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Registered number: 13971145










DELDEN GROUP HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
DELDEN GROUP HOLDINGS LIMITED
 

COMPANY INFORMATION


Director
S Nyland 




Registered number
13971145



Registered office
111 Station Road

Selston

Nottinghamshire

NG16 6FF




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

1 Prospect Place

Millenium Way

Derby

DE24 8HG




Bankers
National Westminster Bank plc
1 Chesterfield Road

Alfreton

Derbyshire

DE55 7ZR





 
DELDEN GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of 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 statement of cash flows
13 - 14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 32


 
DELDEN GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The Director presents the strategic report for the year ended 31 July 2024.

Business review
 
The Group achieved revenues of £15,621,443, resulting in a pre-tax profit of £5,171,915. This performance reflects the ongoing progress and growth compared to the previous year.
In line with its commitment to sustainability and innovation, the Group continues to invest in emission-compliant cranes and advanced technology. These investments not only enhance operational efficiency but also align with environmental regulations and industry standards.
Additionally, the Group remains dedicated to investing in its people and staff. By providing continuous training and development opportunities, the Group ensures that its workforce is skilled, motivated, and capable of meeting the evolving demands of the industry.
The director is confident that the Group is well-positioned in the market to continue supplying major construction projects. With a strong financial foundation, a focus on cutting-edge technology, and a commitment to its employees, the Group is poised to meet the demands of large-scale developments and maintain its competitive edge.

Principal risks and uncertainties
 
The primary business risks include competition from other suppliers and economic uncertainty in the UK. 
While the Group is experiencing strong demand for its products and services, potential challenges to future growth include labour supply issues, rising inflation, and higher interest rates.

Financial risk management

The Group''s main sources of funding are bank balances and hire purchase facilities. 
Trade debtors are monitored daily to ensure accounts remain within agreed terms, and robust policies are in place for both new and existing customer accounts.

Key performance indicators
 
A range of key performance indicators are reviewed by the Group's management including those relating to turnover, gross profit, utilisation, employee numbers and external labour costs. The Group is satisfied that these KPIs are strengthening year on year.


This report was approved by the board on 28 January 2025 and signed on its behalf.



S Nyland
Director

Page 1

 
DELDEN GROUP HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,881,450 (2023 - £3,799,492).

Ordinary dividends were paid amounting to £350,000 (2023: £350,000). The Director does not recommend payment of a further dividend.

Director

The director who served during the year was:

S Nyland 

Future developments

There are no future developments, which the Director believes requires disclosure.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
DELDEN GROUP HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 28 January 2025 and signed on its behalf.
 





S Nyland
Director

Page 3

 
DELDEN GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELDEN GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Delden Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 July 2024 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
DELDEN GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELDEN GROUP HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


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 Director's 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:


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 director's 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 Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
DELDEN GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELDEN GROUP HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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:

Based on our understanding of the Group and industry, we identify the key laws and regulations affecting the Group. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
• management bias in respect of accounting estimates;
• management override of control; and
• posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the Group financial statements.
  
Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance/review of correspondence around actual and                                                                                                      potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; 
• Reviewing minutes of meetings of those charged with governance where available;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations   and fraud/ and enquiries with third party advisors about potential claims;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias. In particular  
         depreciation and performing analytical procedures to identify any unexpected or unusual relationships 
         that might indicate material misstatement due to fraud.
 
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 6

 
DELDEN GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELDEN GROUP HOLDINGS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Lucy Robinson (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
1 Prospect Place
Millenium Way
Derby
DE24 8HG

29 January 2025
Page 7

 
DELDEN GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,621,443
12,569,907

Cost of sales
  
(6,931,991)
(5,525,183)

Gross profit
  
8,689,452
7,044,724

Administrative expenses
  
(3,498,731)
(2,972,961)

Other operating income
 5 
565,009
1,336,796

Operating profit
 6 
5,755,730
5,408,559

Interest receivable and similar income
 10 
31,222
14,578

Interest payable and similar expenses
 11 
(615,037)
(394,102)

Profit before taxation
  
5,171,915
5,029,035

Tax on profit
 12 
(1,290,465)
(1,229,543)

Profit for the financial year
  
3,881,450
3,799,492

Owners of the parent Company
  
3,881,450
3,799,492

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 32 form part of these financial statements.

