IRIS Accounts Production v24.2.0.383 10592910 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 true true true false true true false false false false false false false true false Ordinary 0 Ordinary A to F 0 Ordinary G, H, W and S 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh105929102022-12-31105929102023-12-31105929102023-01-012023-12-31105929102021-12-31105929102022-01-012022-12-31105929102022-12-3110592910ns15:EnglandWales2023-01-012023-12-3110592910ns14:PoundSterling2023-01-012023-12-3110592910ns10:Director12023-01-012023-12-3110592910ns10:Consolidated2023-12-3110592910ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3110592910ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110592910ns10:Consolidatedns10:FRS1022023-01-012023-12-3110592910ns10:Consolidatedns10:Audited2023-01-012023-12-3110592910ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3110592910ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3110592910ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3110592910ns10:FullAccounts2023-01-012023-12-3110592910ns5:Subsidiary12023-01-012023-12-3110592910ns5:Subsidiary22023-01-012023-12-3110592910ns5:Subsidiary32023-01-012023-12-3110592910ns5:Subsidiary42023-01-012023-12-311059291012023-01-012023-12-3110592910ns10:OrdinaryShareClass12023-01-012023-12-3110592910ns10:OrdinaryShareClass22023-01-012023-12-3110592910ns10:OrdinaryShareClass32023-01-012023-12-3110592910ns10:Consolidated2023-01-012023-12-3110592910ns10:Director22023-01-012023-12-3110592910ns10:Director32023-01-012023-12-3110592910ns10:Consolidated2022-01-012022-12-3110592910ns5:CurrentFinancialInstruments2023-12-3110592910ns5:CurrentFinancialInstruments2022-12-3110592910ns5:ShareCapital2023-12-3110592910ns5:ShareCapital2022-12-3110592910ns5:RetainedEarningsAccumulatedLosses2023-12-3110592910ns5:RetainedEarningsAccumulatedLosses2022-12-3110592910ns5:ShareCapital2021-12-3110592910ns5:RetainedEarningsAccumulatedLosses2021-12-3110592910ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3110592910ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3110592910ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110592910ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3110592910ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3110592910ns5:PlantMachinery2023-01-012023-12-3110592910ns5:FurnitureFittings2023-01-012023-12-3110592910ns5:MotorVehicles2023-01-012023-12-3110592910ns5:CostValuation2022-12-3110592910ns5:Subsidiary112023-01-012023-12-31105929103ns5:Subsidiary22023-01-012023-12-3110592910ns5:Subsidiary352023-01-012023-12-31105929107ns5:Subsidiary42023-01-012023-12-3110592910ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110592910ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110592910ns10:OrdinaryShareClass12023-12-3110592910ns10:OrdinaryShareClass22023-12-3110592910ns10:OrdinaryShareClass32023-12-3110592910ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 10592910 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2023

for

DWS Group Limited

DWS Group Limited (Registered number: 10592910)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Group Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 3

Consolidated Statement of Comprehensive Income 6

Consolidated Balance Sheet 7

Company Balance Sheet 8

Consolidated Statement of Changes in Equity 9

Company Statement of Changes in Equity 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


DWS Group Limited (Registered number: 10592910)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The directors are happy to report a successful year for the group.

The group has generated £18,521,330 (2022: £15,612,734) of turnover due to excellent products and customer service. The group has generated £3,040,119 (2022: £2,811,123) of profits before tax to give satisfactory results.

At the period end the group had net assets of £10,524,833 (2022: £8,305,767) including distributable profits of £10,224,628 (2022: £8,094,271). The directors therefore believe the group's position to be satisfactory, especially as the group's current assets exceed its current liabilities by £8,721,717 (2022: £6,598,898).

The directors believe that there is a strong foundation to build the business further and improve on the current period's results.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main risk facing the group as being increased competition from other national companies. These companies are able to sell similar products to those offered by the group at competitive prices, which could lead to decreasing margins. The directors believe that the quality of our products and customer service will help mitigate these risks and hope to see satisfactory trading results in the coming year.

The directors believe that there are sufficient systems and controls in place which allow for the business to react appropriately to any changes in the economic environment, whether positive or negative, and the directors hope to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:





Mr C H Markham - Director


6 August 2024

DWS Group Limited (Registered number: 10592910)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale of fire safety products and wireless alarm systems.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £508,170.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr B J Markham
Mr C H Markham
Mr R W Markham

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr C H Markham - Director


6 August 2024

Report of the Independent Auditors to the Members of
DWS Group Limited

Opinion
We have audited the financial statements of DWS Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from 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 Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
DWS Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 group's and the parent 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 group or the parent 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 a Report of the Auditors 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.

Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above 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. Also, 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 or intentional 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
DWS Group 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 a Report of the Auditors 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.




