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REGISTERED NUMBER: 10599773 (England and Wales)






















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 July 2024

for

Dalziel & Pow Holdings Limited

Dalziel & Pow Holdings Limited (Registered number: 10599773)






Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Dalziel & Pow Holdings Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: K D Ware
D R Wright
Mrs S L Fairhurst
M King
T J Graveling
R J Bennett
P J West





SECRETARY: Camamile Limited





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 10599773 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Group Strategic Report
for the Year Ended 31 July 2024

The directors present their strategic report of the company and the group for the year ended 31 July 2024.

REVIEW OF BUSINESS
We were able to maintain a favourable trading position throughout 2024 despite the challenging trading environment caused by unfavourable macro-economic factors throughout the year.

The Directors continue to meet twice a week to discuss business continuity, including client accounts and management, new business opportunities, marketing, workload and operations, cash flow and other financial and business matters. This ensures we manage any potential risks or uncertainties that are encountered by the Group and agree measures to mitigate against them.

PRINCIPAL RISKS AND UNCERTAINTIES
Interest Risks and Liquidity Risks
The Group manages profits to fund growth, develop the business and maintain positive cash balances. Therefore, interest rate and liquidity risks are minimised.

Foreign Exchange Risk
The Group's preferred currency for all transactions is sterling. However, at times it is necessary to transact in other foreign currencies and this increases the risk of foreign exchange uncertainties. The Group monitors foreign exchange exposure on a regular basis and manages its accounts to maximise exchange rate benefit.

Credit Risk
The Group continuously reviews it credit risk with new and current clients. New clients, especially overseas clients, often have reduced credit terms with the requirement to make a payment on account to mitigate the Group's risk. We also regularly produce billing schedules to further minimise risk.

Client Satisfaction
We assess this on a direct one to one basis with the client and use feedback to improve the Group's client offer, match client expectations and retain existing clients. We have also employed a Client Service Director to support the client service and development of our key accounts.

Key Performance Indicators
Financial and non-financial key performance summary indicators are reviewed regularly by the Directors to measure performance against the business plan and budget, to ensure we can identify any risks or threats at the earliest possible opportunity and take the appropriate action.

ON BEHALF OF THE BOARD:





K D Ware - Director


24 January 2025

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Report of the Directors
for the Year Ended 31 July 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 July 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

K D Ware
D R Wright
Mrs S L Fairhurst
M King
T J Graveling
R J Bennett
P J West

CHARITABLE CONTRIBUTIONS
The Group is committed to it's Corporate Social Responsibility programme and commits to staff gifting a workday per year to charity. During the year the company also made charitable donations totalling £215 (2023: £15).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





K D Ware - Director


24 January 2025

Report of the Independent Auditors to the Members of
Dalziel & Pow Holdings Limited

Opinion
We have audited the financial statements of Dalziel & Pow Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 July 2024 and of the group's loss 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 group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 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 Group 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 Group 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
Dalziel & Pow Holdings Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 three, 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 group's and 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 group or the parent 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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and
the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory
framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making
inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
-
Assessing the extent of compliance with the relevant laws and regulations.

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.

Report of the Independent Auditors to the Members of
Dalziel & Pow Holdings Limited


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.




Matthew Chadwick BA (Hons), FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

24 January 2025

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Consolidated
Income Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 3 6,978,029 6,649,610

Cost of sales 2,020,204 2,009,215
GROSS PROFIT 4,957,825 4,640,395

Administrative expenses 3,892,371 3,839,084
1,065,454 801,311

Other operating income 4 - 231
OPERATING PROFIT 6 1,065,454 801,542

Interest receivable and similar income 7 12,380 6,196
1,077,834 807,738
Amortisation of goodwill (966,405 ) (966,405 )
111,429 (158,667 )

Interest payable and similar expenses 8 158,143 98,075
LOSS BEFORE TAXATION (46,714 ) (256,742 )

Tax on loss 9 243,261 164,996
LOSS FOR THE FINANCIAL YEAR (289,975 ) (421,738 )
Loss attributable to:
Owners of the parent (289,975 ) (421,738 )