Page 8

 
DELDEN GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13971145

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 14 
39,696,370
31,865,943

  
39,696,370
31,865,943

Current assets
  

Stocks
 16 
24,575
27,936

Debtors: amounts falling due within one year
 17 
3,382,263
2,138,691

Cash at bank and in hand
 18 
2,054,795
2,065,252

  
5,461,633
4,231,879

Creditors: amounts falling due within one year
 19 
(9,330,728)
(5,858,911)

Net current liabilities
  
 
 
(3,869,095)
 
 
(1,627,032)

Total assets less current liabilities
  
35,827,275
30,238,911

Creditors: amounts falling due after more than one year
 20 
(9,935,150)
(9,168,701)

Provisions for liabilities
  

Deferred taxation
 23 
(5,713,052)
(4,422,587)

Net assets
  
20,179,073
16,647,623


Capital and reserves
  

Called up share capital 
 24 
1,837,073
1,837,073

Profit and loss account
 25 
18,342,000
14,810,550

Equity attributable to owners of the parent Company
  
20,179,073
16,647,623


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.




S Nyland
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 9

 
DELDEN GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13971145

COMPANY BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
1,837,073
1,837,073

Current assets
  

Debtors: amounts falling due after more than one year
 17 
-
176,049

Debtors: amounts falling due within one year
 17 
185,000
-

Cash at bank and in hand
 18 
8,861
4,272

  
193,861
180,321

Creditors: amounts falling due within one year
 19 
(193,861)
(180,321)

Net current assets
  
 
 
-
 
 
-

Total assets less current liabilities
  
1,837,073
1,837,073

  

  

Net assets
  
1,837,073
1,837,073


Capital and reserves
  

Called up share capital 
 24 
1,837,073
1,837,073

  
1,837,073
1,837,073


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.


S Nyland
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 10

 
DELDEN GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2023
1,837,073
14,810,550
16,647,623


Comprehensive income for the year

Profit for the year
-
3,881,450
3,881,450


Contributions by and distributions to owners

Dividends: Equity capital
-
(350,000)
(350,000)


Total transactions with owners
-
(350,000)
(350,000)


At 31 July 2024
1,837,073
18,342,000
20,179,073


The notes on pages 16 to 32 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
3,799,492
3,799,492
Total comprehensive income for the period
-
3,799,492
3,799,492


Contributions by and distributions to owners

Dividends: Equity capital
-
(350,000)
(350,000)

Purchase of own shares
-
(1,890,000)
(1,890,000)

Shares issued during the period
1,837,073
-
1,837,073

Reduction of shares
-
3,027
3,027

Balance arising on application of merger accounting
-
13,248,031
13,248,031


Total transactions with owners
1,837,073
11,011,058
12,848,131


At 31 July 2023
1,837,073
14,810,550
16,647,623


The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
DELDEN GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
350,000
350,000
Total comprehensive income for the period
-
350,000
350,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(350,000)
(350,000)

Shares issued during the period
1,837,073
-
1,837,073


Total transactions with owners
1,837,073
(350,000)
1,487,073



At 1 August 2023
1,837,073
-
1,837,073



Profit for the year
-
350,000
350,000

Dividends: Equity capital
-
(350,000)
(350,000)


At 31 July 2024
1,837,073
-
1,837,073


The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
DELDEN GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,881,450
3,799,492

Adjustments for:

Depreciation of tangible assets
2,172,097
1,838,736

Profit on disposal of tangible assets
(565,009)
-

Interest paid
615,037
394,102

Interest received
(31,222)
(394,102)

Taxation charge
1,290,465
1,229,543

Decrease in stocks
3,361
25,871

(Increase)/decrease in debtors
(1,243,572)
1,182,195

Increase/(decrease) in creditors
1,942,982
(1,354,498)

Investment income
-
(14,578)

Net cash generated from operating activities

8,065,589
6,706,761


Cash flows from investing activities

Purchase of tangible fixed assets
(2,289,020)
(7,029,901)

Sale of tangible fixed assets
1,492,793
3,021,291

Interest received
31,222
-

HP interest paid
(593,642)
-

Purchase of associates
-
2

Interest received
-
14,578

Net cash from investing activities

(1,358,647)
(3,994,030)

Cash flows from financing activities

Purchase of shares
-
(1,890,000)

Redemption of shares
-
27

New secured loans
830,000
-

Repayment of loans
(612,704)
165,150

Repayment of/new finance leases
(6,563,300)
(582,028)

Dividends paid
(350,000)
(350,000)

Interest paid
(21,395)
-

Cash arising on merger accounting
-
2,009,372

Net cash used in financing activities
(6,717,399)
(647,479)

Net (decrease)/increase in cash and cash equivalents
(10,457)
2,065,252

Cash and cash equivalents at beginning of year
2,065,252
-

Cash and cash equivalents at the end of year
2,054,795
2,065,252


Cash and cash equivalents at the end of year comprise:
Page 13

 
DELDEN GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


2024
2023

£
£


Cash at bank and in hand
2,054,795
2,065,252


Page 14

 
DELDEN GROUP HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024






At 1 August 2023
Cash flows
New finance leases
Other non-cash changes
At 31 July 2024
£

