Company registration number 09852806 (England and Wales)
DIVERSITECH UK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DIVERSITECH UK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
N K Kroner
A C Kelly
(Appointed 8 August 2023)
Secretary
Denton Secretaries Limited
Company number
09852806
Registered office
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FE
Auditor
Taylor Dawson Plumb Limited
22 Regent Street
Nottingham
NG1 5BQ
DIVERSITECH UK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 11
DIVERSITECH UK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The Company did not trade during the period under review and no other form of income was received.

On behalf of the board

N K Kroner
Director
26 September 2024
DIVERSITECH UK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 7.

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:

N K Kroner
R E Sjogren
(Resigned 8 August 2023)
A C Kelly
(Appointed 8 August 2023)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement 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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

DIVERSITECH UK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
N K Kroner
Director
26 September 2024
DIVERSITECH UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DIVERSITECH UK HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of DiversiTech UK Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the balance sheet 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's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

DIVERSITECH UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DIVERSITECH UK HOLDINGS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by considering the following:

 

Based on the results of our risk assessment we designed our audit procedures to identify fraud and non-compliance with such laws and regulations identified above.

 

There are inherent limitations in the audit procedures described above and therefore there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Where instances of non-compliance with laws and regulations are not closely linked to events and transactions within the financial statements, then we are less likely to become aware of these. In addition, the risk is increased regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DIVERSITECH UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DIVERSITECH UK HOLDINGS LIMITED (CONTINUED)
- 6 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Sara Dawson
Senior Statutory Auditor
For and on behalf of Taylor Dawson Plumb Limited
26 September 2024
Chartered Accountants
Statutory Auditor
22 Regent Street
Nottingham
NG1 5BQ
DIVERSITECH UK HOLDINGS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
-
-
Profit before taxation
-
0
-
0
Tax on profit
-
0
-
0
Profit for the financial year
-
0
-
0
Retained earnings brought forward
1,298,614
1,298,614
Retained earnings carried forward
1,298,614
1,298,614

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

The notes on pages 9 to 11 form part of these financial statements.

DIVERSITECH UK HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
8,312,541
8,312,541
Current assets
-
-
Creditors: amounts falling due within one year
7
(154,927)
(154,927)
Net current liabilities
(154,927)
(154,927)
Net assets
8,157,614
8,157,614
Capital and reserves
Called up share capital
8
1
1
Share premium account
6,858,999
6,858,999
Profit and loss reserves
1,298,614
1,298,614
Total equity
8,157,614
8,157,614

The notes on pages 9 to 11 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
N K Kroner
Director
Company registration number 09852806 (England and Wales)
DIVERSITECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information

DiversiTech UK Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, MK9 1FE.

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 financial statements of the company are consolidated in the financial statements of DiversiTech Corporation Inc. These consolidated financial statements are available from its registered office 6650 Sugarloaf Parkway 100, Duluth, GA 30097, USA.

 

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost, less provision for diminution in value.

1.4
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.

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.

DIVERSITECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2
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
3
Employees

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

 

The average monthly number of persons (including directors) employed during the year was 2 (2022 - 2).

4
Taxation

No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

                        

5
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
6
8,312,541
8,312,541
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
DiversiTech International Limited
The Pinnacle, Midsummer Boulevard, Milton Keynes, England, MK9 1FE.
Wholesale of hardware, plumbing and heating
Ordinary
100.00
.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to associates
154,927
154,927
8
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
100
100
1
1
DIVERSITECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
9
Related party transactions

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.

10
Ultimate controlling party

The ultimate parent company is DiversiTech Holdings Inc, a company registered in USA. DiversiTech Holdings Inc is controlled by Partners Group, a global investment company.

 

The immediate parent company is DiversiTech Corporation, a company registered in USA. The company's registered address is 6650 Sugarloaf Parkway, #100 Duluth, GA 30097. The group accounts are not publicly available.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200N K KronerR E SjogrenA C KellyDenton Secretaries Limitedfalsefalse098528062023-01-012023-12-3109852806bus:Director12023-01-012023-12-3109852806bus:Director32023-01-012023-12-3109852806bus:CompanySecretary12023-01-012023-12-3109852806bus:Director22023-01-012023-12-3109852806bus:RegisteredOffice2023-01-012023-12-31098528062023-12-31098528062022-01-012022-12-3109852806core:RetainedEarningsAccumulatedLosses2022-12-3109852806core:RetainedEarningsAccumulatedLosses2021-12-3109852806core:ShareCapital2023-12-3109852806core:ShareCapital2022-12-3109852806core:SharePremium2023-12-3109852806core:SharePremium2022-12-3109852806core:RetainedEarningsAccumulatedLosses2023-12-3109852806core:RetainedEarningsAccumulatedLosses2022-12-31098528062022-12-3109852806core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109852806core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109852806core:Non-currentFinancialInstruments2023-12-3109852806core:Non-currentFinancialInstruments2022-12-310985280612023-01-012023-12-3109852806core:CurrentFinancialInstruments2023-12-3109852806core:CurrentFinancialInstruments2022-12-3109852806bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109852806bus:FRS1022023-01-012023-12-3109852806bus:Audited2023-01-012023-12-3109852806bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP