Company registration number 13223820 (England and Wales)
THE DARENT WAX GROUP LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE DARENT WAX GROUP LIMITED
COMPANY INFORMATION
Directors
Mr L Finlayson-Green
Mr RE Parker
Mr TA Ward
Mr AC Ward
Company number
13223820
Registered office
1 The Mills
Station Road
South Darenth
Kent
DA4 9BD
Auditor
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
1 The Mills
Station Road
South Darenth
Kent
DA4 9BD
THE DARENT WAX GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
THE DARENT WAX GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Business review and outlook

Despite continued challenges across the global landscape the directors are pleased to report on a satisfactory year. There has been significant investment in the development of people and processes which has been a key focus area for us this year. Ensuring that our resources remain aligned with our ambitions for the future.

 

Looking forward into 2024/2025, the Group continues to have a strong, consistent order book. It is anticipated that continuing development of new and existing products is expected to create many new opportunities to demonstrate our unique approach to the development of specialist wax compounds, technical support and service on a global stage.

 

Particular attention continues to be paid to cost control, with specific focus on productivity, raw materials and energy costs given the ongoing pressures in these areas over recent years.

Key performance indicators

The main trading subsidiary, The Darent Wax Company Limited, maintains its ISO 9001/2015 accreditation.

 

The Directors monitor and manage the performance of the Group supported by the production of monthly consolidated management reports, consisting of monthly financial accounts and non-financial metrics which summarise the performance of each of the functional areas of the business. All remain in line with where we could reasonably expect them to be given some continued geopolitical and economic headwind influence.

Principal risks and uncertainties

The Group recognises that we operate within global markets, including the UK, that continue to demonstrate some geopolitical and economic uncertainties generally.

 

Though it appears that the worst of the global shipping industry issues during 2022/23 may now be behind us, the industry is not yet however, recovered to pre-covid levels. Therefore we continue to work very closely with our partners to make shipping bookings in advance, lowering the risk of disruptions in our supply chain, both when importing and exporting.

 

The Group’s existing energy contracts are due to mature in early 2025. It is understood that although market conditions do not to reflect that of pre-2022 conditions, generally the wholesale energy market has seen some reduction in pricing from its unprecedented peak. Though there remains some uncertainty regarding long range forecasting of energy prices it is anticipated that we can expect to see some reduction from our current position, with effect from 2025.

On behalf of the board

Mr L Finlayson-Green
Director
15 November 2024
THE DARENT WAX GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and consolidated financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the Company and Group was that of a holding company for its subsidiary companies and the development, manufacture and sale of speciality wax compounds within the UK and overseas markets.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £150,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr L Finlayson-Green
Mr RE Parker
Mr TA Ward
Mr AC Ward
Financial instruments
Liquidity risk

The group carefully manages it cash and borrowing requirement in order to minimise interest expenditure, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. An appreciable portion of the groups sales and procurement activities are made in US Dollars and Euros. Having identified the potential for currency de-valuation risk a dynamic strategy has been developed to mitigate against currency fluctuations by proactively seeking to balance foreign currency sales with forward procurement of materials thus limiting the necessity for foreign currency exchange.

Credit risk

Investment of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

Regardless of some of the unprecedented challenges over recent years, the company has made significant investments into infrastructure and plant & equipment in preparation to support future demand. This year we have focused on commissioning much of this new equipment whilst simultaneously preparing our people for the opportunities of the future.

 

The company intends to continue growing by concentrating on developing new markets for existing products, along with increasing its already significant focus on new product development and its unique approach to technical support and service.

Auditor

The auditor, Lindeyer Francis Ferguson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

THE DARENT WAX GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the consolidated 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the consolidated financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and 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 auditor of the company 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 auditor of the company 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.

On behalf of the board
Mr L Finlayson-Green
Director
15 November 2024
THE DARENT WAX GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE DARENT WAX GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of The Darent Wax Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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 group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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:

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

In the light of the knowledge and understanding of the group and the parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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. As part of an audit, in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined below, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the group, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Companies Act 2006 and FRS 102.


We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the group's operations and to avoid material penalties, including the General Data Protection Regulation, health and safety, employment law and ISO 9001:2015 certification.