Craig Clinton (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

6 August 2024

DWS Group Limited (Registered number: 10592910)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 18,521,330 15,612,734

Cost of sales (11,563,898 ) (9,063,256 )
GROSS PROFIT 6,957,432 6,549,478

Administrative expenses (3,944,076 ) (3,761,217 )
OPERATING PROFIT 4 3,013,356 2,788,261

Interest receivable and similar income 28,763 24,862
3,042,119 2,813,123

Interest payable and similar expenses 5 (2,000 ) (2,000 )
PROFIT BEFORE TAXATION 3,040,119 2,811,123

Tax on profit 6 (312,883 ) (205,135 )
PROFIT FOR THE FINANCIAL YEAR 2,727,236 2,605,988

OTHER COMPREHENSIVE INCOME
Acquisition of non-controlling interest (150,813 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(150,813

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,576,423

2,605,988

Profit attributable to:
Owners of the parent 2,789,340 2,647,570
Non-controlling interests (62,104 ) (41,582 )
2,727,236 2,605,988

Total comprehensive income attributable to:
Owners of the parent 2,638,527 2,647,570
Non-controlling interests (62,104 ) (41,582 )
2,576,423 2,605,988

DWS Group Limited (Registered number: 10592910)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 9 108,000 -
Tangible assets 10 2,101,782 2,028,407
Investments 11 - -
2,209,782 2,028,407

CURRENT ASSETS
Stocks 12 8,335,104 5,380,107
Debtors 13 4,157,700 3,173,320
Cash at bank 1,574,728 2,908,676
14,067,532 11,462,103
CREDITORS
Amounts falling due within one year 14 (5,345,815 ) (4,863,205 )
NET CURRENT ASSETS 8,721,717 6,598,898
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,931,499

8,627,305

CREDITORS
Amounts falling due after more than one
year

15

(68,880

)

(20,255

)

PROVISIONS FOR LIABILITIES 19 (337,786 ) (301,283 )
NET ASSETS 10,524,833 8,305,767

CAPITAL AND RESERVES
Called up share capital 20 300,205 300,205
Retained earnings 21 10,224,628 8,094,271
SHAREHOLDERS' FUNDS 10,524,833 8,394,476

NON-CONTROLLING INTERESTS 22 - (88,709 )
TOTAL EQUITY 10,524,833 8,305,767

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





Mr C H Markham - Director


DWS Group Limited (Registered number: 10592910)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 1,156,646 1,156,646
1,156,646 1,156,646

CURRENT ASSETS
Debtors 13 805,124 1,320,236
Cash at bank 684,760 1,847,875
1,489,884 3,168,111
CREDITORS
Amounts falling due within one year 14 (138,214 ) (1,838,218 )
NET CURRENT ASSETS 1,351,670 1,329,893
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,508,316

2,486,539

CAPITAL AND RESERVES
Called up share capital 20 300,205 300,205
Retained earnings 21 2,208,111 2,186,334
SHAREHOLDERS' FUNDS 2,508,316 2,486,539

Company's profit for the financial year 529,947 2,633,814

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





Mr C H Markham - Director


DWS Group Limited (Registered number: 10592910)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 January 2022 300,205 8,057,757 8,357,962 (47,127 ) 8,310,835

Changes in equity
Dividends - (2,611,056 ) (2,611,056 ) - (2,611,056 )
Total comprehensive income - 2,647,570 2,647,570 (41,582 ) 2,605,988
Balance at 31 December 2022 300,205 8,094,271 8,394,476 (88,709 ) 8,305,767

Changes in equity
Dividends - (508,170 ) (508,170 ) - (508,170 )
Total comprehensive income - 2,638,527 2,638,527 (62,104 ) 2,576,423
300,205 10,224,628 10,524,833 (150,813 ) 10,374,020
Acquisition of non-controlling
interest

-

-

-

150,813

150,813
Balance at 31 December 2023 300,205 10,224,628 10,524,833 - 10,524,833

DWS Group Limited (Registered number: 10592910)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 300,205 2,163,576 2,463,781

Changes in equity
Dividends - (2,611,056 ) (2,611,056 )
Total comprehensive income - 2,633,814 2,633,814
Balance at 31 December 2022 300,205 2,186,334 2,486,539

Changes in equity
Dividends - (508,170 ) (508,170 )
Total comprehensive income - 529,947 529,947
Balance at 31 December 2023 300,205 2,208,111 2,508,316

DWS Group Limited (Registered number: 10592910)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,549,870 1,104,644
Interest paid (2,000 ) (2,000 )
Tax paid 2,683 (15,050 )
Net cash from operating activities 1,550,553 1,087,594

