D.A.C. Management Services Limited iXBRL

Company Registration Number: 02307804

D.A.C. Management Services Limited

Reports and Consolidated Financial Statements

for the financial year ended 31 October 2025

D.A.C. Management Services Limited

DIRECTORS AND OTHER INFORMATION


Directors	Mr D P Walsh
	Mrs S Walsh


Company Secretary	Mrs S Walsh


Company Registration Number	02307804


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


Independent Auditors	Henry Reeves and Co Limited
	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

D.A.C. Management Services Limited

STRATEGIC REPORT

for the financial year ended 31 October 2025

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

Review of the Company's Business

The group, of which D.A.C. Management is the parent 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 group have remained fundamentally the same as in previous years, the directors choosing to focus on the group's traditional target market within affluent areas of London.

The directors are pleased to report continuing profits in times of uncertainty. The gross profit margin has fallen to 21.8%, having been 32.7% last year. This fall is attributed to rising material costs and increases in employee-related taxes. Overall, the business continues to generate a profit, and the Balance Sheet shows considerable net assets being well supported by the significant values of the investment properties.

Principal Risks and Uncertainties

Working in such a high end market makes the group particularly susceptible to changes in the world economy. A significant number of residential projects are completed with a view to sale 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 group could fall dramatically.

Commercial contracts are much more influenced by the UK economy and the commission of new projects. The group 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 group. 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

D.A.C. Management Services 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 principal activity of the company during the year continued to be the letting of investment properties by short and long term lets

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £831,792 (2024 - £666,497).

The total distribution of dividends for the year ended 31 October 2025 was £575,000 (2024: £814,400).

The directors have paid an interim dividend amounting to £575,000 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

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 Limited, (Chartered Certified Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

On behalf of the board

___________________________

Mr D P Walsh

Director

30 July 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of D.A.C. Management Services Limited

Report on the audit of the financial statements

Opinion

We have audited the group and parent company financial statements of D.A.C. Management Services Limited and its subsidiaries ('the group') for the financial year ended 31 October 2025 which comprise the Group Income Statement, the Group Statement of Financial Position, the Company Statement of Financial Position, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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 group's and the parent company's affairs as at 31 October 2025 and of the group's 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 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 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 by the parent company; 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 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 group'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 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, and tax, 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. Reasonable implementation of these processes would reduce 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 consolidated 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 group and the parent 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 group and the parent 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 group and the parent 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 LIMITED

Chartered Certified Accountants and Registered Auditors

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

30 July 2026

D.A.C. Management Services Limited

CONSOLIDATED INCOME STATEMENT

for the financial year ended 31 October 2025

	2025	2024
Notes	£	£

Turnover	3	16,881,396	13,538,048

Cost of sales		(13,196,578)	(9,115,171)
		─────────	─────────
Gross profit		3,684,818	4,422,877

Administrative expenses		(1,749,991)	(3,322,041)
		─────────	─────────
Group operating profit	4	1,934,827	1,100,836

Other gains and losses	5	(672,000)	-
Interest receivable and similar income	6	60,997	57,949
Interest payable and similar expenses	7	(84,351)	(45,459)
		─────────	─────────
Profit before taxation		1,239,473	1,113,326

Tax on profit	9	(407,681)	(446,829)
		─────────	─────────
Profit for the financial year	20	831,792	666,497
		─────────	─────────
Total comprehensive income		831,792	666,497
		═════════	═════════

D.A.C. Management Services Limited

Company Registration Number: 02307804

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 October 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment

5,550,058

6,230,544

─────────

Current Assets

Debtors

2,606,245

2,086,653

Cash and cash equivalents

5,847,562

4,704,638

─────────

8,453,807

6,791,291

─────────

Creditors: amounts falling due within one year

(4,459,546)

(2,940,294)

─────────

Net Current Assets

3,994,261

3,850,997

─────────

Total Assets less Current Liabilities

9,544,319

10,081,541

Creditors:

amounts falling due after more than one year

(806,461)

(989,065)

Provisions for liabilities

(1,071,413)

(1,682,823)