THE DARENT WAX GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE DARENT WAX GROUP LIMITED
- 6 -

Having reviewed the laws and regulations applicable to both the company and group, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

 

In relation to the group companies, we evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the key risks were related to the understatement of revenue, and management bias in accounting estimates and areas of the financial statements requiring judgement. Such areas include, but are not limited to, the depreciation of tangible fixed assets, the carrying value of inventory and the bad debt provision for trade debtors. Audit procedures performed by us included:

 

In relation to the parent company, the additional risks identified were in relation to the correct treatment of deferred consideration and the valuation of the investment in subsidiaries. Procedures performed in relation to these areas included:

 

The audit has been planned and performed in such a way as to best identify risks of material misstatement, however, because of the inherent limitations of audit procedures there is a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. For example, whilst we have properly planned and performed our audit in accordance with auditing standards, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely audit procedures are to identify it. Also, the risk of not detecting an irregularity due to fraud is higher than the risk of not detecting one resulting from error, due to probable deliberate concealment, override of controls, collusion or misrepresentations.

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.

THE DARENT WAX GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE DARENT WAX GROUP LIMITED
- 7 -

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.

Jonathan Healey FCA
Senior Statutory Auditor
For and on behalf of Lindeyer Francis Ferguson Limited
18 November 2024
Chartered Accountants
Statutory Auditor
North House
198 High Street
Tonbridge
Kent
TN9 1BE
THE DARENT WAX GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,335,191
13,567,279
Cost of sales
(8,049,983)
(10,072,845)
Gross profit
3,285,208
3,494,434
Administrative expenses
(2,072,046)
(1,783,180)
Operating profit
4
1,213,162
1,711,254
Interest receivable and similar income
7
15
-
0
Interest payable and similar expenses
8
(219,080)
(159,227)
Profit before taxation
994,097
1,552,027
Tax on profit
9
(286,627)
(351,675)
Profit for the financial year
707,470
1,200,352
Profit for the financial year is all attributable to the owners of the parent company.
THE DARENT WAX GROUP LIMITED
CONSOLIDATED GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
645,166
738,443
Tangible assets
11
3,670,068
3,606,954
4,315,234
4,345,397
Current assets
Stocks
14
1,744,094
2,296,246
Debtors
15
1,767,346
2,515,323
Cash at bank and in hand
756,680
354,083
4,268,120
5,165,652
Creditors: amounts falling due within one year
16
(1,770,916)
(2,376,400)
Net current assets
2,497,204
2,789,252
Total assets less current liabilities
6,812,438
7,134,649
Creditors: amounts falling due after more than one year
17
(1,967,229)
(2,886,542)
Provisions for liabilities
Deferred tax liability
20
307,720
268,088
(307,720)
(268,088)
Net assets
4,537,489
3,980,019
Capital and reserves
Called up share capital
23
473
473
Share premium account
-
0
1,881,431
Profit and loss reserves
4,537,016
2,098,115
Total equity
4,537,489
3,980,019

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

The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr L Finlayson-Green
Director
Company registration number 13223820 (England and Wales)
THE DARENT WAX GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
5,187,394
4,181,818
Current assets
Debtors
15
621,961
369,177
Creditors: amounts falling due within one year
16
(636,262)
(1,928,406)
Net current liabilities
(14,301)
(1,559,229)
Total assets less current liabilities
5,173,093
2,622,589
Creditors: amounts falling due after more than one year
17
(220,000)
(720,000)
Net assets
4,953,093
1,902,589
Capital and reserves
Called up share capital
23
473
473
Share premium account
-
0
1,881,431
Profit and loss reserves
4,952,620
20,685
Total equity
4,953,093
1,902,589

As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,200,504 (2023 - £330,465 profit), including exceptional investment income of £3,005,576.

