Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31truetruetruetruetruetrue42023-08-01falseHolding company4falsefalse 13399045 2023-08-01 2024-07-31 13399045 2022-08-01 2023-07-31 13399045 2024-07-31 13399045 2023-07-31 13399045 2022-08-01 13399045 c:Director1 2023-08-01 2024-07-31 13399045 c:Director2 2023-08-01 2024-07-31 13399045 c:Director3 2023-08-01 2024-07-31 13399045 c:Director4 2023-08-01 2024-07-31 13399045 c:RegisteredOffice 2023-08-01 2024-07-31 13399045 d:CurrentFinancialInstruments 2024-07-31 13399045 d:CurrentFinancialInstruments 2023-07-31 13399045 d:ShareCapital 2023-08-01 2024-07-31 13399045 d:ShareCapital 2024-07-31 13399045 d:ShareCapital 2022-08-01 2023-07-31 13399045 d:ShareCapital 2023-07-31 13399045 d:ShareCapital 2022-08-01 13399045 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 13399045 d:RetainedEarningsAccumulatedLosses 2024-07-31 13399045 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 13399045 d:RetainedEarningsAccumulatedLosses 2023-07-31 13399045 d:RetainedEarningsAccumulatedLosses 2022-08-01 13399045 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 13399045 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 13399045 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 13399045 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 13399045 c:OrdinaryShareClass1 2023-08-01 2024-07-31 13399045 c:OrdinaryShareClass1 2024-07-31 13399045 c:OrdinaryShareClass1 2023-07-31 13399045 c:FRS102 2023-08-01 2024-07-31 13399045 c:Audited 2023-08-01 2024-07-31 13399045 c:FullAccounts 2023-08-01 2024-07-31 13399045 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 13399045 d:Subsidiary1 2023-08-01 2024-07-31 13399045 d:Subsidiary1 1 2023-08-01 2024-07-31 13399045 d:Subsidiary2 2023-08-01 2024-07-31 13399045 d:Subsidiary2 1 2023-08-01 2024-07-31 13399045 d:Subsidiary3 2023-08-01 2024-07-31 13399045 d:Subsidiary3 1 2023-08-01 2024-07-31 13399045 d:Subsidiary4 2023-08-01 2024-07-31 13399045 d:Subsidiary4 1 2023-08-01 2024-07-31 13399045 d:Subsidiary5 2023-08-01 2024-07-31 13399045 d:Subsidiary5 1 2023-08-01 2024-07-31 13399045 2 2023-08-01 2024-07-31 13399045 6 2023-08-01 2024-07-31 13399045 e:PoundSterling 2023-08-01 2024-07-31 13399045 d:EntityControlledByKeyManagementPersonnel1 2023-08-01 2024-07-31 13399045 d:EntityControlledByKeyManagementPersonnel1 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13399045









DELFIELD HOLDINGS LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
DELFIELD HOLDINGS LTD
 
 
COMPANY INFORMATION


Directors
R Barzi 
K E Cook 
C J Williams 
P D Wakefield 




Registered number
13399045



Registered office
Unit 7 Chancerygate Business Centre
Stonefield Way

Ruislip

Middlesex

HA4 0JA




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
DELFIELD HOLDINGS LTD
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21


 
DELFIELD HOLDINGS LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors present the results for the year ended 31 July 2024 and the state of the company's affairs at the reporting date.
The principal activity of the company in the period under review was that of an intermediate holding company.

Business review and future development
 
The company is an intermediate holding company and does not carry out any trading activity.

Principal risks and uncertainties
 
Given the nature of the entity there are no principal risks and uncertainties of note, to be disclosed in this section.

Financial key performance indicators
 
Given the nature of the entity there are no financial key performance indicators of note, to be disclosed in this section.


This report was approved by the board on 24 April 2025 and signed on its behalf.



C J Williams
Director

Page 1

 
DELFIELD HOLDINGS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,396,695 (2023 - loss £1,812,785).

Directors

The directors who served during the year were:

R Barzi 
K E Cook 
C J Williams 
P D Wakefield 

Matters covered in the Strategic Report

The company has chosen in accordance with section 414C of Companies Act 2006, to set out the following information which would otherwise be required to be contained in the Directors' report within the Strategic report: financial risk management objectives and policies, and future developments in the business of the company.

Page 2

 
DELFIELD HOLDINGS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 April 2025 and signed on its behalf.
 





