Company registration number 07188008 (England and Wales)
DTGEN SOUTH LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
DTGEN SOUTH LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 9
DTGEN SOUTH LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr Oliver Hall
(Appointed 1 November 2023)
Mr Alan Kirk
(Appointed 1 November 2023)
Mr James Rudman
(Appointed 1 November 2023)
Mr David Taylor
(Appointed 1 November 2023)
Mr Ivan Trevor
(Appointed 1 November 2023)
Company number
07188008
Registered office
81 Ryans Way
Syston
Leicester
UK
LE7 1PF
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
DTGEN SOUTH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
31 March 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
43,661
56,618
Current assets
Stocks
323,694
1,520,104
Debtors
4
5,841,772
6,743,343
Cash at bank and in hand
2,024,250
1,393,095
8,189,716
9,656,542
Creditors: amounts falling due within one year
5
(2,422,511)
(4,378,108)
Net current assets
5,767,205
5,278,434
Total assets less current liabilities
5,810,866
5,335,052
Creditors: amounts falling due after more than one year
6
(16,826)
Provisions for liabilities
(7,686)
(9,613)
Net assets
5,803,180
5,308,613
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
5,803,080
5,308,513
Total equity
5,803,180
5,308,613
The notes on pages 3 to 9 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
Mr Oliver Hall
Director
Company Registration No. 07188008
DTGEN SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Dtgen South Limited is a private company limited by shares incorporated in England and Wales. The registered office is 81 Ryans Way, Syston, Leicester, UK, LE7 1PF. The company's registration number is 07188008.
1.1
Reporting period
The current period covers the 9 months to 31 March 2024. The prior period covers the 12 months to 30 June 2023.
1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.3
Turnover
Revenue is attributable to the one continuing activity, the sale, installation, commissioning and maintenance of generators.
Revenue is recognised when there is an arrangement, primarily in the form of a contract or purchase order, with the customer, a fixed or determinable sale price is established with the customer, performance requirements are achieved, and it is probable that economic benefits associated with the transactions will flow to the company.
Revenue is recognised as performance requirements are achieved in accordance with the following:
Revenue from sales of equipment is recognised at the time title to the equipment and significant risks and rewards of ownership passes to the customer. This is generally a the time of shipment of the product to the customer.
Revenue from product support includes sales of parts and servicing of equipment. For sales of parts, revenue is recognised when the part is shipped to the customer. For servicing of equipment, revenue is recognised as the work is performed; and
Revenue is recognised on bill and hold arrangements when the buyer takes title, provided:
it is probable that delivery will be made;
the item is on hand, identified and ready for delivery to the buyer at the time the sale is recognised;
the buyer specifically acknowledges the deferred delivery instructions; and
the usual payment terms apply.
Revenue is measure at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
DTGEN SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20%
Plant and equipment
20%
Fixtures and fittings
33%
Motor vehicles
25%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:
Consumables and goods for resale - purchase cost on a first in, first out basis
Work in progress - cost of direct materials and labour plus attributable overheads based on a normal level of activity
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DTGEN SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
DTGEN SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Total
15
On 30th June 2023, all employees were transferred to Dieselec Thistle Generators Limited.
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
8,054
15,288
86,501
35,287
145,130
Additions
576
576
Disposals
(871)
(66,971)
(67,842)
At 31 March 2024
8,054
14,993
19,530
35,287
77,864
Depreciation and impairment
At 1 July 2023
1,208
1,637
79,786
5,881
88,512
Depreciation charged in the period
1,208
2,347
2,358
6,617
12,530
Eliminated in respect of disposals
(189)
(66,650)
(66,839)
At 31 March 2024
2,416
3,795
15,494
12,498
34,203
Carrying amount
At 31 March 2024
5,638
11,198
4,036
22,789
43,661
At 30 June 2023
6,846
13,651
6,715
29,406
56,618
DTGEN SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
402,197
993,901
Amounts owed by group undertakings
5,206,895
5,248,167
Other debtors
232,680
501,275
5,841,772
6,743,343
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
766,974
401,909
Amounts owed to group undertakings
747,567
1,323,566
Corporation tax
153,764
Other taxation and social security
47,753
8,021
Other creditors
706,453
2,644,612
2,422,511
4,378,108
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,826
7
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
7,686
10,140
Other timing differences
-
(527)
7,686
9,613
DTGEN SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
7
Deferred taxation
(Continued)
- 8 -
2024
Movements in the period:
£
Liability at 1 July 2023
9,613
Credit to profit or loss
(1,927)
Liability at 31 March 2024
7,686
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
David Holt
Statutory Auditor:
Consilium Audit Limited
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
44,384
23,590
11
Related party transactions
Transactions with related parties
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.
Other information
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
DTGEN SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
12
Parent company
The immediate parent company is Dieselec Holdings Limited. During the year the shares held in the company were transferred via dividend in specie from DTGen South (Holdings) Limited to Dieselec Holdings Limited.
Following the acquisition of the shares in the immediate parent company on 1 November 2023, the directors regard DCC plc, a company registered in the Republic of Ireland, as the ultimate parent company. The smallest and largest group of undertakings which the company is consolidated for which group financial statements are prepared is DCC plc. Copies of the consolidated financial statements may be obtained from The Secretary, DCC plc, DCC House, Leopardstown Road, Foxrock, Co Dublin, Ireland.