REGISTERED NUMBER: |
STRATEGIC REPORT, DIRECTORS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DALE ERSKINE POWER SOLUTIONS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, DIRECTORS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DALE ERSKINE POWER SOLUTIONS LIMITED |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 3 |
Independent Auditors' Report | 5 |
Statement of Income and Retained Earnings | 9 |
Statement of Financial Position | 10 |
Notes to the Financial Statements | 11 |
DALE ERSKINE POWER SOLUTIONS LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
5&6 Manor Court |
Manor Garth |
Scarborough |
North Yorkshire |
YO11 3TU |
BANKERS: |
2 Whitehall Quay |
Leeds |
West Yorkshire |
LS1 4HR |
OTHER BANKERS: |
Lutea House |
Warley Hill Business Park |
The Drive, Great Warley |
Brentwood |
Essex |
CM13 3BE |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
STRATEGIC REPORT |
For The Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company is an intermediate holding company and member of the group headed by DEPS Holdings Limited. |
The company has net liabilities of £226k (2022 - £462k) and current net liabilities of £226k (2022 - £462k). |
The directors monitor the funding requirements of the company, which is supported by the parent company when required. The directors do not anticipate any changes in the company’s performance or position in the foreseeable future. |
The profit for the year, after taxation, amounted to £236k (2022 - £338k). There were no dividends paid during the year (2022 - £Nil). The directors do not recommend the payment of a final dividend. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company does not have any particular principal risks and uncertainties. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The company does not use any particular key performance indicators. |
ON BEHALF OF THE BOARD: |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
DIRECTORS' REPORT |
For The Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a holding company of Dale Power Solutions Limited. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
Other changes in directors holding office are as follows: |
GOING CONCERN |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence based on detailed cashflow forecasts and confirmed forward orders (at record high levels) together with and agreed strategic plan by all key stakeholders. |
In making the current assessment of the ability of the company to continue as a going concern, the directors have considered the on going impact of the items listed below on both the liquidity and compliance with future covenants of the group headed by DEPS Holdings Limited, the ultimate parent company. This is deemed to be appropriate on the basis that the group, as at 31 December 2023 held external debt with the shareholders and the bank, in which the latter is subject to group guarantee arrangements around covenant compliance. As such, the below analysis represents the conclusions made on the group as a whole. |
- | The wars in Ukraine and Gaza, |
- | The cost of living crisis, |
- | Inflation, |
- | The global supply chain, |
- | The labour market |
As part of concluding that the group is a going concern, the group has remodelled its future cashflow and |
covenant compliance using updated information for a period not less than 12 months from the date these |
financial statements have been signed. |
The above modelling included various scenarios which show that the group has sufficient resources to continue to operate as a going concern for at least the next 12 months from the date these financial statements have been signed, and have been prepared on that basis. |
As such, these financial statements do not include any adjustments that would be necessary should the going concern basis of preparation no longer be appropriate. |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The company has provided an indemnity for its directors, which is a qualifying third-party indemnity provision for the purposes of the Companies Act 2006. |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
DIRECTORS' REPORT |
For The Year Ended 31 December 2023 |
MATTERS COVERED IN THE STRATEGIC REPORT |
In accordance with section 414C(11) of the Companies Act, certain matters required to be detailed in the Directors' Report are detailed in the Strategic Report where the director considers them to be of strategic importance to the company. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 then 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
DALE ERSKINE POWER SOLUTIONS LIMITED |
Opinion |
We have audited the financial statements of Dale Erskine Power Solutions Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 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 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 when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the 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. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
DALE ERSKINE POWER SOLUTIONS LIMITED |
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 where 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
DALE ERSKINE POWER SOLUTIONS LIMITED |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK. |
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above. |
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
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. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
DALE ERSKINE POWER SOLUTIONS LIMITED |
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 Auditors' 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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
5&6 Manor Court |
Manor Garth |
Scarborough |
North Yorkshire |
YO11 3TU |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
For The Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £'000 | £'000 |
TURNOVER |
Administrative expenses |
OPERATING LOSS | ( |
) |
Interest receivable and similar income | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR | ( |
) | ( |
) |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
2023 | 2022 |
Notes | £'000 | £'000 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Dale Erskine Power Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These 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 £ . |
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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
