ACCOUNTS - Final Accounts

Staff costs, including directors' remuneration, were as follows:

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DACERELL LIMITED

ANNUAL REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Registered number: 1457536


DACERELL LIMITED

COMPANY INFORMATION

Directors	A D Clark
	J M Holladay


Company secretary	A D Clark


Registered number	1457536


Registered office


Independent auditors	Tony Larner Limited
	Chartered Certified Accountants & Statutory Auditors
	23 Station Road
	Sheringham
	Norfolk
	NR26 8RF


Bankers	Lloyds Bank PLC
	PO Box 72
	Bailey Drive
	Gillingham Business Park
	Kent
	ME8 0LS


Solicitors	Isadore Goldman
	Lawrence House
	5 St Andrews Hill
	Norwich
	Norfolk
	NR2 1AD


DACERELL LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Independent Auditors' Report	4 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 17


DACERELL LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Introduction

The directors present their strategic report for the year ended 31 March 2021.

Business review

The principal activity of the Company is the management of its wholly owned subsidiaries and the provision of management and service charges to the group.

The company results are shown in the Statement of Comprehensive Income on page 7 and the Balance Sheet on page 8.

The company is primarily funded by reserves and the subsidiary company, Norfolk Homes Limited.

Principal risks and uncertainties

The directors are mindful at all times of the risks and factors which affect the successful operation of the Company. Appropriate processes are in place to monitor and mitigate risks.

Operating risks include, but are not limited to, the following issues:

∙Attracting and retaining the very best personnel and professional advisers.

∙The economic climate, buyer confidence, and general housing demand as this affects the operational performance of the subsidiary company Norfolk Homes Limited.

∙The ongoing economic impact of the Covid-19 virus remains a risk to future company performance.

Financial and other key performance indicators

Turnover for the year amounted to £2,869,738 (2020 - £2,806,836); Profit on ordinary activities before taxation £182,205 (2020 - £172,888); Total shareholder's funds £5,817,496 (2020 - £9,128,460). The total number of employees increased to 5 (2020 - 4).

This report was approved by the board on 3 December 2021 and signed on its behalf.

A D Clark

Director

Page 1


DACERELL LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The directors present their report and the financial statements for the year ended 31 March 2021.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

Principal activity

The principal activity of the Company is the management of its wholly owned subsidiaries and the provision of management and service charges to the group.

Results and dividends

The profit for the year, after taxation, amounted to £149,156 (2020 - £143,718).

The directors recommended the payment of a dividend amounting to £3,460,120 (2020 - £3,220,000) during the year.

Directors

The directors who served during the year were:

A D Clark

J M Holladay

Future developments and outlook for the company

The directors’ believe that the Company and its subsidiary, Norfolk Homes Limited are well positioned to prosper in the future and to continue to operate profitably.

Page 2


DACERELL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end that require adjustment to these financial statements.

Auditors

The auditors, Tony Larner Limited, are deemed to be reappointed in accordance with an elective resolution made under section 386 of the Companies Act 1985 which continues in force under the Companies Act 2006.

This report was approved by the board on 3 December 2021 and signed on its behalf.

A D Clark

Director

Page 3


DACERELL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED

Opinion

We have audited the financial statements of Dacerell Limited (the 'Company') for the year ended 31 March 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 Company's affairs as at 31 March 2021 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Auditors' 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.

Page 4


DACERELL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED (CONTINUED)

Matters on which we are required to report by exception

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

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

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

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 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 an Auditors' 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:

Identifying and assessing potential risks related to irregularities, including fraud

Based on our knowledge and understanding of the company we identified the principal risks of a material misstatement in the financial statements relating to irregularities including fraud, and non-compliance with laws and regulations.

We documented our understanding of the legal and regulatory frameworks within which the company operates and focused on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Financial Reporting Standard 102, and compliance with relevant direct and indirect taxation regulations.

Audit procedures performed to respond to the risks identified included;

∙We assessed whether the accounting policies, treatments and presentation adopted in the financial statements were in accordance with applicable law and accounting standards.

∙We reviewed correspondence and documentation with regulatory bodies, such as HM Revenue & Customs for any indication of non-compliance with laws and regulations.

Page 5


DACERELL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DACERELL LIMITED (CONTINUED)

∙We carried out a detailed analytical review to identify unusual or unexpected results or outcomes which may have indicated a risk of material misstatement. We compared results to previous accounting periods to monitor variances and ensure that these were as expected.

