected to be incurred on specific contracts. The amounts are estimates made by the directors using their judgement and knowledge of the contracts.

14.

Share capital

2025

2024

Description

Number of shares

Value of units

Allotted, called up and fully paid

Ordinary A

100

£1.00 each

100

100

Ordinary 'B'

£1.00 each

─────────

101

101

═════════

Called up Share Capital represents the nominal value of the shares that have been issued.

Ordinary A shares; are entitled to one vote per share, have the right to participate in dividends, have the right to participate in capital on a winding up, are not liable to be redeemed.

Ordinary B shares; are not entitled to any voting rights, have no rights to participate in a winding up in excess of amounts paid up per share, have rights to receive a dividend at the sole discretion of the directors.

The parent company, D.A.C. Management Services Limited, owns 100% of the Ordinary A and Ordinary B shares.

15.

Financial commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and Buildings

2025

2024

Due:

Within one year

79,769

94,939

Between one and five years

10,426

90,195

─────────

90,195

185,134

═════════

Operating leases are in respect of office rent, vehicles and equipment.

16.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 October 2025.


17.	Directors' remuneration	2025	2024
		£	£

	Remuneration	64,959	40,959
	Pension contributions	8,538	6,901
		─────────	─────────
		73,497	47,860
		═════════	═════════

18.

Related party transactions

During the year D.A.C. Management Services Limited, the parent company, invoiced £75,000 (2024: £75,000) to the company in respect of administration costs and the company invoiced property works to D.A.C. Management Services Limited totalling £613 (2024 : £52,630).

The company distributed dividends totalling £625,000 (2024: £1,014,400 ) to D.A.C. Management Services Limited, the company also loaned D.A.C. Management Services Limited £226,943 (2024: £1,309,534) during the year. The balance of the loan due from D.A.C. Management Services Limited at the year end stood at £1,204,375 (2024: £1,170,389). The loan is interest free, unsecured and repayable on demand.

The company has given cross guarantees in favour of National Westminster Bank Plc in respect of borrowings of D.A.C. Management Services Limited. The maximum potential liability under the terms of these guarantees at the balance sheet date was £861,291 (2024: £1,151,685).

The directors consider the likelihood that the company to be called upon to meet any claims under these guarantees to be remote and accordingly have made no provisions in the accounts.

During the year, the company invoiced costs to David Andrews (Heritage) Limited, a wholly owned subsidiary within the group, totalling £1,299,065 (2024: £546,892). A further £88,765 (2024: £220,356) of invoices in respect of this were accrued. Within trade debtors is £245,916 (2024: £144,690), owed from David Andrews (Heritage) Limited in respect of trading invoices.

The company also loaned David Andrews (Heritage) Limited £386,218 (2024 : £Nil) and was repaid £1,500,000 (2024: £911,058) during the year. The balance of the loan due from David Andrews (Heritage) Limited at the year end was £914,406 (2024: £2,028,187). The loan is interest free, unsecured and repayable on demand.

During the year, a total of key management personnel compensation of £65,697 (2024 - £41,254) was paid.

The directors are the key management personnel of the company.

The directors are also key management personnel of the parent company D.A.C. Management Limited.

19.

Parent company

D.A.C Management Services Limited is regarded by the directors as being the company's ultimate parent company.

The registered number is 02307804 and the registered office is Level 2 Klaco House, 28 St John's Square, Clerkenwell, London, EC1M 4DN.

The parent company prepares group accounts, in which David Andrews (Construction) Limited is a consolidated subsidiary. These can be found at Companies House.

20.

Controlling interest

The controlling party is D.A.C. Management Services Limited.

The ultimate controlling party is D P Walsh.

21.

Reserves

Retained earnings is a distributable reserve in respect of all current and prior period profits.