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Consolidated
Other Comprehensive Income
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

LOSS FOR THE YEAR (289,975 ) (421,738 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(289,975

)

(421,738

)

Total comprehensive income attributable to:
Owners of the parent (289,975 ) (421,738 )

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Consolidated Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 2,505,091 3,470,994
Tangible assets 12 124,447 141,543
Investments 13 - -
2,629,538 3,612,537

CURRENT ASSETS
Debtors 14 2,046,701 1,219,139
Cash at bank and in hand 388,571 980,885
2,435,272 2,200,024
CREDITORS
Amounts falling due within one year 15 2,254,377 2,468,994
NET CURRENT ASSETS/(LIABILITIES) 180,895 (268,970 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,810,433 3,343,567

CREDITORS
Amounts falling due after more than one year 16 (530,000 ) (770,000 )

PROVISIONS FOR LIABILITIES 19 (27,192 ) (30,351 )
NET ASSETS 2,253,241 2,543,216

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Merger relief reserve 21 3,656,170 7,223,170
Retained earnings 21 (1,403,929 ) (4,680,954 )
SHAREHOLDERS' FUNDS 2,253,241 2,543,216

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





K D Ware - Director


Dalziel & Pow Holdings Limited (Registered number: 10599773)

Company Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 6,350,000 12,500,000
6,350,000 12,500,000

CURRENT ASSETS
Cash at bank 26,519 33,713

CREDITORS
Amounts falling due within one year 15 548,471 762,754
NET CURRENT LIABILITIES (521,952 ) (729,041 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,828,048 11,770,959

CREDITORS
Amounts falling due after more than one year 16 530,000 770,000
NET ASSETS 5,298,048 11,000,959

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Merger relief reserve 3,656,170 7,223,170
Retained earnings 1,640,878 3,776,789
SHAREHOLDERS' FUNDS 5,298,048 11,000,959

Company's (loss)/profit for the financial year (5,702,911 ) 645,056

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





K D Ware - Director


Dalziel & Pow Holdings Limited (Registered number: 10599773)

Consolidated Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up Merger
share Retained relief Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 1,000 (4,259,216 ) 7,223,170 2,964,954

Changes in equity
Total comprehensive income - (421,738 ) - (421,738 )
Balance at 31 July 2023 1,000 (4,680,954 ) 7,223,170 2,543,216

Changes in equity
Total comprehensive income - (289,975 ) - (289,975 )
Reserve transfer - 3,567,000 (3,567,000 ) -
Balance at 31 July 2024 1,000 (1,403,929 ) 3,656,170 2,253,241

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Company Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up Merger
share Retained relief Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 1,000 3,131,733 7,223,170 10,355,903

Changes in equity
Total comprehensive income - 645,056 - 645,056
Balance at 31 July 2023 1,000 3,776,789 7,223,170 11,000,959

Changes in equity
Total comprehensive income - (5,702,911 ) - (5,702,911 )
Reserve transfer - 3,567,000 (3,567,000 ) -
Balance at 31 July 2024 1,000 1,640,878 3,656,170 5,298,048

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 203,027 1,319,545
Interest paid (158,143 ) (98,075 )
Tax paid (138,257 ) (247,849 )
Net cash from operating activities (93,373 ) 973,621

Cash flows from investing activities
Purchase of intangible fixed assets (5,041 ) (716 )
Purchase of tangible fixed assets (28,644 ) (36,508 )
Sale of tangible fixed assets 2,364 2,636
Interest received 12,380 6,196
Net cash from investing activities (18,941 ) (28,392 )

Cash flows from financing activities
Loan repayments in year (480,000 ) (744,583 )
Net cash from financing activities (480,000 ) (744,583 )

(Decrease)/increase in cash and cash equivalents (592,314 ) 200,646
Cash and cash equivalents at beginning of
year