This information is included in the consolidated financial statements of DEPS Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Salter Road, Eastfield Industrial Estate, Scarborough, YO11 3DU. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found,an impairment loss is recognised in the Statement of Comprehensive Income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence based on detailed cashflow forecasts and confirmed forward orders (at record high levels) together with and agreed strategic plan by all key stakeholders. |
In making the current assessment of the ability of the company to continue as a going concern, the |
directors have considered the on going impact of the items listed below on both the liquidity and compliance with future covenants of the group headed by DEPS Holdings Limited, the ultimate parent company. This is deemed to be appropriate on the basis that the group, as at 31 December 2023 held external debt with the shareholders and the bank, in which the latter is subject to group guarantee arrangements around covenant compliance. As such, the below analysis represents the conclusions made on the group as a whole. |
- | The wars in Ukraine and Gaza, |
- | The cost of living crisis, |
- | Inflation, |
- | The global supply chain, |
- | The labour market |
As part of concluding that the group is a going concern, the group has remodelled its future cashflow and covenant compliance using updated information for a period not less than 12 months from the date these financial statements have been signed. |
The above modelling included various scenarios which show that the group has sufficient resources to continue to operate as a going concern for at least the next 12 months from the date these financial statements have been signed, and have been prepared on that basis. |
As such, these financial statements do not include any adjustments that would be necessary should |
the going concern basis of preparation no longer be appropriate. |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for the revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. |
In preparing these financial statements the directors have made a judgement around the ability of the company to continue as a going concern. Details of these considerations can be seen in Note 2. |
4. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
2023 | 2022 |
£ | £ |
Directors' remuneration |
The company had no employees, other than the directors in the current or prior year. Directors' emoluments of £292,981 (2022 - £167,543) for services to the group were paid during the year were borne by another group entity, Dale Power Solutions Limited. |
5. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
£'000 | £'000 |
Interest receivable from group |
companies |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£'000 | £'000 |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is the same as the standard rate of corporation tax in the UK. |
2023 | 2022 |
£'000 | £'000 |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Utilisation of tax losses | ( |
) | ( |
) |
Deferred tax charge | 79 | (24 | ) |
Total tax charge/(credit) | 79 | (24 | ) |
Factors that may affect future tax charges |
The Finance Act 2021 was substantively enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse. |
The company has reduced a deferred tax asset by £78,750 (2022 - £25,354 asset recognised) on losses, as future recoverability is lower than in the previous year. |
7. | DEBTORS |
2023 | 2022 |
£'000 | £'000 |
Amounts falling due within one year: |
Deferred tax asset | 158 | 237 |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
The amount owed to group undertakings is a loan advanced to Dale Power Solutions Limited, a subsidiary of the company, in June 2014 and is classified separately from other amounts due from the subsidiary company, which consists of regular transactions between the companies. Under the inter-company loan agreement between the companies there are no fixed repayment terms for amounts owed from group undertakings, however management treats the above as a separate loan from to the subsidiary company and the company has agreed not to demand repayment during 2024. Therefore, the loan is classed as falling due after more than one year. Interest is payable on the loan at a rate of 9% per annum. £315,000 (2022 - £315,000) has been accrued in the current year. Any interest was received through the main intercompany account. |
DALE ERSKINE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 07945832) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£'000 | £'000 |
Amounts owed to group undertakings |
Accrued expenses |
Amounts owed to group undertakings are repayable on demand and bear no interest. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £'000 | £'000 |
Ordinary | 0.04 | 3 | 3 |
A Ordinary | 0.01 | 2 | 2 |
5 | 5 |
The voting rights and rights to income and shares are equal within each share entitling its holder to one vote. However if there is a "default notice event" the ordinary shareholder will have 95% of the voting rights. On a return of assets after liabilities have been paid, the ordinary shareholders are entitled to a return on their subscription price. Any remaining assets are split pari passu. |
10. | CONTINGENT LIABILITIES |
In the previous year, all assets of the company were pledged as security for a bank loan owed by Dale Power Solutions Limited. The exposure at the year end was £1,157,000 (2022 - £1,209,000). |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The directors consider that there are no related party transactions. |
12. | POST BALANCE SHEET EVENTS |
On the 8th April 2024, the group completed a re-finance of the existing bank loan with Shawbrook Bank for a further three year term, as well as re-negotiating other loan notes within the group until 2027 or until there is a change of ownership. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
DEPS Group Limited is the company's immediate controlling party by virtue of its 100 per cent beneficial interest in the company. DEPS Group Limited is registered in England and Wales at Eastfield Industrial Estate, Salter Road, Scarborough, North Yorkshire, YO11 3DU. |
DEPS Holdings Limited is the largest and smallest group of undertakings that group accounts are drawn up for. Copies of DEPS Holdings Limited financial statements can be obtained from their registered office at Eastfield Industrial Estate, Salter Road, Scarborough, North Yorkshire, YO11 3DU. |