Cash flows from investing activities
Purchase of intangible fixed assets (120,000 ) -
Purchase of tangible fixed assets (370,070 ) (434,923 )
Sale of tangible fixed assets 24,037 11,201
Interest received 28,763 24,862
Net cash from investing activities (437,270 ) (398,860 )

Cash flows from financing activities
Loan repayments in year - (9,709 )
Capital repayments in year (91,471 ) (31,051 )
Amount introduced by directors - 843,640
Amount withdrawn by directors (1,847,590 ) -
Equity dividends paid (508,170 ) (2,611,056 )
Net cash from financing activities (2,447,231 ) (1,808,176 )

Decrease in cash and cash equivalents (1,333,948 ) (1,119,442 )
Cash and cash equivalents at beginning of
year

2

2,908,676

4,028,118

Cash and cash equivalents at end of year 2 1,574,728 2,908,676

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 3,040,119 2,811,123
Depreciation charges 503,153 445,992
Profit on disposal of fixed assets (22,457 ) (8,174 )
Finance costs 2,000 2,000
Finance income (28,763 ) (24,862 )
3,494,052 3,226,079
Increase in stocks (2,954,997 ) (2,793,885 )
Increase in trade and other debtors (836,796 ) (458,548 )
Increase in trade and other creditors 1,847,611 1,130,998
Cash generated from operations 1,549,870 1,104,644

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,574,728 2,908,676
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,908,676 4,028,118


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank 2,908,676 (1,333,948 ) 1,574,728
2,908,676 (1,333,948 ) 1,574,728
Debt
Finance leases (44,561 ) 91,471 (196,038 ) (149,128 )
Debts falling due
within 1 year (40,000 ) - - (40,000 )
(84,561 ) 91,471 (196,038 ) (189,128 )
Total 2,824,115 (1,242,477 ) (196,038 ) 1,385,600

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

DWS Group Limited is a private company, limited by shares, domiciled in England, registration number 10592910. The registered office is Stirling House, Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated accounts are prepared in accordance with the group’s accounting principles and include the accounts of the parent company and all subsidiaries. Subsidiaries are consolidated from the date the group exercises control or influence over the company. Divested companies are included in the consolidated accounts until the date the group ceases to control or exercise influence over them. In preparing the consolidated financial statements any intra-group transactions have been eliminated.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents net invoiced sales of goods and services in respect of the sale of fire safety products and wireless alarm systems, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 33% on cost, 25% on reducing balance and 25% on cost
Fixtures and fittings - 33% on cost, 25% on reducing balance, 20% on cost and 12.5% on cost
Motor vehicles - 33% on cost and 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.


DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated 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 Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 4,376,916 3,628,440
Social security costs 479,175 390,145
Other pension costs 53,208 47,909
4,909,299 4,066,494

The average number of employees during the year was as follows:
31.12.23 31.12.22

Employees 91 83

The average number of employees by undertakings that were proportionately consolidated during the year was 91 (2022 - 83 ) .

The key management personnel for the group are deemed to be the directors.

31.12.23 31.12.22
£    £   
Directors' remuneration 23,793 19,752

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 441,279 441,792
Depreciation - assets on hire purchase contracts 49,874 4,201
Profit on disposal of fixed assets (22,457 ) (8,174 )
Patents and licences amortisation 12,000 -
Auditors' remuneration 23,140 20,270
Operating lease costs 161,120 161,120

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Loan 2,000 2,000

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 279,063 -
Interest on corporation tax (2,683 ) -
Total current tax 276,380 -

Deferred tax 36,503 205,135
Tax on profit 312,883 205,135

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 3,040,119 2,811,123
Profit multiplied by the standard rate of corporation tax in the UK of
23.525 % (2022 - 19 %)

715,188

534,113

Effects of:
Expenses not deductible for tax purposes 9,338 6,571
Income not taxable for tax purposes (5,283 ) (1,553 )
Capital allowances in excess of depreciation - (37,507 )
Depreciation in excess of capital allowances 14,772 -
Utilisation of tax losses (484,952 ) (508,582 )
Adjustments to tax charge in respect of previous periods (2,683 ) -
Deferred tax movement 66,503 205,135
Stock profit adjustments - 6,958
Total tax charge 312,883 205,135

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Acquisition of non-controlling interest (150,813 ) - (150,813 )

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

8. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Final 508,170 2,611,056

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
Additions 120,000
At 31 December 2023 120,000
AMORTISATION
Amortisation for year 12,000
At 31 December 2023 12,000
NET BOOK VALUE
At 31 December 2023 108,000

