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REGISTERED NUMBER: 00606278 (England and Wales)











DRALLIM INDUSTRIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024






DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 12


DRALLIM INDUSTRIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: J M Staplehurst
C M Baldwin
D R Mooney
R D Hill-Smith



SECRETARY: J M Staplehurst



REGISTERED OFFICE: Millwood House
Drury Lane
Ponswood Industrial Estate
St Leonards on Sea
East Sussex
TN38 9BA



REGISTERED NUMBER: 00606278 (England and Wales)



ACCOUNTANTS: Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE



BANKERS: HSBC Bank Plc
4 Robertson Street
Hastings
East Sussex
TN34 1HW



SOLICITORS: Thomson Snell and Passmore
3 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NX

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,442,433 4,572,950
Investments 5 4,067 4,067
4,446,500 4,577,017

CURRENT ASSETS
Stocks 6 1,197,591 1,331,158
Debtors 7 627,150 564,036
Cash in hand 1,134,040 1,256,310
2,958,781 3,151,504
CREDITORS
Amounts falling due within one year 8 502,156 575,816
NET CURRENT ASSETS 2,456,625 2,575,688
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,903,125

7,152,705

PENSION ASSET 13 339,750 297,000
NET ASSETS 7,242,875 7,449,705

CAPITAL AND RESERVES
Called up share capital 11 400,000 400,000
Share premium 41,794 41,794
Revaluation reserve 12 1,028,550 1,080,024
Retained earnings 5,772,531 5,927,887
SHAREHOLDERS' FUNDS 7,242,875 7,449,705

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

BALANCE SHEET - continued
30TH JUNE 2024



The financial statements were approved by the Board of Directors and authorised for issue on 6th January 2025 and were signed on its behalf by:




J M Staplehurst - Director



C M Baldwin - Director


DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024


1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Drallim Industries Limited as an individual company and do not contain consolidated financial information as the parent of a group. The subsidiary companies are dormant or non trading and any consolidation would not be material.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that the company has obtained the right to consideration through its performance under the contract. Where contracts are in progress at the year end, but have not been billed, revenue and profit is recognised to the extent that the company has obtained the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write down each asset over its estimated useful life taking into account the approximate residual value on disposal.

Freehold property- 2.5% on cost or revaluation
Plant and machinery- at varying rates on cost
Computer equipment, fixtures and fittings- at varying rates on cost
Motor vehicles- 25% on cost


No depreciation is provided on freehold land.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 company operates a defined benefit pension scheme closed to new accruals at 30 June 2016.

The company operates a defined contribution scheme. The contributions are charged to the profit and loss account and the assets of the scheme are held separately from those of the company in an independently administered fund.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 34 ) .

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


4. TANGIBLE FIXED ASSETS
Computer
equipment,
fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1st July 2023 4,350,000 398,911 175,109 71,992 4,996,012
Additions - 27,692 3,341 - 31,033
Disposals - (170 ) (513 ) (25,061 ) (25,744 )
At 30th June 2024 4,350,000 426,433 177,937 46,931 5,001,301
DEPRECIATION
At 1st July 2023 99,550 138,624 134,297 50,591 423,062
Charge for year 99,550 38,734 16,844 6,255 161,383
Eliminated on disposal - (7 ) (511 ) (25,059 ) (25,577 )
At 30th June 2024 199,100 177,351 150,630 31,787 558,868
NET BOOK VALUE
At 30th June 2024 4,150,900 249,082 27,307 15,144 4,442,433
At 30th June 2023 4,250,450 260,287 40,812 21,401 4,572,950

Included in cost or valuation of land and buildings is freehold land of £ 368,000 (2023 - £ 368,000 ) which is not depreciated.

The freehold land and buildings was professionally revalued on 30th June 2022, by a RICS registered valuer.

Cost or valuation at 30th June 2024 is represented by:

Computer
equipment,
fixtures
FreeholdPlant andandMotor
propertymachineryfittingsvehiclesTotals
£££££
Revaluation surplus in
2022
1,029,492---1,029,492
Cost3,320,508426,433177,93746,9313,971,809
4,350,000426,433177,93746,9315,001,301

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertaki
£   
COST
At 1st July 2023
and 30th June 2024 4,067
NET BOOK VALUE
At 30th June 2024 4,067
At 30th June 2023 4,067

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

Drallim Controls Limited
Registered office: Inside of the United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,000 1,000

Cargo Aids Limited
Registered office: Inside of the United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,000 2,000

Drallim Telecommunications Limited
Registered office: Inside of the United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,000 1,000

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


5. FIXED ASSET INVESTMENTS - continued

Drallim Industries Inc.
Registered office: Outside of the United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (12,325 ) (12,325 )

Drallim USA Inc
Registered office: Outside of the United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

6. STOCKS

20242023
££
Inventory parts897,9111,085,583
Work in progress299,680245,575
Total1,197,5911,331,158

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 355,629 313,338
Other debtors 42,670 1,040
Tax 73,915 116,787
Accrued income 59,903 49,115
Prepayments 95,033 83,756
627,150 564,036

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 169,831 118,076
Amounts owed to group undertakings 4,000 4,000
Social security and other taxes 38,140 51,054
VAT 35,739 117,296
Other creditors 182,615 268,303
Accrued expenses 71,831 17,087
502,156 575,816

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 12,505 16,743
Between one and five years 36,553 30,068
49,058 46,811

10. SECURED DEBTS

On 1st March 2021, HSBC Bank plc were granted a charge over cash deposits totalling £170,500 held by the company and deposited with the bank on a 1 month revolving fixed rate deposit. The charge covers all present and future debts, money and liabilities owed to HSBC Bank plc including interest, fees, guarantees, costs and expenses. The amount charged was reduced by mutual agreement with the bank to £100,000 on 4th April 2024.