2

980,885

780,239

Cash and cash equivalents at end of year 2 388,571 980,885

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Loss before taxation (46,714 ) (256,742 )
Depreciation charges 48,057 50,435
Profit on disposal of fixed assets (142 ) (492 )
Amortisation of goodwill 966,405 966,405
Finance costs 158,143 98,075
Finance income (12,380 ) (6,196 )
1,113,369 851,485
(Increase)/decrease in trade and other debtors (827,562 ) 442,779
(Decrease)/increase in trade and other creditors (82,780 ) 25,281
Cash generated from operations 203,027 1,319,545

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 388,571 980,885
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 980,885 780,239


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 980,885 (592,314 ) 388,571
980,885 (592,314 ) 388,571
Debt
Debts falling due within 1 year (720,000 ) 240,000 (480,000 )
Debts falling due after 1 year (770,000 ) 240,000 (530,000 )
(1,490,000 ) 480,000 (1,010,000 )
Total (509,115 ) (112,314 ) (621,429 )

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Dalziel & Pow Holdings 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 General Information page.

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.

Basis of consolidation
The Consolidated Accounts incorporate the Accounts of Dalziel & Pow Holdings Limited and all its subsidiary undertakings. A separate Profit and Loss Account dealing with the results of the company has not been presented in accordance with section 408 of the Companies Act 2006. The acquisition method of accounting has been adopted. Under this method, the results of the subsidiary undertakings acquired or disposed of in the year are included in the consolidated profit and loss account from the date of acquisition or up to the date of the disposal.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents invoiced sales in respect of fees for services rendered and direct costs recovered as agreed with each client, excluding VAT.

Revenue is recognised when a service has been completed in accordance with the terms of agreement with the client. Where the provision of a service remains incomplete at the end of a period, a proportion of the income pertaining to the level of the service performed is accrued and is part of the debtors balance.

Where clients have invoiced in advance for services to be delivered at a future date, the income is deferred and becomes part of the creditors balance.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the period of the lease
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on reducing balance

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 2,318,144 2,741,695
Europe 2,413,519 2,049,153
Rest of the World 2,246,366 1,858,762
6,978,029 6,649,610

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

4. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts - 231

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,435,758 3,499,791
Social security costs 384,756 384,819
Other pension costs 439,081 424,526
4,259,595 4,309,136

The average number of employees during the year was as follows:
2024 2023

Directors 7 8
Designers 35 30
Administration 14 16
56 54

2024 2023
£    £   
Directors' remuneration 1,017,397 1,151,888
Directors' pension contributions to money purchase schemes 156,881 161,778

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

Money purchase schemes 7 8

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 186,834 179,550
Pension contributions to money purchase schemes 21,933 20,888

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 8,789 11,483
Depreciation - owned assets 43,518 46,490
Profit on disposal of fixed assets (142 ) (492 )
Goodwill amortisation 966,404 966,405
Patents and licences amortisation 4,540 3,945
Auditors' remuneration 28,600 26,000
Auditors' remuneration for non audit work 21,751 25,633
Foreign exchange differences 17,761 25,222

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Interest receivable 12,380 6,196

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 1,246
Debenture interest 158,143 96,829
158,143 98,075

9. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 243,190 158,945
Double taxation relief (110,086 ) (49,478 )
Foreign tax paid 113,316 49,478
Total current tax 246,420 158,945

Deferred tax (3,159 ) 6,051
Tax on loss 243,261 164,996

UK corporation tax has been charged at 25 % (2023 - 21 %).

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

EXCEPTIONAL ITEM

A group reorganisation was undertaken in 2017, which saw the creation of D&P Holdings Limited, a non-trading parent entity. As part of this reorganisation, consolidated goodwill was generated to represent the excess of the enterprise value of the transaction, above the trading company's net assets at that time. The goodwill has subsequently been amortised in the consolidated accounts.

During the year, an adjustment to the investment value in subsidiary was made, in order to reflect the current fair value of the trading entity. This adjustment represents a non-recurring, non-cash, transaction that is in no way representative of the current trading performance of Dalziel & Pow Design Consultants Limited. Moreover, the adjustment only affects parent company individual income statement and balance sheet and is eliminated on consolidation.