─────────

Net Assets

7,666,445

7,409,653

═════════

Capital and Reserves

Called up share capital

100

100

Revaluation reserve

739,957

1,243,957

Other reserves including the fair value reserve

100

100

Retained earnings

6,926,288

6,165,496

─────────

Equity attributable to owners of the company

7,666,445

7,409,653

═════════

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



________________________________
Mr D P Walsh
Director

D.A.C. Management Services Limited

Company Number: 02307804

COMPANY STATEMENT OF FINANCIAL POSITION

as at 31 October 2025

	2025	2024
Notes	£	£

Non-Current Assets

Property, plant and equipment

5,543,109

6,220,907

Financial assets

201

201

─────────

5,543,310

6,221,108

─────────

Current Assets

Debtors

5,502

11,244

Cash and cash equivalents

39,706

138,733

─────────

45,208

149,977

─────────

Creditors: Amounts falling due within one year

(3,180,808)

(3,223,863)

─────────

Net Current Assets

(3,135,600)

(3,073,886)

─────────

Total Assets less Current Liabilities

2,407,710

3,147,222

Creditors

Amounts falling due after more than one year

(779,011)

(961,615)

Provisions for liabilities

(249,676)

(413,481)

─────────

Net Assets

1,379,023

1,772,126

═════════

Capital and Reserves

Called up share capital

100

100

Other reserves including the fair value reserve

740,057

1,244,057

Retained earnings

638,866

527,969

─────────

Shareholders' Funds

1,379,023

1,772,126

═════════

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



________________________________
Mr D P Walsh
Director

D.A.C. Management Services Limited

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

as at 31 October 2025

	Called up	Revaluation	Retained	Capital	Total
	share	reserve	earnings	redemption
	capital			reserve
	£	£	£	£	£

At 1 November 2023	100	1,243,957	6,313,399	100	7,557,556
	─────────	─────────	─────────	─────────	─────────
Profit for the financial year	-	-	666,497	-	666,497
	─────────	─────────	─────────	─────────	─────────
Payment of dividends	-	-	(814,400)	-	(814,400)
	─────────	─────────	─────────	─────────	─────────
At 31 October 2024	100	1,243,957	6,165,496	100	7,409,653
	─────────	─────────	─────────	─────────	─────────
Profit for the financial year	-	-	831,792	-	831,792
	─────────	─────────	─────────	─────────	─────────
Payment of dividends	-	-	(575,000)	-	(575,000)
Other movements in equity

attributable to owners	-	(504,000)	504,000	-	-
	─────────	─────────	─────────	─────────	─────────
At 31 October 2025	100	739,957	6,926,288	100	7,666,445
	═════════	═════════	═════════	═════════	═════════

D.A.C. Management Services Limited

COMPANY STATEMENT OF CHANGES IN EQUITY

as at 31 October 2025


	Called up	Retained	Capital	Investment	Total
	share	earnings	redemption	property
	capital		reserve	reserve
	£	£	£	£	£

At 1 November 2023	100	359,037	100	1,243,957	1,603,194
	─────────	─────────	─────────	─────────	─────────
Profit for the financial year	-	983,332	-	-	983,332
	─────────	─────────	─────────	─────────	─────────
Payment of dividends	-	(814,400)	-	-	(814,400)
	─────────	─────────	─────────	─────────	─────────
At 31 October 2024	100	527,969	100	1,243,957	1,772,126
	─────────	─────────	─────────	─────────	─────────
Profit for the financial year	-	181,897	-	-	181,897
	─────────	─────────	─────────	─────────	─────────
Payment of dividends	-	(575,000)	-	-	(575,000)
Other movements in equity

attributable to owners	-	504,000	-	(504,000)	-
	─────────	─────────	─────────	─────────	─────────
At 31 October 2025	100	638,866	100	739,957	1,379,023
	═════════	═════════	═════════	═════════	═════════

D.A.C. Management Services Limited

CONSOLIDATED STATEMENT OF CASH FLOWS

for the financial year ended 31 October 2025

	2025	2024
Notes	£	£

Cash flows from operating activities

Profit for the financial year

831,792

666,497

Adjustments for:

Fair value gains and losses

672,000

Interest receivable and similar income

(60,997)

(57,949)

Interest payable and similar expenses

84,351

45,459

Tax on profit on ordinary activities

407,681

446,829

Depreciation

17,752

18,803

─────────

1,952,579

1,119,639

Movements in working capital:

Movement in provisions

(447,000)

1,267,000

Movement in stocks

144,781

Movement in debtors

(519,592)

1,548,767

Movement in creditors

1,567,719

(1,886,808)

─────────

Cash generated from operations

2,553,706

2,193,379

Interest paid

(84,351)

(45,459)

Tax paid

(512,768)

(495,229)

─────────

Net cash generated from operating activities

1,956,587

1,652,691

─────────

Cash flows from investing activities

Interest received

60,997

57,949

Payments to acquire property, plant and equipment

(9,266)

Payments to acquire investment property

(1,636,250)

─────────

Net cash generated from/(used in) investment activities

51,731

(1,578,301)

─────────

Cash flows from financing activities

New long term loan		-	975,000
Repayment of short term loan		(290,394)	(173,803)
Dividends paid		(575,000)	(814,400)
		─────────	─────────
Net cash used in financing activities		(865,394)	(13,203)
		─────────	─────────

Net increase in cash and cash equivalents		1,142,924	61,187
Cash and cash equivalents at beginning of financial year		4,704,638	4,643,451
		─────────	─────────
Cash and cash equivalents at end of financial year	15	5,847,562	4,704,638
		═════════	═════════

D.A.C. Management Services Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 October 2025

General Information

D.A.C. Management Services Limited is a company limited by shares incorporated and registered in England. The registered number of the company is 02307804. 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 group'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

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention.

Turnover

Turnover represents rental income from both short-term and long-term lets. Short-term lets are recognised on the date the short-term stay commences. Long-term lets are recognised for the month they relate to. Management charges between group companies are recognised at the year-end. All income is shown net of value-added tax and trade discounts.

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 investment properties are valued at fair value at the year end, in arriving at this valuation the Company is required to make estimations based on relevant market data.

Investment in subsidiaries

Investments in subsidiary undertakings are stated at cost less any permanent diminution in value.

Pension costs and other post-retirement benefits

The company operated a defined contribution pension scheme until 5 April 2022. Contributions payable to the company's pension scheme were charged to the profit and loss account in the period to which they relate.

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:

Plant and machinery

25% on cost and 15% on reducing balance

Fixtures, fittings and equipment

15% straight line and 15% reducing balance

Motor vehicles

25% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investment properties

In accordance with FRS 102, investment properties are not subject to periodic charges for depreciation, but are included in the balance sheet at their estimated fair value at the balance sheet date. The valuations are undertaken by the director.

Changes in the market value of investment properties are dealt with as a movement on the fair value reserve unless a deficit (or its reversal) on an individual investment property is expected to be permanent, in which case it is charged (or credited) in the profit and loss account of the period.

Leasing

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

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

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.

Basis of consolidation

The company is required under Section 399 of the Companies Act 2006 to also prepare consolidated financial statements. The consolidated financial statements contain information about DAC Management Services Limited as an individual company and contain consolidated financial information as the parent of David Andrews (Construction) Limited and David Andrews Heritage Limited. The subsidiaries' registered offices are the same as the parent and can be found on the contents page. The financial statements have been consolidated on an equity basis.

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, related party loan and investments in non-puttable ordinary shares.

Turnover

The whole of the company's turnover is attributable to its market in United Kingdom and is derived from the principal activity of a group holding company. The company has an investment property porfolio that generates rental income and it also receives management fees from group companies.


4.	Operating profit	2025	2024
		£	£
	Operating profit is stated after charging:
	Depreciation of property, plant and equipment	17,752	18,803
	Operating lease rentals
	- Land and buildings	92,319	90,564
	Auditor's remuneration
	- audit services	39,000	38,000
		═════════	═════════


5.	Other Gains and Losses	2025	2024
		£	£

	Fair value gains and losses are as follows:

	Investment property	(672,000)	-
		═════════	═════════


6.	Interest receivable and similar income	2025	2024
		£	£

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


7.	Interest payable and similar expenses	2025	2024
		£	£

	On bank loans and overdrafts	68,342	45,459
	Interest on overdue tax	16,009	-
		─────────	─────────
		84,351	45,459
		═════════	═════════

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

Administration

Directors

Tradesman

─────────

═════════

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

2025

2024

Wages and salaries

4,516,964

4,033,983

Social security costs

579,241

307,563

Pension costs

133,021

66,076

─────────

5,229,226

4,407,622

═════════

There were 2 (2024: 2) directors throughout the year.

The directors received £Nil (2024: £Nil) in pension contributions.

The directors received £4,036 (2024: £5,247) in benefits in kind.

