Company Registration No. 13369452 (England and Wales)
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
COMPANY INFORMATION
Directors
D Taylor
(Appointed 1 November 2023)
I J Trevor
(Appointed 1 November 2023)
J W Rudman
(Appointed 1 November 2023)
A C R Kirk
(Appointed 1 November 2023)
O J Hall
(Appointed 1 November 2023)
Secretary
D Billing
Company number
13369452
Registered office
81 Rayns Way
Syston
Leicester
Leicestershire
United Kingdom
LE7 1PF
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
United Kingdom
G2 2ND
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 17
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Fair review of the business

The company is an intermediate holding company and does not trade. The company owns 100% of the share capital of DTGen South Limited (previously known as Power Electrics Generators Limited).

Principal risks and uncertainties

Credit Risk - The company has a robust procedure to assess the credit risk applicable to customers, both new and ongoing;

 

Delivery Risk - works are managed and controlled through the Company's operating framework with due regard to all Health and Safety requirements;

 

Supply Chain risk - there is a risk of disruption to supply of imports of products and materials, cost, inflation and delivery delays. This is controlled through the diversification of suppliers to ensure supply is met, costs are minimised and alternatives are available; and

 

Liquidity risk - this reflects the risk that the company will have insufficient reserves to meet its financial liabilities as they fall due. The Board ensures adequate funds are available to finance the business.

Development and performance

During the prior period the company purchased its wholly owned subsidiary in a share for share exchange.

 

It is the intention of the directors that the company will continue to act as a holding company and will not trade.

Key performance indicators

As a non trading entity the company does not have Key Performance Indicators.

 

Key Performance Indicators of the wider Group are turnover, profit before tax, cashflow and health and safety performance. A financial analysis of these can be found in the parent company financial statements.

On behalf of the board

O J Hall
Director
15 February 2024
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company is that of an intermediate holding company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G Kerr
(Resigned 1 November 2023)
P Moore
(Resigned 1 November 2023)
J Oates
(Resigned 5 September 2022)
D Taylor
(Appointed 1 November 2023)
I J Trevor
(Appointed 1 November 2023)
J W Rudman
(Appointed 1 November 2023)
A C R Kirk
(Appointed 1 November 2023)
O J Hall
(Appointed 1 November 2023)
Post reporting date events

On 1 November 2023, the share capital in the ultimate holding company, Dieselec Holdings Limited, was acquired by Flogas Britain Limited, a wholly owned subsidiary of DCC plc.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Share capital reduction

During the year the Ordinary share capital was reduced by 9,999,899 shares of £1.

On behalf of the board
O J Hall
Director
15 February 2024
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

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). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
- 4 -
Opinion

We have audited the financial statements of DTGEN South (Holdings) Limited (previously Power Electrics Generators (Holdings) Limited) (the 'company') for the year ended 30 June 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

 

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 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 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.

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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 material misstatements in the strategic report and 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:

 

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement set out on page 3, 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.

Auditor 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.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit is considered capable of detecting irregularities, including fraud

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.

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
- 6 -

Extent the audit was considered capable of detecting irregularities, including fraud (continued)

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member for our audit work, for this report, or for the opinions we have formed.

James Hamilton (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
16 February 2024
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
United Kingdom
G2 2ND
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
Notes
£
£
Profit before taxation
-
0
-
0
Tax on profit
6
-
0
-
0
Profit for the financial year
-
0
-
0

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
2023
2022
£
£
Loss for the year
-
0
-
0
Other comprehensive income
-
-
Total comprehensive income for the year
-
0
-
0
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
7
9,999,900
9,999,900
Capital and reserves
Called up share capital
9
1
9,999,900
Profit and loss reserves
9,999,899
-
0
Total equity
9,999,900
9,999,900
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
O J Hall
Director
Company Registration No. 13369452
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
9,999,900
-
0
9,999,900
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
0
-
0
Balance at 30 June 2022
9,999,900
-
0
9,999,900
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
0
-
0
Reduction of capital
9
(9,999,899)
9,999,899
-
Balance at 30 June 2023
1
9,999,899
9,999,900
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
1
Accounting policies
Company information

DTGEN South (Holdings) Limited (previously Power Electrics Generators (Holdings) Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 81 Rayns Way, Syston, Leicester, Leicestershire, United Kingdom, LE7 1PF.

1.1
Accounting convention

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

DTGEN South (Holdings) Limited (previously Power Electrics Generators (Holdings) Limited) is a wholly owned subsidiary of Dieselec Holdings Limited and the results of DTGEN South (Holdings) Limited (previously Power Electrics Generators (Holdings) Limited) are included in the consolidated financial statements of Dieselec Holdings Limited which are available from Cadder House, 160 Clober Road, Milngavie, Glasgow, G62 7LW.

1.2
Going concern

The company is an intermediate holding company that does not trade. true

 

In assessing going concern, the directors have considered cashflow forecasts prepared by management to 30 June 2026 and demonstrates the Group to be cash generative. The forecasts include a base case, based on current order book and pipeline, as well as inflationary increases in costs. The directors acknowledge that the projections are inherently uncertain, however, they expect to be able to meet the financial obligations of the Dieselec Holdings Group as they fall due,

 

As disclosed in note 10, the group was acquired by Flogas Britain Limited after the balance sheet date. The directors consider the change in ultimate controlling entity of the company as one that will provide the Dieselec Holdings Group with opportunities to grow the business customer list and service offerings. The directors expect the Dieselec Holdings Group to continue managing its working capital requirements independently of the wider Flogas and DCC group treasury management procedures.

 

As a result the directors conclude that is it appropriate for the financial statements to be prepared on a going concern basis.

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

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.

1.6
Taxation

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

Current 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.

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
Deferred tax

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The directors do not consider there to be any areas of judgement or estimation within the financial statements.

3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
4
Employees

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

2023
2022
Number
Number
Directors
3
2

The company has no paid employees during the year (2022 - nil).

DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
5
Directors' remuneration

The directors received no remuneration from the company during the year (2022 - nil).

6
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
-
0
-
0
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
-
0
-
0
Taxation charge in the financial statements
-
-
7
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
8
9,999,900
9,999,900
8
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
DT Gen South Limited (formerly known as Power Electrics Generators Limited)
1
Sale, installation and servicing of generators and associated equipment
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
81 Rayns Way, Syston, Leicester, Leicestershire, United Kingdom, LE7 1PF
DTGEN SOUTH (HOLDINGS) LIMITED (PREVIOUSLY POWER ELECTRICS GENERATORS (HOLDINGS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
9
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 1 of £1 each
1
4,644,940
1
4,644,940
Ordinary 2 of £1 each
-
4,644,940
-
4,644,940
Ordinary 3 of £1 each
-
146,340
-
146,340
Ordinary 4 of £1 each
-
563,680
-
563,680
1
9,999,900
1
9,999,900

All shares classes have full voting, equity and dividends rights and are non redeemable.

 

During the year the Ordinary share capital was reduced by 9,999,899 shares of £1.

10
Events after the reporting date

On 1 November 2023, the share capital in the ultimate holding company, Dieselec Holdings Limited, was acquired by Flogas Britain Limited, a wholly owned subsidiary of DCC plc.

11
Ultimate controlling party

The parent company and ultimate controlling party of the company is Dieselec Holdings Limited. Dieselec Holdings Limited is a company registered in Scotland. Its group financial statement are available from Companies House.

 

The smallest and largest group in which the results of DT Gen South Holdings Limited (formerly known as Power Electric Generators (Holdings) Limited) is included is Dieselec Holdings Limited, a company registered in Scotland.

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