The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr L Finlayson-Green
Director
Company registration number 13223820 (England and Wales)
THE DARENT WAX GROUP LIMITED
CONSOLIDATED GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
473
1,881,431
1,207,543
3,089,447
Period ended 31 March 2023:
Profit and total comprehensive income
-
-
1,200,352
1,200,352
Dividends
-
-
(309,780)
(309,780)
Balance at 31 March 2023
473
1,881,431
2,098,115
3,980,019
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
707,470
707,470
Dividends
-
-
(150,000)
(150,000)
Other movements
-
(1,881,431)
1,881,431
-
0
Balance at 31 March 2024
473
-
0
4,537,016
4,537,489
THE DARENT WAX GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
473
1,881,431
-
0
1,881,904
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
-
330,465
330,465
Dividends
-
-
(309,780)
(309,780)
Balance at 31 March 2023
473
1,881,431
20,685
1,902,589
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
3,200,504
3,200,504
Dividends
-
-
(150,000)
(150,000)
Other movements
-
(1,881,431)
1,881,431
-
0
Balance at 31 March 2024
473
-
0
4,952,620
4,953,093
THE DARENT WAX GROUP LIMITED
CONSOLIDATED GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,748,034
1,455,658
Interest paid
(219,080)
(159,227)
Income taxes paid
(253,898)
(379,333)
Net cash inflow from operating activities
1,275,056
917,098
Investing activities
Purchase of tangible fixed assets
(269,699)
(101,197)
Proceeds on disposal of tangible fixed assets
-
0
6,000
Interest received
15
-
0
Net cash used in investing activities
(269,684)
(95,197)
Financing activities
Repayment of bank loans
(351,369)
(263,024)
Payment of finance leases obligations
(101,406)
(107,322)
Dividends paid to equity shareholders
(150,000)
(309,780)
Net cash used in financing activities
(602,775)
(680,126)
Net increase in cash and cash equivalents
402,597
141,775
Cash and cash equivalents at beginning of year
354,083
212,308
Cash and cash equivalents at end of year
756,680
354,083
THE DARENT WAX GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(2,047,844)
(31,477)
Interest paid
(65,280)
(48,743)
Income taxes refunded
13,124
-
0
Net cash outflow from operating activities
(2,100,000)
(80,220)
Investing activities
Purchase of subsidiary
(1,005,576)
-
0
Dividends received
3,255,576
390,000
Net cash generated from investing activities
2,250,000
390,000
Financing activities
Dividends paid to equity shareholders
(150,000)
(309,780)
Net cash used in financing activities
(150,000)
(309,780)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

The Darent Wax Group Limited (“the Company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 The Mills, Station Road, South Darenth, Kent, DA4 9BD.

 

The group consists of The Darent Wax Group Limited and all of its subsidiaries.

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.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company, The Darent Wax Group Limited, together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the truegroup 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.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods, services and rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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.

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:

Freehold land and buildings
2-4% straight line
Leasehold improvements
4% on cost
Plant and equipment
10% and 25% reducing balance, depending upon the estimated useful life of the asset
Fixtures and fittings
10% and 25% reducing balance, depending upon the estimated useful life of the asset
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

 

An impairment loss is recognised immediately in profit or loss.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks are valued in the accounts on an average cost basis.

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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

1.11
Financial instruments

The company and group only have financial instruments which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

 

Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

 

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.

1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leased asset are consumed.

 

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
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 profit or loss.

THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of stock

The salaries of production staff are included within stock to accurately reflect all elements of production costs incurred. In order to calculate this, management increase the cost of finished goods by a flat 20%, to recognise the cost of direct labour invested into finished goods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

Depreciation is calculated to write off the cost or valuation of assets over their estimated useful economic lives. See note 1.6 for specific rates.

Goodwill

Amortisation is calculated to write off the goodwill over its estimated useful economic life of 10 years. See note 1.5 for more details on the amortisation policy.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Wax manufacture
11,335,191
13,565,105
Rental income
-
0
2,174
11,335,191
13,567,279
2024
2023
£
£
Turnover analysed by geographical market
UK
5,956,960
6,000,831
Overseas
5,378,231
7,566,448
11,335,191
13,567,279
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
15
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
44,541
(29,775)
Fees payable to the group's auditor for the audit of the group's financial statements
3,750
3,500
Depreciation of owned tangible fixed assets
158,202
137,588
Depreciation of tangible fixed assets held under finance leases
71,405
43,474
Loss on disposal of tangible fixed assets
36,405
73
Amortisation of intangible assets
93,277
93,277
Operating lease charges
77,129
102,893
5
Employees

The average monthly number of persons (including directors) employed by the Group and Company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
44
53
-
-
Other staff
26
19
-
-
Directors
4
4
4
4
Total
74
76
4
4

Their aggregate remuneration comprised:

Group
2024
2023
£
£
Wages and salaries
1,932,832
1,836,537
Social security costs
172,964
166,578
Pension costs
91,313
90,020
2,197,109
2,093,135

The Company paid no wages in the period to 31 March 2024 or the period to 31 March 2023.

THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
206,306
212,747
Company pension contributions to defined contribution schemes
10,139
10,139
Benefits in kind
13,890
12,084
230,335
234,970
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
65,630
68,325
Company pension contributions to defined contribution schemes
5,739
5,739

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023: 2).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
15
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
137,822
99,796
Other interest on financial liabilities
65,280
48,743
203,102
148,539
Other finance costs:
Interest on finance leases and hire purchase contracts
15,978
10,688
Total finance costs
219,080
159,227
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
261,401
274,349
Adjustments in respect of prior periods
(14,406)
(41,429)
Total current tax
246,995
232,920
Deferred tax
Origination and reversal of timing differences
39,632
118,755
Total tax charge
286,627
351,675

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
994,097
1,552,027
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
248,524
294,885
Tax effect of expenses that are not deductible in determining taxable profit
18,340
8,271
Group relief
(13,124)
-
0
Permanent capital allowances in excess of depreciation
(28,823)
(57,536)
Amortisation on assets not qualifying for tax allowances
23,319
17,723
Research and development tax credit
-
0
(41,735)
Under/(over) provided in prior years
405
-
0
Tax at marginal rate
(1,646)
-
0
Group losses unrelieved
-
0
11,312
Deferred tax movement
39,632
118,755
Taxation charge
286,627
351,675
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
932,770
Amortisation and impairment
At 1 April 2023
194,327
Amortisation charged for the year
93,277
At 31 March 2024
287,604
Carrying amount
At 31 March 2024
645,166
At 31 March 2023
738,443
The Company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
2,665,025
273,115
2,047,589
120,350
260,055
5,366,134
Additions
-
0
-
0
267,795
1,904
53,590
323,289
Disposals
-
0
-
0
(124,200)
-
0
-
0
(124,200)
At 31 March 2024
2,665,025
273,115
2,191,184
122,254
313,645
5,565,223
Depreciation and impairment
At 1 April 2023
282,598
42,337
1,265,641
99,388
69,216
1,759,180
Depreciation charged in the year
53,383
10,925
101,971
5,570
57,758
229,607
Eliminated in respect of disposals
-
0
-
0
(93,632)
-
0
-
0
(93,632)
At 31 March 2024
335,981
53,262
1,273,980
104,958
126,974
1,895,155
Carrying amount
At 31 March 2024
2,329,044
219,853
917,204
17,296
186,671
3,670,068
At 31 March 2023
2,382,427
230,778
781,948
20,962
190,839
3,606,954
The Company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Tangible fixed assets
(Continued)
- 24 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
2024
2023
£
£
Plant and equipment
122,823
136,470
Motor vehicles
186,670
167,971
309,493
304,441
12
Fixed asset investments
Company
2024
2023
Notes
£
£
Investments in subsidiaries
13
5,187,394
4,181,818
5,187,394
4,181,818
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
4,181,818
Additions
1,005,576
At 31 March 2024
5,187,394
Carrying amount
At 31 March 2024
5,187,394
At 31 March 2023
4,181,818
13
Subsidiaries

Details of the Company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Darent Wax Properties Limited
England and Wales
Rental of premises
Ordinary
100.00
The Darent Wax Company Limited
England and Wales
Manufacture of wax
Ordinary
100.00
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
14
Stocks
Group
2024
2023
£
£
Raw materials and consumables
1,029,043
1,384,219
Work in progress
160,328
316,669
Finished goods and goods for resale
475,869
478,496
Consignment stock
78,854
116,862
1,744,094
2,296,246

The Company held no stock at 31 March 2024 or 31 March 2023.

15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,461,130
2,153,458
-
0
-
0
Corporation tax recoverable
-
0
41,735
-
0
-
0
Amounts owed by group undertakings
-
-
619,091
369,091
Other debtors
40,897
12,798
2,870
86
Prepayments and accrued income
265,319
307,332
-
0
-
0
1,767,346
2,515,323
621,961
369,177
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
272,014
266,624
-
0
-
0
Obligations under finance leases
19
86,262
65,687
-
0
-
0
Trade creditors
722,804
1,319,824
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
210,562
1,459,406
Corporation tax payable
41,944
90,582
-
0
-
0
Other taxation and social security
93,476
60,997
-
-
Deferred income
21
-
0
16,131
-
0
-
0
Other creditors
461,967
472,211
420,000
460,000
Accruals and deferred income
92,449
84,344
5,700
9,000
1,770,916
2,376,400
636,262
1,928,406
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
1,647,305
2,004,064
-
0
-
0
Obligations under finance leases
19
99,924
162,478
-
0
-
0
Other creditors
220,000
720,000
220,000
720,000
1,967,229
2,886,542
220,000
720,000

Within other creditors is a balance owed to a director of the Company totalling £640,000 at 31 March 2024 (2023 - £1,080,000). £420,000 of this balance is included within creditors due within one year. There are fixed and floating charges dated 19 April 2021 and 28 June 2021 over the assets of the Group in relation to this balance.