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 925,000 466,998 1,272,822 1,186,769 3,851,589
Additions - 134,551 235,519 196,038 566,108
Disposals - - - (152,401 ) (152,401 )
At 31 December 2023 925,000 601,549 1,508,341 1,230,406 4,265,296
DEPRECIATION
At 1 January 2023 6,166 247,818 925,981 643,217 1,823,182
Charge for year 3,083 88,396 118,310 281,364 491,153
Eliminated on disposal - - - (150,821 ) (150,821 )
At 31 December 2023 9,249 336,214 1,044,291 773,760 2,163,514
NET BOOK VALUE
At 31 December 2023 915,751 265,335 464,050 456,646 2,101,782
At 31 December 2022 918,834 219,180 346,841 543,552 2,028,407

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 75,612
Additions 196,038
At 31 December 2023 271,650
DEPRECIATION
At 1 January 2023 4,201
Charge for year 49,874
At 31 December 2023 54,075
NET BOOK VALUE
At 31 December 2023 217,575
At 31 December 2022 71,411

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,156,646
NET BOOK VALUE
At 31 December 2023 1,156,646
At 31 December 2022 1,156,646

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Bull Products Ltd
Registered office: Beacon House, 4 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF
Nature of business: Fire safety products
%
Class of shares: holding
Ordinary 100.00

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Cygnus Group Ltd
Registered office: Stirling House, Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF
Nature of business: Wireless alarm systems
%
Class of shares: holding
Ordinary 100.00

Rotherwas Holdings Company Ltd
Registered office: Stirling House, Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF
Nature of business: Property
%
Class of shares: holding
Ordinary 100.00

Cygnus Wireless Systems (UK) Ltd
Registered office: Stirling House, Unit 6 Beacon Road, Rotherwas Industrial Estate, Hereford, HR2 6JF
Nature of business: Wireless alarm systems
%
Class of shares: holding
Ordinary 100.00


12. STOCKS

Group
31.12.23 31.12.22
£    £   
Raw materials 7,187,681 4,503,514
Work-in-progress 709,726 566,546
Finished goods 437,697 310,047
8,335,104 5,380,107

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 3,289,872 2,521,325 - -
Amounts owed by group undertakings - - 657,538 1,320,236
Amounts owed by related parties 60,000 62,706 - -
Directors' current accounts 147,586 - 147,586 -
Prepayments 660,242 589,289 - -
4,157,700 3,173,320 805,124 1,320,236

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Other loans (see note 16) 40,000 40,000 - -
Hire purchase contracts (see note 17) 80,248 24,306 - -
Trade creditors 4,187,975 2,399,778 - -
Tax 279,063 - - -
Social security and other taxes 225,954 115,102 - -
VAT 53,804 122,506 - -
Directors' current accounts 138,214 1,838,218 138,214 1,838,218
Accruals and deferred income 340,557 323,295 - -
5,345,815 4,863,205 138,214 1,838,218

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 17) 68,880 20,255

16. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Other loans 40,000 40,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 80,248 24,306
Between one and five years 68,880 20,255
149,128 44,561

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year - 5,000

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.23 31.12.22
£    £   
Hire purchase contracts 149,128 44,561

Hire purchase contracts are secured on the assets to which they relate.

19. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax 337,786 301,283

Group
Deferred
tax
£   
Balance at 1 January 2023 301,283
Provided during year 36,503
Balance at 31 December 2023 337,786

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
3 Ordinary £1 3 3
291,000 Ordinary A to F £1 291,000 291,000
9,202 Ordinary G, H, W and S £1 9,202 9,202
300,205 300,205

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

21. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 8,094,271
Profit for the year 2,789,340
Dividends (508,170 )
No description (150,813 )
At 31 December 2023 10,224,628

Company
Retained
earnings
£   

At 1 January 2023 2,186,334
Profit for the year 529,947
Dividends (508,170 )
At 31 December 2023 2,208,111


22. NON-CONTROLLING INTERESTS

Non controlling interests held a 5% shareholding in Cygnus Group Limited until 31 October 2023. The summarised financial information of this company is as follows:

Turnover - £2,861,890 (2022: £642,962)
Loss after tax - £584,530 (2022: £809,967)
Net liabilities - £2,358,682 (2022: £1,774,152)

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr B J Markham
Balance outstanding at start of year - -
Amounts advanced 147,586 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 147,586 -

24. RELATED PARTY DISCLOSURES

DWS Group Limited (Registered number: 10592910)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

24. RELATED PARTY DISCLOSURES - continued

Other related parties
31.12.23 31.12.22
£    £   
Rent expenses 120,000 120,000
Management charge expenses 98,270 43,406
Amount due from related party 60,000 62,706

25. ULTIMATE CONTROLLING PARTY

The company is under the control of its Board of Directors.