The adjustment to the investment value in subsidiary has resulted in a corresponding adjustment between retained earnings and the merger relief reserve, as permitted by Companies Act 2006.

Dalziel & Pow Design Consultants Limited remains a profitable trading business, enjoying a period of sustained growth.

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

11. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 August 2023 9,628,237 54,078 9,682,315
Additions - 5,041 5,041
At 31 July 2024 9,628,237 59,119 9,687,356
AMORTISATION
At 1 August 2023 6,165,289 46,032 6,211,321
Amortisation for year 966,404 4,540 970,944
At 31 July 2024 7,131,693 50,572 7,182,265
NET BOOK VALUE
At 31 July 2024 2,496,544 8,547 2,505,091
At 31 July 2023 3,462,948 8,046 3,470,994

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023 376,825 75,769 284,511 737,105
Additions 6,387 791 21,466 28,644
Disposals - - (87,842 ) (87,842 )
At 31 July 2024 383,212 76,560 218,135 677,907
DEPRECIATION
At 1 August 2023 315,523 44,553 235,486 595,562
Charge for year 12,252 8,001 23,265 43,518
Eliminated on disposal - - (85,620 ) (85,620 )
At 31 July 2024 327,775 52,554 173,131 553,460
NET BOOK VALUE
At 31 July 2024 55,437 24,006 45,004 124,447
At 31 July 2023 61,302 31,216 49,025 141,543

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 August 2023 12,500,000
Impairments (6,150,000 )
At 31 July 2024 6,350,000
NET BOOK VALUE
At 31 July 2024 6,350,000
At 31 July 2023 12,500,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Dalziel & Pow Design Consultants Limited
Registered office: 5-8 Hardwick Street, London, EC1R 4RG
Nature of business: Design Consultants
%
Class of shares: holding
Ordinary 100.00


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 1,670,619 878,476
Amounts recoverable on contracts 15,445 25,568
Other debtors 47,771 1,198
Prepayments and accrued income 312,866 313,897
2,046,701 1,219,139

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Debentures (see note 17) 480,000 720,000 480,000 720,000
Trade creditors 302,744 217,868 - -
Amounts owed to group undertakings - - 51,229 42,754
Tax 137,797 29,634 - -
Social security and other taxes 119,893 129,879 - -
VAT 104,920 82,030 - -
Other creditors 115,322 159,171 17,242 -
Directors' current accounts 10,189 20,377 - -
Accruals and deferred income 983,512 1,110,035 - -
2,254,377 2,468,994 548,471 762,754

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Debentures (see note 17) 530,000 770,000 530,000 770,000

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Debentures 480,000 720,000 480,000 720,000
Amounts falling due between one and two years:
Debentures - 1-2 years 480,000 720,000 480,000 720,000
Amounts falling due between two and five years:
Debentures - 2-5 years 50,000 50,000 50,000 50,000

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 353,800 298,528
Between one and five years 1,179,333 1,194,113
In more than five years - 99,509
1,533,133 1,592,150

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 27,192 30,351

Group
Deferred
tax
£   
Balance at 1 August 2023 30,351
Provided during year (3,159 )
Balance at 31 July 2024 27,192

Dalziel & Pow Holdings Limited (Registered number: 10599773)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

21. RESERVES

Group
Merger
Retained relief
earnings reserve Totals
£    £    £   

At 1 August 2023 (4,680,954 ) 7,223,170 2,542,216
Deficit for the year (289,975 ) (289,975 )
Reserve transfer 3,567,000 (3,567,000 ) -
At 31 July 2024 (1,403,929 ) 3,656,170 2,252,241


22. ULTIMATE CONTROLLING PARTY

No one person or entity controls the company.

23. RELATED PARTY DISCLOSURES

During the year key management personnel were paid a total of £1,750,807 (2023: £1,858,384).

During the year £480,000 (2023: £630,000) of loan notes were repaid to related parties. At the year end there was £1,100,000 (2023: £1,490,000) of loan notes still outstanding.