18
Loans and overdrafts
Group
2024
2023
£
£
Bank loans
1,919,319
2,270,688
1,919,319
2,270,688
Payable within one year
272,014
266,624
Payable after one year
1,647,305
2,004,064

The long-term loans are secured by fixed charges over the assets of the group.

 

The Group has two loans outstanding at the year end. The first loan has a balance of £364,000 at the year-end, bears interest at a rate of 2.99% and will be fully repaid by May 2026 as a result of monthly repayments. The second loan bears interest at a rate of 2.5% above the Bank of England base rate and will be fully repaid by December 2027 as a result of monthly repayments.

The Company has no loans or overdrafts at 31 March 2024 or 31 March 2023.

THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
19
Finance lease obligations
Group
2024
2023
£
£
Future minimum lease payments due under finance leases:
Within one year
86,262
65,687
In two to five years
99,924
162,478
186,186
228,165
186,186
228,165
Finance lease payments represent rentals payable by the Group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance leases are secured against the assets to which they relate.

The Company had no finance leases at 31 March 2024, or 31 March 2023.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the Group and Company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
307,720
268,088
The Company has no deferred tax assets or liabilities.
Group
2024
Movements in the year:
£
Liability at 1 April 2023
268,088
Charge to profit or loss
39,632
Liability at 31 March 2024
307,720
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
21
Deferred income
Group
2024
2023
£
£
Other deferred income
-
0
16,131
-
0
16,131
The Company had no deferred income at 31 March 2024 or 31 March 2023.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
91,313
90,020

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
473
473
473
473
24
Operating lease commitments
Lessee

At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
2024
2023
£
£
Within one year
106,325
71,246
Between two and five years
372,138
-
478,463
71,246
The Company had no operating lease obligations at 31 March 2024 or 31 March 2023.
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
25
Financial commitments, guarantees and contingent liabilities

There are fixed and floating charges across the group in respect of a loan held by Darent Wax Properties Limited. These charges are dated 5 February 2014, 31 May 2017 and 1 March 2021. The amount owed by the group under these charges at 31 March 2024 amounted to £1,555,319 (2023: £1,738,688).

 

There are fixed and floating charges across the group in respect of a loan held by The Darent Wax Company Limited. These charge are dated 9 May 2017, 16 May 2017 and 1 March 2021. The amount owed by the group under these charges at 31 March 2024 amounted to £364,000 (2023: £532,000).

26
Related party transactions

At the year end, £2,918 (2023: £2,918) was owed to The Darent Wax Company Limited by a director of the company.


At the year end, £9,595 (2023: £9,595) was owed to The Darent Wax Company Limited by Darent Wax SAS, an entity controlled by a member of key management personnel.

These balances are included within other debtors.

 

The Company has taken advantage of the exemption provided in 33.1A of FRS 102 not to include details of transactions with 100% group companies.

27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
707,470
1,200,352
Adjustments for:
Taxation charged
286,627
351,675
Finance costs
219,080
159,227
Investment income
(15)
-
0
Loss/(gain) on disposal of tangible fixed assets
36,405
(4,305)
Amortisation and impairment of intangible assets
93,277
93,281
Depreciation and impairment of tangible fixed assets
229,607
181,066
Movements in working capital:
Decrease/(increase) in stocks
552,152
(92,841)
Decrease/(increase) in debtors
706,242
(179,982)
Decrease in creditors
(1,066,680)
(268,946)
(Decrease)/increase in deferred income
(16,131)
16,131
Cash generated from operations
1,748,034
1,455,658
THE DARENT WAX GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
28
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
3,200,504
330,465
Adjustments for:
Taxation credited
(13,124)
-
0
Finance costs
65,280
48,743
Investment income
(3,255,576)
(390,000)
Movements in working capital:
Increase in debtors
(252,784)
(309,311)
(Decrease)/increase in creditors
(1,792,144)
288,626
Cash absorbed by operations
(2,047,844)
(31,477)
29
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
354,083
402,597
-
756,680
Borrowings excluding overdrafts
(2,270,688)
351,369
-
(1,919,319)
Obligations under finance leases
(228,165)
95,569
(53,590)
(186,186)
(2,144,770)
849,535
(53,590)
(1,348,825)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210Mr L Finlayson-GreenMr RE ParkerMr TA WardMr AC 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