On 8th June 2023, HSBC Bank UK plc were granted a charge over a cash deposit totalling £196,000 held by the company and deposited with the bank on a 24 month fixed rate deposit maturing on 14th April 2025.
The charge covered a contract guarantee issued to a customer.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
400,000 Ordinary £1 400,000 400,000

12. RESERVES
Revaluati
reserve
£   
At 1st July 2023 1,080,024
Transfer excess depreciation
on revalued assets (51,474 )

At 30th June 2024 1,028,550

13. EMPLOYEE BENEFIT OBLIGATIONS

The Company sponsors Drallim Industries Limited Retirement Benefits Scheme, a funded defined benefit pension scheme in the UK. The scheme is set up on a tax relieved basis as a separate trust independent of the Company and is supervised by its Trustees. They are responsible for ensuring that the correct benefits are paid, that the scheme is appropriately funded and that scheme assets are appropriately invested.

The Company pays the cost as determined by the annual actuarial valuations. The Trustees are required to use prudent assumptions to value the liabilities and costs of the scheme whereas the accounting assumptions must be best estimates. The latest detailed triennial actuarial valuation dated 30 June 2022 showed a funding shortfall of £1,121,000. However, by 30 September 2023 the scheme was in sufficient surplus and deficit recovery payments by the Company to the scheme were ceased.

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


13. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (4,573,000 ) (4,514,000 )
Fair value of plan assets 4,912,750 4,811,000
339,750 297,000
Present value of unfunded obligations - -
Surplus 339,750 297,000
Net asset 339,750 297,000

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(17,000

)

2,000
Past service cost - -
(17,000 ) 2,000

Actual return on plan assets 270,000 122,000

Actual return on plan assets is represented by the following amounts:

2024 2023
£ £

Income return 246,000 179,000
Capital return 24,000 (57,000 )
270,000 122,000

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


13. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 4,514,000 4,894,000
Interest cost 229,000 181,000
Actuarial losses/(gains) 47,000 (299,000 )
Benefits paid (217,000 ) (262,000 )
4,573,000 4,514,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets (adjusted) 4,811,000 4,747,000
Contributions by employer 51,750 207,000
Assets expenses (3,000 ) (3,000 )
Expected return 246,000 179,000
Actuarial gains/(losses) 24,000 (57,000 )
Benefits paid (217,000 ) (262,000 )
4,912,750 4,811,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial gains/(losses) 25,750 444,000
25,750 444,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
Diversified Growth Fund 49.00% 100%
LDI Cash Fund 51.00% -
100.00% 100.00%

DRALLIM INDUSTRIES LIMITED (REGISTERED NUMBER: 00606278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


13. EMPLOYEE BENEFIT OBLIGATIONS - continued

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Liability discount rate 5.15% 5.20%
Inflation assumption - RPI 3.25% 3.30%
Inflation assumption - CPI 2.45% 2.50%
Revaluation of deferred pensions 2.45% 2.50%
Increases for pensions in payment 3.25% 3.30%
Proportion of employees commuting pension for cash 100% 100%

Forecast mortality rates are:
Male aged 65 at year end86.386.4
Female aged 65 at year end88.788.9
Male aged 45 at year end87.587.6
Female aged 45 at year end90.290.3

Sensitivity rates
The increase in the scheme deficit in the current financial year for each 0.1% change in the variable rate for the following assumptions amounted to:

20242023
Inflation rate increase£43,000£43,000
Inflation rate decrease-£42,000-£43,000
Discount rate decrease£52,000£53,000
Discount rate increase-£51,000-£52,000

The pension scheme surplus after tax relief measured by the Scheme Actuary using current practice applying a discount rate of 5.15% based on the current return on 17 year high grade (AA rated) corporate bonds amounts to £339,750. The pension scheme's assets at the balance sheet date are invested in a LDI portfolio designed to mirror the movement in the value of the liabilities of the scheme..

Defined contribution scheme

The company operates a defined contribution pension scheme available to all staff and the contributions are charged to the profit and loss account.

14. CONTINGENT LIABILITIES

Deferred guarantees totalling £288,893 were outstanding at 30 June 2024 (2023 - £288,893).

15. CONTROLLING PARTIES

Throughout the year the company was under the control of the board of directors. The ultimate controlling party is the A W Millard 1983 Trust, which has the majority shareholding in the company.