REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
Delta Engineering Group Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
Delta Engineering Group Limited |
Delta Engineering Group Limited (Registered number: 06085322) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Delta Engineering Group Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
117 - 119 Cleethorpe Road |
Grimsby |
North East Lincs |
DN31 3ET |
Delta Engineering Group Limited (Registered number: 06085322) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
During the reporting period, the company continued to trade in-line with its business plan and maintained its strong position within the industry. |
The Directors continued to focus on the companies operating costs at the same time as putting in place several measures to mitigate against the risks that could be caused by the management age profile. The Directors appointed a number of key management to the existing team during the accounting period, at the same time as introducing a new management training programme for the existing team. |
Shortly after the financial year-end, a number of senior management retired from the business, and their roles were taken by the new appointments. |
With the above in mind, the Directors feel that the company is well positioned to improve the profitability of the business going forward. |
During the reporting period, Delta once again received a number of coveted National and International Safety and Quality Awards, on which it has built an enviable reputation. During the period, the Groups Health & Safety performance was again recognised by RoSPA and rewarded with an 11th consecutive Gold Medal Award, this was in addition to the previous year's award, of the coveted Presidents Award. |
REVIEW OF BUSINESS |
The Companies annual turnover was maintained during the reporting period and the margin increased even with several additional costs being incurred, the additional costs were mainly associated with the recruitment and replacement of a number of senior management and an old bad debt. That said, the Directors were satisfied with the profitability during the reporting period. |
With the above in mind, and with the knowledge of a strong order book in place going forward, the Directors expect the Company to return to its normal operating performance during the coming financial year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The industry in general expects to see further challenges during 2024 & 2025 mainly due to the national skills shortage and the general cost of living increases, Delta anticipate that the additional costs will result in additional operating costs, this uncertainty will continue to apply pressure on the Company's operating margin. |
The Company has also seen a slowdown in its Oil and Gas activities, and it is anticipated that until the conflict in Europe comes to a conclusion, the caution will remain in place. |
The above said, there is an optimism that 2025 onwards will generate more plant investment, as the plants become older, and legislation dictates operational upgrades. |
After taking significant steps to reduce the Company's operating costs, the Directors believe the Company is in a strong position to grow the Oil and Gas business once the above uncertainties subside. |
KEY PERFORMANCE INDICATORS |
The Company continues to strengthen its position within the industry with major emphasis being placed on securing further key maintenance contracts and establishing an even stronger working relationship with its existing blue-chip clients. |
Delta Engineering Group Limited (Registered number: 06085322) |
Strategic Report |
for the Year Ended 31 March 2024 |
POST YEAR END CONSIDERATIONS |
The Company continues to look to strengthen its position within the industry with the potential of further acquisitions to complement its existing engineering capabilities. |
ON BEHALF OF THE BOARD: |
Delta Engineering Group Limited (Registered number: 06085322) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of mechanical and electrical engineering, plant maintenance, construction and project execution on operating facilities. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
There have been no donations of a political nature made in the year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Delta Engineering Group Limited (Registered number: 06085322) |
Report of the Directors |
for the Year Ended 31 March 2024 |
AUDITORS |
The auditors, Haines Watts, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Delta Engineering Group Limited |
Opinion |
We have audited the financial statements of Delta Engineering Group Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the 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 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 the audit: |
- | the information given in the 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 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 |
Delta Engineering Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Through discussion with management and those charged with governance we gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. During the engagement team briefing we communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, FRS102 (UK GAAP), the Companies Act 2006, tax legislations and industry specific legislation, such as the Health and Safety at Work Act 1974. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
We evaluated management's incentives and opportunities for fraudulent manipulations of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates. |
Report of the Independent Auditors to the Members of |
Delta Engineering Group Limited |
Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: |
- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; |
- enquiries with the same concerning any actual or potential litigation claims; |
- reviewed risk of management override; |
- review of journal entries posted with unusual account combinations or posted by senior management; |
- reviewing accounting estimates for bias; |
- performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud; |
- agreeing financial statement disclosures to underlying supporting documentation. |
The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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. |
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. |
for and on behalf of |
117 - 119 Cleethorpe Road |
Grimsby |
North East Lincs |
DN31 3ET |
Delta Engineering Group Limited (Registered number: 06085322) |
Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Profit/loss on sale of invest | 5 |
229,041 | (1,130,427 | ) |
Interest payable and similar expenses | 6 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 7 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Delta Engineering Group Limited (Registered number: 06085322) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Delta Engineering Group Limited (Registered number: 06085322) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Delta Engineering Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
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. |
Turnover |
Turnover represents the amount derived from the provision of goods and services which fall within the Company's ordinary activities, stated net of value added tax. |
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company's activities. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in period to which they are paid. |
3. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Directors | 2 | 2 |
Engineering and operational | 75 | 77 |
Office and administration | 13 | 13 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences |
5. | EXCEPTIONAL ITEMS |
31.3.24 | 31.3.23 |
£ | £ |
Profit/loss on sale of invest | ( |
) |
The exceptional item in the previous year related to the write off of loans owing from related parties. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank interest |
Bank loan interest |
Other loan interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit/(loss) |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses |
Total tax charge | 31,761 | 30,225 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The freehold property is not currently depreciated as it is not completed, this is a departure from FRS 102. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Other loans (see note 12) |
Hire purchase contracts (see note 13) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 546,569 | 544,012 |
Other creditors |
Pension control account | 17,084 | 11,400 |
Accrued expenses |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 12) |
Other loans (see note 12) |
Hire purchase contracts (see note 13) |
12. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Other loans |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | LOANS - continued |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | 15,625 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
13. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank overdraft |
Bank loans |
Hire purchase contracts | 100,499 | 255,851 |
Net obligations under hire purchase contracts are secured on the assets being acquired. |
The bank loan is secured by way of a first legal charge over Unit B, Unit 3 Manby Road, Immingham, DN40 3BY and its associated assets. The bank also holds a debenture over the company's assets. |
15. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 53,723 | 38,298 |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
17. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2023 | 2,601,066 |
Profit for the year |
At 31 March 2024 | 2,690,529 |
18. | CONTINGENT LIABILITIES |
The assets of the group were provided as security for overdrafts and loans held by group companies by way of an unlimited cross guarantee which is supported by a debenture and a legal charge over the land and buildings owned by the group. |
At the balance sheet date the total of the contingent liability under the guarantee was £Nil (2023: £526,800). |
19. | RELATED PARTY DISCLOSURES |
31.3.24 | 31.3.23 |
£ | £ |
Sales | 365,857 | 227,989 |
Purchases | 1,872,718 | 194,732 |
Trade debtor balances | 15,152 | 56,698 |
Trade creditor balances | 24,961 | 12,290 |
Amount due from related party | 55 | 117,353 |
Amount due to related party | 553,974 | - |
All of these transactions have been conducted on commercial terms. The related parties are all companies which are under the common control of M McNamara. The company has taken advantage of the exemption not to disclose transactions with 100% owned group companies. |
Delta Engineering Group Limited (Registered number: 06085322) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
20. | ULTIMATE CONTROLLING PARTY |
The controlling party is Delta Group Investments Limited. |
The ultimate controlling party is |