Tax on profit

2025

2024

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2024 - 25.00%) (Note 9 (b))

572,091

438,020

─────────

Deferred tax:

Origination and reversal of timing differences

(164,410)

8,809

─────────

Total deferred tax

(164,410)

8,809

═════════

Tax on profit (Note 9 (b))

407,681

446,829

═════════

(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%

1,239,473

1,113,326

═════════

Profit before tax

multiplied by the standard rate of corporation tax

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

309,868

278,332

Effects of:

Expenses not deductible for tax purposes

105,839

165,730

Depreciation in excess of capital allowances for period

1,888

4,452

Utilisation of tax losses

(1,754)

(12,248)

Deferred tax

(164,410)

8,809

Income not taxable for tax purposes

156,250

Tax losses carried forward

1,754

─────────

Total tax charge for the financial year (Note 9 (a))

407,681

446,829

═════════

10.

Profit attributable to members of the parent company

In accordance with section 408 of the Companies Act 2006 a separate Income Statement for the company has not been presented in these financial statements. The profit dealt with in the financial statements of the parent company was £181,897 (2024, £983,332).

11.

Dividends

2025

2024

Dividends on equity shares:

Ordinary Shares - Interim paid

575,000

814,400

═════════

The dividends of £575,000 (2024 : £814,400) is split between 3 ordinary share classes.

Ordinary A - £500,000 (2024 : £764,400)

Ordinary B - £50,000 (2024 : £25,000)

Ordinary C - £25,000 (2024 : £25,000)


12.	Property, plant and equipment
	Group
		Investment	Plant and	Fixtures,	Motor	Total
		properties	machinery	fittings and	vehicles
				equipment
		£	£	£	£	£
	Cost or Valuation
	At 1 November 2024	6,203,013	37,415	38,551	91,606	6,370,585
	Additions	-	-	9,266	-	9,266
	Disposals	-	-	-	(45,582)	(45,582)
	Fair value	(672,000)	-	-	-	(672,000)
		─────────	─────────	─────────	─────────	─────────
	At 31 October 2025	5,531,013	37,415	47,817	46,024	5,662,269
		─────────	─────────	─────────	─────────	─────────
	Depreciation
	At 1 November 2024	-	23,184	28,914	87,943	140,041
	Charge for the financial year	-	2,135	11,954	3,663	17,752
	On disposals	-	-	-	(45,582)	(45,582)
		─────────	─────────	─────────	─────────	─────────
	At 31 October 2025	-	25,319	40,868	46,024	112,211
		─────────	─────────	─────────	─────────	─────────
	Net book value
	At 31 October 2025	5,531,013	12,096	6,949	-	5,550,058
		═════════	═════════	═════════	═════════	═════════
	At 31 October 2024	6,203,013	14,231	9,637	3,663	6,230,544
		═════════	═════════	═════════	═════════	═════════


Company
	Investment	Plant and	Motor	Total
	properties	machinery	vehicles

	£	£	£	£
Cost
At 1 November 2024	6,203,013	37,415	91,606	6,332,034
Disposals	-	-	(45,582)	(45,582)
Fair value	(672,000)	-	-	(672,000)
	─────────	─────────	─────────	─────────
At 31 October 2025	5,531,013	37,415	46,024	5,614,452
	─────────	─────────	─────────	─────────
Depreciation
At 1 November 2024	-	23,184	87,943	111,127
Charge for the financial year	-	2,135	3,663	5,798
On disposals	-	-	(45,582)	(45,582)
	─────────	─────────	─────────	─────────
At 31 October 2025	-	25,319	46,024	71,343
	─────────	─────────	─────────	─────────
Net book value
At 31 October 2025	5,531,013	12,096	-	5,543,109
	═════════	═════════	═════════	═════════
At 31 October 2024	6,203,013	14,231	3,663	6,220,907
	═════════	═════════	═════════	═════════


13.	Financial fixed assets
	Company
		Subsidiary	Total
		undertakings
		shares

	Investments	£	£
	Cost

	At 31 October 2025	201	201
		─────────	─────────
	Net book value
	At 31 October 2025	201	201
		═════════	═════════
	At 31 October 2024	201	201
		═════════	═════════

13.1.

Holdings in related undertakings

The company holds 20% or more of the share capital of the following companies:

Country

Nature

Details

Proportion

held by

Name

incorporation and address of Registered Office

business

investment

company

Subsidiary undertaking

David Andrews (Construction) Limited

Level 2 Klaco House, 28 St John's Square, Clerkenwell, London, EC1M 4DN

Construction

Ordinary A & Ordinary B

100

David Andrews Heritage Limited

Level 2 Klaco House, 28 St John's Square, Clerkenwell, London, EC1M 4DN

Construction

Ordinary

100

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Year ended

Capital and

Profit for

reserves

the year

David Andrews (Construction) Limited

31 October 2025

5,547,625

956,357

David Andrews Heritage Limited

31 October 2025

731,233

309,773

═════════

In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.