∙We held discussions with management regarding the potential risks related to accounting irregularities, including fraud and carried out tests of management controls, such as the procedures for reconciling and agreeing company bank balances.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, 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 Auditors' Report.

Antony Richard Larner FCCA (Senior Statutory Auditor)

for and on behalf of

Tony Larner Limited

Chartered Certified Accountants

Statutory Auditors

23 Station Road

Sheringham

Norfolk

NR26 8RF

3 December 2021

Page 6


DACERELL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2021

	2021	2020
Note	£	£


Turnover	4	2,869,738	2,806,836
Administration expenses		(2,726,533)	(2,672,977)
Other operating income	5	39,000	39,029
Operating profit		182,205	172,888
Tax on profit	9	(33,049)	(29,170)
Profit for the financial year		£149,156	£143,718

There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of comprehensive income.

The notes on pages 10 to 17 form part of these financial statements.

Page 7


DACERELL LIMITED REGISTERED NUMBER:1457536

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	11		599,098		600,851
Investments	12		400,103		400,103
			999,201		1,000,954
Current assets
Debtors: amounts falling due within one year	13	10,813		9,806,252
Cash at bank and in hand		8,525,592		-
		8,536,405		9,806,252
Creditors: amounts falling due within one year	14	(3,718,110)		(1,678,746)
Net current assets			4,818,295		8,127,506
Total assets less current liabilities			5,817,496		9,128,460

Net assets			£5,817,496		£9,128,460

Capital and reserves
Called up share capital	15	200	200
Revaluation reserve	16	362,184	362,184
Profit and loss account	16	5,455,112	8,766,076
		£5,817,496	£9,128,460

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 December 2021.

A D Clark

Director

The notes on pages 10 to 17 form part of these financial statements.

Page 8


DACERELL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2020	200	362,184	8,766,076	9,128,460
Comprehensive income for the year
Profit for the year	-	-	149,156	149,156
Dividends: Equity capital	-	-	(3,460,120)	(3,460,120)
At 31 March 2021	£200	£362,184	£5,455,112	£5,817,496

The notes on pages 10 to 17 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2020

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2019	200	362,184	11,842,358	12,204,742
Comprehensive income for the year
Profit for the year	-	-	143,718	143,718
Dividends: Equity capital	-	-	(3,220,000)	(3,220,000)
At 31 March 2020	£200	£362,184	£8,766,076	£9,128,460

The notes on pages 10 to 17 form part of these financial statements.

Page 9


DACERELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Dacerell Limited is a private company, limited by shares, incorporated in England and Wales. The company's principal place of business is Weybourne Road, Sheringham, Norfolk, NR26 8WB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Norfolk Homes Holdings Limited as at 31 March 2021 and these financial statements may be obtained from Companies House.

2.3

Exemption from preparing consolidated financial statements

The Company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. These financial statements therefore present information about the Company as an individual undertaking and not about its Group.

2.4

Going concern

The directors have prepared the accounts on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future and for a period of no less than twelve months from the date of approving the financial statements.

2.5

Turnover

Turnover represents the value of group service and management charges recharged to group members.

2.6

Tangible fixed assets

Freehold investment properties have been valued by the directors and depreciation has not been charged on freehold land.

Page 10


DACERELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

Depreciation is provided on the following bases:

Freehold trading property

straight line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.7

Revaluation of tangible fixed assets

Freehold investment properties are included at a fair value determined from market based evidence and assessed by the directors.

2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable rental property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Depreciation is not provided on investment properties. Changes in fair value are recognised in the Statement of Comprehensive Income.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities at transaction price like trade and other debtors and creditors, loans from banks, related parties and other third parties.

2.13

Creditors

Creditors are measured at the transaction price.

2.14

Dividends

Equity dividends are recognised when they become legally payable.

Page 11


DACERELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.16

Taxation

The taxation expense for the year comprises current tax. Taxation is recognised in the Statement of Comprehensive Income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.

3.	Accounting estimates and judgments

The preparation of the financial statements involves, in certain areas, the use of accounting estimates and management judgment.

The assessment of the fair value of Investment Properties involves a degree of judgment and estimation by the directors taking account of market based evidence for the value of commercial property.

Turnover

					2021	2020
					£	£

United Kingdom	2,869,738	2,806,836
	£2,869,738	£2,806,836

	All turnover arose within the United Kingdom.