C J Williams
Director

Page 3

 
DELFIELD HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD HOLDINGS LTD
 

Opinion


We have audited the financial statements of Delfield Holdings Ltd (the 'Company') for the year ended 31 July 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 Company's affairs as at 31 July 2024 and of its 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 Company 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 4

 
DELFIELD HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD HOLDINGS LTD (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 directors are 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
DELFIELD HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD HOLDINGS LTD (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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows:
 
°Companies Act 2006.
°FRS 102.
°Tax legislation.
°Employment legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
 
Page 6

 
DELFIELD HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD HOLDINGS LTD (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:

Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions

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.


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.





Nigel Goodman (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

28 April 2025
Page 7

 
DELFIELD HOLDINGS LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(628,632)
(705,470)

Operating loss
  
(628,632)
(705,470)

Amounts written off investments
 9 
-
(767,915)

Interest receivable and similar income
  
-
48

Interest payable and similar expenses
 7 
(544,668)
(562,843)

Loss before taxation
  
(1,173,300)
(2,036,180)

Tax on loss
 8 
(223,395)
223,395

Loss for the financial year
  
(1,396,695)
(1,812,785)

  

Total comprehensive income for the year
  
(1,396,695)
(1,812,785)

The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
DELFIELD HOLDINGS LTD
REGISTERED NUMBER: 13399045

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Investments
 9 
5,955,532
5,955,532

  
5,955,532
5,955,532

Current assets
  

Debtors: amounts falling due within one year
 10 
7,064
235,318

Cash at bank and in hand
 11 
2,786
8,007

  
9,850
243,325

Creditors: amounts falling due within one year
 12 
(9,607,710)
(8,444,490)

Net current liabilities
  
 
 
(9,597,860)
 
 
(8,201,165)

Total assets less current liabilities
  
(3,642,328)
(2,245,633)

Net liabilities
  
(3,642,328)
(2,245,633)


Capital and reserves
  

Called up share capital 
 15 
102,565
102,565

Profit and loss account
 16 
(3,744,893)
(2,348,198)

  
(3,642,328)
(2,245,633)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2025.




C J Williams
Director

The notes on pages 11 to 21 form part of these financial statements.

Page 9

 
DELFIELD HOLDINGS LTD
 

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
102,565
(2,348,198)
(2,245,633)


Comprehensive income for the year

Loss for the year
-
(1,396,695)
(1,396,695)
Total comprehensive income for the year
-
(1,396,695)
(1,396,695)


Total transactions with owners
-
-
-


At 31 July 2024
102,565
(3,744,893)
(3,642,328)



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2022
102,565
(535,413)
(432,848)


Comprehensive income for the year

Loss for the year
-
(1,812,785)
(1,812,785)
Total comprehensive income for the year
-
(1,812,785)
(1,812,785)


Total transactions with owners
-
-
-


At 31 July 2023
102,565
(2,348,198)
(2,245,633)


The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Delfield Holdings Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Chancerygate Business Centre, Stonefield Way, Ruislip, England, HA4 0JA.
The principal activity of the company is that of intermediate holding company.

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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Delfield Group Holdings Ltd as at 31 July 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Going concern

Company law requires the directors to consider the appropriateness of the going concern basis when preparing the financial statements.
The parent company Delfield Group Holdings Ltd is a major fund provider to the company. At the statement of financial position date, the amount owed to them amounted to £5,710,481. The directors of Delfield Group Holdings Ltd have provided an undertaking that they will not seek repayment of this amount until such time as the company has sufficient funds to do so. The director notes that the company is reliant on the trade of its subsidiaries, which are trading adequately and has sufficient working capital and other finance available to continue in operation for at least twelve months from the date of approval of these financial statements.
On the basis the director considers that the preparation of the financial statements on a going concern basis is appropriate.

  
2.5

Revenue

Revenue represents management charges. Management charges are recognised as revenue in the period which management charge covers.

 
2.6

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

  
2.8

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.


 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

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.

Page 13

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.14

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.
 
Increases in provisions are generally charged as an expense to the Statement of comprehensive income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgments in applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements:
1. Determine whether there has been any indicators of impairment in the value of the Company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the investments.
 


4.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
3,750
-

Page 14

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Employees

2024
2023
£
£

Wages and salaries
247,430
427,414

Social security costs
31,353
52,748

Cost of defined contribution scheme
30,174
8,869

308,957
489,031


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


        2024
        2023
            No.
            No.