14.	Debtors	2025	2024
		£	£

	Group
	Trade debtors	841,292	739,471
	Other debtors	44,102	28,288
	Taxation	230,889	136,355
	Prepayments and accrued income	1,489,962	1,182,539
		─────────	─────────
		2,606,245	2,086,653
		═════════	═════════


	2025	2024
	£	£
Company
Prepayments and accrued income	5,502	11,244
	═════════	═════════


15.	Cash and cash equivalents	2025	2024
		£	£

	Cash and bank balances	315,538	1,227,965
	Cash equivalents	5,532,024	3,476,673
		─────────	─────────
		5,847,562	4,704,638
		═════════	═════════


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

	Group
	Bank loan	54,830	162,620
	Trade creditors	1,169,321	1,086,342
	Taxation	629,392	472,434
	Directors' current accounts (Note 23)	4,843	634
	Other creditors	48,867	23,221
	Accruals and deferred income	2,552,293	1,195,043
		─────────	─────────
		4,459,546	2,940,294
		═════════	═════════


	2025	2024
Amounts falling due within one year	£	£

Company
Bank loan	82,280	190,070
Trade creditors	31	2,645
Amounts owed to group undertakings	3,061,674	3,027,689
Taxation social security	31,677	1,912
Directors' current accounts (Note 23)	4,843	634
Other creditors	303	913
	─────────	─────────
	3,180,808	3,223,863
	═════════	═════════


17.	Creditors	2025	2024
	Amounts falling due after more than one year	£	£

	Group
	Bank loan	806,461	989,065
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 16)	54,830	162,620
	Repayable between one and two years	32,520	93,863
	Repayable between two and five years	72,760	144,297
	Repayable in five years or more	701,181	750,905
		─────────	─────────
		861,291	1,151,685
		═════════	═════════


	2025	2024
Amounts falling due after more than one year	£	£

Company
Bank loan	779,011	961,615
	═════════	═════════

Loans
Repayable in one year or less, or on demand (Note 16)	82,280	190,070
Repayable between one and two years	32,520	93,863
Repayable between two and five years	72,760	144,297
Repayable in five years or more	673,731	723,455
	─────────	─────────
	861,291	1,151,685
	═════════	═════════


18.	Provisions for liabilities

	Group
	The amounts provided for deferred taxation are analysed below:

		Capital	Losses	Property		Total	Total
		allowances		revaluations

						2025	2024
		£	£	£	£	£	£

	At financial year start	2,925	(1,754)	414,652	1,267,000	1,682,823	422,097
	Charged to profit and loss	1,836	1,754	(168,000)	-	(164,410)	1,260,726
	Released during the financial year	-	-	-	(447,000)	(447,000)	-
		─────────	─────────	─────────	─────────	─────────	─────────
	At financial year end	4,761	-	246,652	820,000	1,071,413	1,682,823
		═════════	═════════	═════════	═════════	═════════	═════════


Company

The amounts provided for deferred taxation are analysed below:

	Capital	Losses	Property	Total	Total
	allowances		revaluations

				2025	2024
	£	£	£	£	£

At 1 November 2024	583	(1,754)	414,652	413,481	417,278
Charged to profit and loss	2,441	1,754	(168,000)	(163,805)	(3,797)
	─────────	─────────	─────────	─────────	─────────
At 31 October 2025	3,024	-	246,652	249,676	413,481
	═════════	═════════	═════════	═════════	═════════


19.	Share capital			2025	2024
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary A	84	£1.00 each	84	84
	Ordinary B	15	£1.00 each	15	15
	Ordinary C	1	£1.00 each	1	1

				─────────	─────────
				100	100
				═════════	═════════

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


20.	Income Statement
	Group
		Revaluation	Income	Capital	Total
		reserve	statement	redemption
				reserve
		£	£	£	£

	At 1 November 2024	1,243,957	6,165,496	100	7,409,553
	Profit for the financial year	-	831,792	-	831,792
	Payment of dividends	-	(575,000)	-	(575,000)
	Other movements	(504,000)	504,000	-	-
		─────────	─────────	─────────	─────────
	At 31 October 2025	739,957	6,926,288	100	7,666,345
		═════════	═════════	═════════	═════════

	The Income Statement Reserve is a distributable reserve in respect of all current and prior period profits. Non-distributable gains and losses have been removed from this reserve and are shown under the Revaluation Reserve. The Revaluation Reserve is a non-distributable reserve in respect of movements in investments, fixed assets and investment property. It is used to separate non-distributable reserves reported in the Income Statement. The closing reserve is calculated as the unrealised investment property revaluation of £986,610, less the deferred tax provision of 25% on this amount.