5.	Other operating income
		2021	2020
		£	£

Net rents receivable	39,000	39,029
	£39,000	£39,029

Page 12


DACERELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6.	Auditors' remuneration
		2021	2020
		£	£

Fees payable to the Company's auditor for the audit of the Company's annual financial statements

£2,500

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company, Norfolk Homes Holdings Limited.

Wages and salaries	2,359,532	2,325,878
Social security costs	319,693	312,590
Cost of defined contribution scheme	48,271	40,000
	£2,727,496	£2,678,468

The average monthly number of employees, including the directors, during the year was as follows:

	2021	2020
	No.	No.

Office, administration and managerial	5	4

8.	Directors' remuneration
		2021	2020
		£	£

Directors' emoluments	239,473	479,195
	£239,473	£479,195

The highest paid director received remuneration of £239,473 (2020 - £474,903).

Page 13


DACERELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Corporation tax
Current tax on profits for the year	33,049	29,213

Total current tax	£33,049	£29,213

Deferred tax
Origination and reversal of timing differences	-	(43)
Total deferred tax	£-	£(43)


	Taxation on profit on ordinary activities	£33,049	£29,170

Profit on ordinary activities before tax

£182,205

£172,888

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	34,619	32,849
Effects of:
Capital allowances for year in excess of depreciation	333	377
Deferred taxation	-	(43)
Group relief	(1,903)	(4,013)
Total tax charge for the year	£33,049	£29,170

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 14


DACERELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

10.	Dividends
		2021	2020
		£	£

	Dividends paid	3,460,120	3,220,000
		£3,460,120	£3,220,000

11.	Tangible fixed assets

		Freehold property
		£
	Cost or valuation
	At 1 April 2020	652,661
	At 31 March 2021	652,661
	Depreciation
	At 1 April 2020	51,810
	Charge for the year on owned assets	1,753
	At 31 March 2021	53,563
	Net book value
	At 31 March 2021	£599,098
	At 31 March 2020	£600,851

Freehold properties are revalued on a fair value basis annually by the directors. Freehold property includes trading property used in the groups business which is not held for investment purposes. The value of trading property was £112,694 (2020 - £112,694). The depreciation charge on trading property amounted to £1,753 (2020 - £1,753). Land relating to trading property is valued at £25,000.

If the freehold property had not been included at valuation they would have been included under the historical cost convention as follows:
	2021	2020
	£	£


Cost	290,477	290,477
Accumulated depreciation	(53,563)	(51,810)
Net book value	£236,914	£238,667

Page 15


DACERELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

12.	Fixed asset investments

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Norfolk Homes Limited	House building	Ordinary	100%
Sheridan Clark (Civil Engineering) Limited	Dormant company	Ordinary	100%
Suffolk Homes Limited	Dormant company	Ordinary	100%

13.

Debtors

					2021	2020
					£	£


Amounts owed by group undertakings	10,813	9,806,252
	£10,813	£9,806,252

14.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank overdrafts	-	681,187
Amounts owed to group undertakings	2,196,207	-
Corporation tax	33,049	29,212
Other taxation and social security	777,012	410,904
Other creditors	706,842	552,443
Accruals and deferred income	5,000	5,000
	£3,718,110	£1,678,746

The bank overdraft is secured by the Group's bankers in the form of first legal charges over freehold development land and commercial freehold property owned by the Group.

15.	Share capital

Allotted, called up and fully paid

200 (2020 - 200) Ordinary shares of £1 each	£200	£200

Page 16


DACERELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

16.

Reserves

Revaluation reserve

The property revaluation reserve comprises unrealised revaluation gains on freehold investment property. The property revaluation reserve is not distributable.

Profit & loss account

The Profit and Loss Account includes all current and prior year retained profits and losses.

17.	Contingent liabilities

An election has been made for the Group of undertakings of which this Company is a member to be treated as a single entity for VAT purposes. The Company has therefore been required to provide guarantees in respect of any liability for Value Added Tax by the other undertakings within the Group.

The Company's bankers hold a letter of set-off and unlimited guarantees between the Company and the other members of the group. The arrangement is reciprocated.

The financial effect of these contingencies cannot be quantified.

18.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £48,271 (2020 - £40,000).

19.	Controlling party

The company is a wholly owned subsidiary of Norfolk Homes Holdings Limited. The company is ultimately controlled by Mr A D Clark who owns more than 90% of the issued share capital within the holding company.

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