DCS_Finance_Limited - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

DCS Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover comprises revenue recognised by the company in respect of the sale in trading properties, loan arrangement fees and loan interest charged from providing finance to other entities.

Revenue on the sale of a property is recognised when completion of the sales contract occurs during the accounting period.

Loan arrangement fees and loan interest charged are recognised in the period in which the income relates.

Other income comprises of income recognised by the company in respect of any rent receivable on properties held as trading stock. Rent receivable is recognised in the period in which the income relates.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The average monthly number of persons (including directors) employed by the company during the year was:

On 1 March 2022, the 294 £1 ordinary shares were split into 199 £1 ordinary A shares and 95 £1 ordinary B shares. Upon the immediate settlement of a dividend of £2,075,239 to holders of Ordinary B shares, the Ordinary B shares were redesignated to deferred. The deferred shares carry no voting rights.

At the year end, the company was owed £17,079 (2021: £nil) by companies under common control.

At the year end, the company was owed £5,106,858 (2021: £5,156,858) by companies under common control which is included within trade debtors due over one year. Interest of £100,783 (2021: £107,491) and arrangement fees of £20,000 (2021: £20,000) has been charged in the year.

At the year end, the company owed £8,290,323 (2021: £58,154) to companies under common control which is included within other creditors. The balance is repayable on demand. No interest is accruing on these balances.

During the year the company made available facilities totalling a maximum of £2,500,000 (2020: £500,000) to companies under common control. At the balance sheet date, £2,000,000 (2021: £nil) of this facility had been drawn and is included in the trade debtors due over one year balance noted above.