Directors
4
4


6.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
221,157
427,414

Company contributions to defined contribution pension schemes
14,134
8,869

235,291
436,283


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

The highest paid director received remuneration of £145,901 (2023 - £156,302).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £14,134 (2023 - £Nil).


7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
544,668
544,668

Other loan interest payable
-
18,175

544,668
562,843

Page 15

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
223,395
(223,395)

Total deferred tax
223,395
(223,395)


Tax on loss
223,395
(223,395)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 -    21%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,173,300)
(2,036,180)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -    21%)
(293,325)
(427,709)

Effects of:


Expenses not deductible for tax purposes
858
166,557

Group relief surrendered
1,450,026
65,462

Remeasurement of deferred tax for changes in tax rates
-
(27,705)

Unrelieved tax losses carried forward
(934,164)
-

Total tax charge for the year
223,395
(223,395)


Factors that may affect future tax charges

No deferred tax asset has been recognised on the tax losses carried forward due to uncertainty over their recovery.

Page 16

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 August 2023
6,723,447



At 31 July 2024

6,723,447



Impairment


At 1 August 2023
767,915



At 31 July 2024

767,915



Net book value



At 31 July 2024
5,955,532



At 31 July 2023
5,955,532

Page 17

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Delfield PE Holdings Limited (Direct subsidiary)
Unit 7 Chancerygate Business Centre, Stonefield Way, Ruislip, United Kingdom, HA4 0JA
Ordinary
100%
Delfield PS Holdings Limited (Direct subsidiary)
Unit 7 Chancerygate Business Centre, Stonefield Way, Ruislip, United Kingdom, HA4 0JA
Ordinary
100%
Delfield Precision Services  Limited (Indirect subsidiary)
Unit 7 Chancerygate Business Centre, Stonefield Way, Ruislip, United Kingdom, HA4 0JA
Ordinary
100%
Delfield Precision Engineering Co.  Limited (Indirect subsidiary)
Unit 7 Chancerygate Business Centre, Stonefield Way, Ruislip, United Kingdom, HA4 0JA
Ordinary
100%
Delfield Property Management  Ltd (Indirect subsidiary)
Unit 7 Chancerygate Business Centre, Stonefield Way, Ruislip, Middlesex, England, HA4 0JA
Ordinary
100%

Page 18

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Debtors

2024
2023
£
£


Other debtors
7,064
11,923

Deferred taxation
-
223,395

7,064
235,318



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,786
8,007

2,786
8,007



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
23,187
33,266

Amounts owed to group undertakings
8,307,602
7,733,289

Other taxation and social security
16,540
17,957

Other creditors
5,717
-

Accruals and deferred income
1,254,664
659,978

9,607,710
8,444,490


Within the amounts owed to group undertakings are £6.38m are loan notes with interest rates between 7-10%. All amounts are repayable on demand.


13.


Cross guarantee

The Company has provided a cross guarantee for all amounts owed by Delfield Property Management Ltd to Lloyds Bank Plc. The guarantee is secured by fixed and floating charge over the assets of the Company.

Page 19

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Deferred taxation




2024


£






At beginning of year
223,395


Charged to profit or loss
(223,395)



At end of year
-

The deferred tax asset is made up as follows:

2024
2023
£
£


Short term timing differences
-
2,217

Tax losses carried forward
-
221,178

-
223,395


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,256,500 (2023 - 10,256,500) Ordinary shares of £0.01 each
102,565
102,565



16.


Reserves

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.


17.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,134 (2023 - £8,869).

Page 20

 
DELFIELD HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

18.


Related party transactions

The Company has taken advantage of the exemptions available under FRS 102 not to disclose transaction between entities that are part of a wholly owned group.
 
During the year the directors of the company invoiced the group for services totalling £54,800 (2023 -£61,050).
 
Included within other creditors is an amount of £5,717 (2023 - £Nil) due to a director.
 
Key management personnel compensation for the year amounted to £435,418 (2023 - £469,164).


19.


Controlling party

The immediate and ultimate parent company is Delfield Group Holdings Ltd, a company incorporated in England and Wales.
The largest and small group in which the results of the company are consolidated is headed by Delfield Group Holdings Ltd. The consolidated accounts of Delfield Group Holdings Ltd are available from Companies House.

 
Page 21