£

£

£

£

Cash at bank and in hand

2,065,252

(10,457)

-

-

2,054,795

Debt due after 1 year

(250,208)

(647,609)

-

220,000

(677,817)

Debt due within 1 year

(582,496)

430,313

-

(220,000)

(372,183)

Finance leases

(13,190,427)

6,563,300

(8,641,288)

-

(15,268,415)


(11,957,879)
6,335,547
(8,641,288)
-
(14,263,620)

The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Delden Group Holdings Limited ("the Company") is a private limited company domiciled and incorporated in England and Wales. The registered office is 111 Station Road, Selston, Nottinghamshire, NG16 6FF. 
The Group consists of Delden Group Holdings Limited and all of its subsidiaries.
The Group's principal activity is the sale and hire of machines, primarily cranes, and the sale of spare parts to the construction industry and reconditioning of heavy plant.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are rounded to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("The Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. 
The consolidated financial statements incorporate the results of business combinations using the merger accounting method, as applicable under FRS 102 and the Large and Medium-sized Companies and Groups Regulations 2008. 
In the Balance sheet, the assets and liabilities of the parties to the combination are not required to be restated to fair value. The results and cash flows of combining entities are brought into the accounts from the beginning of the financial year in which the combination occurred. They are deconsolidated from the date control ceases. 

 
2.3

Going concern

At the time of approving the financial statements, the Director has a reasonable expectation that the Group has adequate resources to continue in operation existence for the forseeable future, being at least 12 months from the signing of the financial statements. Thus the Group continues to adopt the going concern basis of accounting in preparing the financial statements.

Page 16

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for the sale and hire of machines and is shown net of VAT and other sales related taxes. 
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. 
Revenue from hire contracts is recognised over the hire period. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. 

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 17

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 18

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5-20%
Motor vehicles
-
20%
Fixtures and fittings
-
10-20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 19

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 20

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the director is 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. 
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 based on the expected useful economic life of the assets held by the Company. Management consider that for the hire machines held within plant and equipment this is 20 years.
Foreign exchange contracts 
Forward exchange contracts are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Crane hire
14,370,983
11,557,713

Machine sales
326,000
43,337

Spares, repairs and other
924,460
968,857

15,621,443
12,569,907


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Profit on sale of fixed assets
565,009
1,336,796


Page 22

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(249)
(330)

Operating leases
60,000
60,000

Depreciation of owned tangible fixed assets
331,243
762,705

Depreciation of tangible fixed assets held under finance leases
1,840,854
1,076,032


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
6,300
5,000

Fees payable to the Company's auditors in respect of:

The auditing of the individual subsidiary financial statements
19,200
17,000


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,056,508
890,184

Social security costs
114,641
89,041

Cost of defined contribution scheme
20,922
18,170

1,192,071
997,395


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
1
3
1
1



Admin
7
7
-
-



Other
14
12
-
-

22
22
1
1

Page 23

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Director's remuneration

2024
2023
£
£

Director's emoluments
20,471
10,000

Group contributions to defined contribution pension schemes
113
-

20,584
10,000


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Interest on bank deposits
31,222
14,578


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
13
10,474

Other loan interest payable
21,382
16,775

Finance leases and hire purchase contracts
593,642
366,853

615,037
394,102


12.


Taxation


2024
2023
£
£


Deferred tax


Origination and reversal of timing differences
1,290,464
1,229,543

Adjustments to prior periods
1
-

Total deferred tax
1,290,465
1,229,543


Tax on profit
1,290,465
1,229,543
Page 24

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,171,915
5,029,035


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.01%)
1,292,979
1,056,600

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,339
3,443

Capital allowances for year/period in excess of depreciation
-
(124,180)

Effect of change in corporation tax rate
-
196,457

Adjustments to tax charge in respect of prior periods
1
-

Other tax adjustments, reliefs and transfers
(136,825)
(182,408)

Capital gains differences
132,585
279,593

Other permanent differences
386
38

Total tax charge for the year/period
1,290,465
1,229,543


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Final paid
350,000
350,000

Page 25

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Tangible fixed assets

Group






Plant and machinery
Fixtures and fittings
Motor vehicles
Total

£
£
£
£



Cost 


At 1 August 2023
37,907,603
68,955
316,215
38,292,773


Additions
10,814,318
-
115,990
10,930,308


Disposals
(993,318)
-
(18,795)
(1,012,113)



At 31 July 2024

47,728,603
68,955
413,410
48,210,968



Depreciation


At 1 August 2023
6,194,053
67,907
164,870
6,426,830


Charge for the year on owned assets
478,803
1,048
61,067
540,918


Charge for the year on financed assets
1,631,179
-
-
1,631,179


Disposals
(65,534)
-
(18,795)
(84,329)



At 31 July 2024

8,238,501
68,955
207,142
8,514,598



Net book value



At 31 July 2024
39,490,102
-
206,268
39,696,370



At 31 July 2023
31,713,550
1,048
151,345
31,865,943

Assets acquired through business combinations are included at the original cost with accumulated depreciation shown separately. 