21.

Financial commitments

Group

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

10,425

90,195

─────────

90,194

185,134

═════════

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

22.

Capital commitments

Group

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

Company

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


23.	Directors' remuneration and transactions	2025	2024
		£	£

	Remuneration	64,959	40,959
		═════════	═════════

The following amounts are repayable to the directors:

2025

2024

Mr D P Walsh

4,843

634

═════════

A negative balance above indicates an amount owed to the director.

The loan is interest-free, unsecured and repayable on demand.

24.

Related party transactions

David Andrews (Construction) Limited, is a wholly owned subsidiary undertaking under common control.

During the year the company recharged £75,000 (2024 : £75,000) to David Andrews (Construction) Limited in respect of administration costs, and received dividends totalling £625,000 (2024 : £1,014,400) from David Andrews (Construction) Limited.

David Andrews (Construction) Limited recharged the company £613 (2024 : £52,630) in respect of works undertaken on properties and loaned the company £735,496 (2024 : £1,309,534) during the year.

The balance owed to the subsidiary undertaking at the year end was £1,204,374 (2024 : £1,170,389). The loan is unsecured, interest free and repayable on demand.

David Andrews (Construction) Limited has given cross guarantees in favour of National Westminster Bank Plc in respect of the company's borrowings. 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 will be called upon to meet any claims under these guarantees to be remote.

David Andrews Heritage Limited is a subsidiary undertaking under common control. The company was loaned £Nil (2024: £Nil) by David Andrews Heritage Limited during the year. The company owed £1,857,300 (2024: £1,857,300) to David Andrews Heritage Limited in respect of the loan at the year end. The loan is unsecured, interest-free and repayable on demand.

A company owned by a director charged D.A.C. Management Limited £2,400 (2024: £5,600) in respect of administrative work for the rental properties during the year. The services were purchased on an arm's length basis. No amounts were outstanding at the year end.

The key management personnel are the directors.

Directors received £4,036 (2024: £5,247) in benefits in kind and £500,000 (2024: £764,400) in dividends.

The following advances and credits to a director subsisted during the years ended 31 October 2025 and 31 October 2024:

DP Walsh

2025

Balance outstanding at start of the year: (£634)

Amounts advanced: £495,791

Amounts repaid: (£500,000)

Balance outstanding at end of year: (£4,843)

2024

Balance outstanding at start of the year: £361,240

Amounts advanced: £402,526

Amounts repaid: (£764,400)

Balance outstanding at end of year: (£634)

25.

Events After the End of the Reporting Period

There have been no significant events affecting the group since the financial year-end.


26	Reconciliation of Net Cash Flow to Movement in Net Debt
		Opening	Cash	Other	Closing
		balance	flows	changes	balance

		£	£	£	£

	Long-term borrowings	(989,065)	-	182,604	(806,461)
	Short-term borrowings	(162,620)	290,394	(182,604)	(54,830)
		─────────	─────────	─────────	─────────
	Total liabilities from financing activities	(1,151,685)	290,394	-	(861,291)
		═════════	═════════	═════════	─────────
	Total Cash and cash equivalents (Note 15)				5,847,562
					─────────
	Total net cash				4,986,271
					═════════

27.

Auditors' Remuneration

Audit fees in respect of the audit of D.A.C. Management Services Limited were incurred by David Andrews (Construction) Limited and not recharged. The estimated fee in relation to D.A.C. Management Services Limited is £10,000 (2024: £6,500).

28.

Secured Debts

The following secured debts are included within creditors:

2025

2024

Property loans

861,291

1,151,685

═════════

The above loans are secured by way of a debenture and charges over three of the properties held by the company. The total carrying amount of the properties held as security is £4,506,250 (2024: £4,506,250). The above loans are also guaranteed by David Andrews (Construction) Limited.