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REGISTERED NUMBER: 06085322 (England and Wales)















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: M McNamara
Mrs K A McNamara





SECRETARY: Mrs K A McNamara





REGISTERED OFFICE: Unit 3 Manby Road
South Killingholme
Immingham
North East Lincs
DN40 3DX





REGISTERED NUMBER: 06085322 (England and Wales)





AUDITORS: Haines Watts, Chartered Accountants
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:





M McNamara - Director


20 August 2024

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.

M McNamara
Mrs K A McNamara

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:




M McNamara - Director


20 August 2024

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.




Jennifer Toulson FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts, Chartered Accountants
117 - 119 Cleethorpe Road
Grimsby
North East Lincs
DN31 3ET

20 August 2024

Delta Engineering Group Limited (Registered number: 06085322)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 12,093,836 12,882,506

Cost of sales 10,768,195 11,604,130
GROSS PROFIT 1,325,641 1,278,376

Administrative expenses 1,096,600 1,068,557
OPERATING PROFIT 4 229,041 209,819

Profit/loss on sale of invest 5 - 1,340,246
229,041 (1,130,427 )


Interest payable and similar expenses 6 107,817 70,033
PROFIT/(LOSS) BEFORE TAXATION 121,224 (1,200,460 )

Tax on profit/(loss) 7 31,761 30,225
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

89,463

(1,230,685

)

Delta Engineering Group Limited (Registered number: 06085322)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 2,014,277 1,895,584

CURRENT ASSETS
Debtors 9 3,157,265 4,232,699
Cash at bank and in hand 167,371 671
3,324,636 4,233,370
CREDITORS
Amounts falling due within one year 10 2,137,046 2,851,963
NET CURRENT ASSETS 1,187,590 1,381,407
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,201,867

3,276,991

CREDITORS
Amounts falling due after more than one
year

11

(407,615

)

(587,627

)

PROVISIONS FOR LIABILITIES 15 (53,723 ) (38,298 )
NET ASSETS 2,740,529 2,651,066

CAPITAL AND RESERVES
Called up share capital 16 50,000 50,000
Share premium 17 28,333 28,333
Retained earnings 17 2,662,196 2,572,733
SHAREHOLDERS' FUNDS 2,740,529 2,651,066

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





M McNamara - Director


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 50,000 3,803,418 28,333 3,881,751

Changes in equity
Total comprehensive income - (1,230,685 ) - (1,230,685 )
Balance at 31 March 2023 50,000 2,572,733 28,333 2,651,066

Changes in equity
Total comprehensive income - 89,463 - 89,463
Balance at 31 March 2024 50,000 2,662,196 28,333 2,740,529

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
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 - not provided
Plant and machinery - 25% on reducing balance and 25% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 5,080,293 5,486,734
Social security costs 566,371 666,612
Other pension costs 111,781 167,205
5,758,445 6,320,551

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
90 92

31.3.24 31.3.23
£    £   
Directors' remuneration 51,650 51,165
Directors' pension contributions to money purchase schemes 12,000 12,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

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 67,748 66,498
Depreciation - owned assets 38,910 38,987
Depreciation - assets on hire purchase contracts 39,289 37,142
Loss on disposal of fixed assets 3,701 -
Auditors' remuneration 9,195 8,100
Auditors' remuneration for non audit work 3,640 4,962
Foreign exchange differences 13 -

5. EXCEPTIONAL ITEMS
31.3.24 31.3.23
£    £   
Profit/loss on sale of invest - (1,340,246 )

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 9,987 7,546
Bank loan interest 61,524 26,983
Other loan interest 6,588 6,588
Hire purchase 29,718 28,916
107,817 70,033

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 16,336 8,092

Deferred tax 15,425 22,133
Tax on profit/(loss) 31,761 30,225

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 121,224 (1,200,460 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

30,306

(228,087

)

Effects of:
Expenses not deductible for tax purposes 460 255,295
Depreciation in excess of capital allowances 995 2,894
Utilisation of tax losses - 123
Total tax charge 31,761 30,225

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 1,596,459 1,147,577 62,704
Additions 91,445 10,450 -
Disposals - - -
At 31 March 2024 1,687,904 1,158,027 62,704
DEPRECIATION
At 1 April 2023 - 1,102,405 52,465
Charge for year - 14,736 2,286
Eliminated on disposal - - -
At 31 March 2024 - 1,117,141 54,751
NET BOOK VALUE
At 31 March 2024 1,687,904 40,886 7,953
At 31 March 2023 1,596,459 45,172 10,239

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 529,789 103,971 3,440,500
Additions 106,335 7,363 215,593
Disposals (79,847 ) - (79,847 )
At 31 March 2024 556,277 111,334 3,576,246
DEPRECIATION
At 1 April 2023 309,855 80,191 1,544,916
Charge for year 55,114 6,063 78,199
Eliminated on disposal (61,146 ) - (61,146 )
At 31 March 2024 303,823 86,254 1,561,969
NET BOOK VALUE
At 31 March 2024 252,454 25,080 2,014,277
At 31 March 2023 219,934 23,780 1,895,584

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 363,572 336,595 700,167
Disposals - (79,847 ) (79,847 )
At 31 March 2024 363,572 256,748 620,320
DEPRECIATION
At 1 April 2023 356,857 167,327 524,184
Charge for year 1,499 37,790 39,289
Eliminated on disposal - (61,146 ) (61,146 )
At 31 March 2024 358,356 143,971 502,327
NET BOOK VALUE
At 31 March 2024 5,216 112,777 117,993
At 31 March 2023 6,715 169,268 175,983

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 2,236,990 3,239,481
Amounts owed by group undertakings 2,616 4,280
Other debtors 143,640 342,285
Prepayments and accrued income 774,019 646,653
3,157,265 4,232,699

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 12) 70,000 579,390
Other loans (see note 12) 62,500 62,500
Hire purchase contracts (see note 13) 41,009 148,849
Trade creditors 590,059 909,942
Corporation tax 16,336 8,092
Social security and other taxes 170,085 125,942
VAT 546,569 544,012
Other creditors 554,042 -
Pension control account 17,084 11,400
Accrued expenses 69,362 461,836
2,137,046 2,851,963

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 12) 332,500 402,500
Other loans (see note 12) 15,625 78,125
Hire purchase contracts (see note 13) 59,490 107,002
407,615 587,627

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 - 509,390
Bank loans 70,000 70,000
Other loans 62,500 62,500
132,500 641,890

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 70,000 70,000
Other loans - 1-2 years 15,625 78,125
85,625 148,125

Amounts falling due between two and five years:
Bank loans - 2-5 years 262,500 332,500

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 41,009 148,849
Between one and five years 59,490 107,002
100,499 255,851

14. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdraft - 509,390
Bank loans 402,500 472,500
Hire purchase contracts 100,499 255,851
502,999 1,237,741

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 38,298
Provided during year 15,425
Balance at 31 March 2024 53,723

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
50,000 Ordinary £1 50,000 50,000

17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 2,572,733 28,333 2,601,066
Profit for the year 89,463 89,463
At 31 March 2024 2,662,196 28,333 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 M McNamara.