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
27,670,583
21,750,120

Page 26

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 August 2023
1,837,073



At 31 July 2024
1,837,073





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Delden Cranes Limited
111 Station Road, Selston, Nottinghamshire, NG16 6FF
Ordinary
100%
Delden Machinery Limited
111 Station Road, Selston, Nottinghamshire, NG16 6FF
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
24,575
27,936


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 27

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
-
176,049


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,080,593
1,715,817
-
-

Amounts owed by group undertakings
-
-
185,000
-

Other debtors
1,220,326
353,712
-
-

Prepayments and accrued income
81,344
69,162
-
-

3,382,263
2,138,691
185,000
-



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,054,795
2,065,252
8,861
4,272



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other borrowings (see note 21)
372,183
582,496
-
-

Trade creditors
2,648,482
672,598
-
-

Other taxation and social security
26,542
31,707
-
-

Obligations under finance lease and hire purchase contracts
6,011,082
4,271,934
-
-

Other creditors
196,358
185,309
193,861
180,321

Accruals and deferred income
76,081
114,867
-
-

9,330,728
5,858,911
193,861
180,321


Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
Included in other creditors is a balance of £196,358 (2023: £181,089)  which is a loan from a director, which is repayable on demand and interest-free.

Page 28

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Other borrowings (see note 21)
677,817
250,208

Net obligations under finance leases and hire purchase contracts
9,257,333
8,918,493

9,935,150
9,168,701


Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.


21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Other loans
372,183
582,496

Amounts falling due 1-2 years

Other loans
165,996
250,208

Amounts falling due 2-5 years

Other loans
497,988
-

Amounts falling due after more than 5 years

Other loans
13,833
-

1,050,000
832,704


The above includes a balance of £830,000 (2023: £Nil) representing a long term loan from a related party. See note 28 for further details. This loan is secured on specific tangible assets and interest is payable at 1% above the base rate.
The above also includes a balance of £220,000 (2023: £440,000) representing a long term loan from a related party. See note 28 for further details. This loan is secured against specific tangible fixed assets and interest is being charged at a fixed rate of 2.93%. 

Page 29

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
6,011,082
4,271,934

Between 1-5 years
9,257,333
8,918,493

15,268,415
13,190,427

Finance lease payments represent rentals payable by the Company 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. All leases are on a fixed repayment basis and no arrangements have been entered into for the contingent rental payments.


23.


Deferred taxation


Group



2024


£






At beginning of year
(4,422,587)


Charged to profit or loss
(1,290,465)



At end of year
(5,713,052)



The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(9,118,888)
(6,795,717)

Tax losses carried forward
3,405,790
2,373,105

Pension surplus
46
25

(5,713,052)
(4,422,587)


The expected net reversal of deferred taxation assets and liabilities is not considered to be material.

Page 30

 
DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,837,073 (2023 - 1,837,073) Ordinary shares of £1.00 each
1,837,073
1,837,073



25.


Reserves

Profit and loss account

Includes current and prior period retained profit and losses and is distributable. 


26.


Capital commitments




At 31 July 2024 the Group had capital commitments as follows:


Group
Group
2024
2023
£
£

Contracted for but not provided in these financial statements
(4,998,480)
(10,492,584)

At the year end, the Company was also committed to an exchange from GBP to Yen through the use of forward exchange contracts for a value of £970,368. 


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £20,922 (2023 - £18,170) . Contributions totalling £Nil  (2023 - £4,220) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 31 July 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
30,000
30,000
During the year, the operating lease expense incurred was £60,000 (2023:60,000). 

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DELDEN GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

29.


Related party transactions

At the year end, the Group owed £1,050,000 (2023: £440,000) to an other related entity. This amount is included within other borrowings. The loans are secured against specific tangible fixed assets and interest is being charged at 1% above the base rate, and a fixed rate of 2.93%. 
Included in other creditors is a balance of £196,358 (2023: £181,089)  which is a loan from a director, which is repayable on demand and interest-free.
During the year, key management personnel were remunerated £388,867.
During the year, there were transactions with close family members of the director and the Company which totalled £39,983. 


30.


Controlling party

The ultimate controlling party is Mr Sean Nyland by virtue of his 100% shareholding of Delden Group Holdings Limited.


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