Registered number:
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
COMPANY INFORMATION
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DELFIELD GROUP HOLDINGS LTD
CONTENTS
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DELFIELD GROUP HOLDINGS LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The principal activities of the Group during the year were the design, development and manufacture of precision machined components and assemblies, particularly for the healthcare sector. There have not been any significant changes in the Group's principal activities in the year under review.
Business review The Group turnover for the year of £12,088,509 was in line with management expectations as part of delivering the 3.76% improvement to gross margin and return to positive EBITDA. Continued further actions since the year end on lean manufacturing operational improvements, raw material prices and sourcing shows further improvements in both gross margin and EBITDA. Combined with higher revenues and a strong order book the directors look forward to the coming year with confidence. Principal risks and uncertainties The management of the Group and the execution of its strategy are subject to several risks, these include: Market conditions Risk The Group's ultimate end user markets are global and dependant on the worldwide appetite to invest and expand healthcare provisions to the global population. As such the markets are dependent on both central governments and large OEMs to both continue and enhance their healthcare provisions, including technological advancements. Mitigation The Group's continued focus within its strategic priorities are the development of sales, quality and on-time reliability including positive cash generation. These include growing market share; increasing volumes with existing customers; expansion of its operating facilities and installing closer relationships with customers to partner in the design of new products or adapting for technological change, including mitigating for any contraction to demand for long established products. Raw material pricing and supply Risk The Group's main manufacturing operations are dependent on the availability and supply of aluminium based materials and castings, which it sources from various suppliers for different shapes and sizes. The price of aluminium fluctuates based on global demand and is typically priced in US dollars, with the resulting price then impacted by foreign currency markets. In particular, the continued war in Ukraine has had and continues to have an impact on both the supply and price of aluminium. Mitigation Although the war in Ukraine has had and continues to impact supply and price of certain raw materials including aluminium, the Group has negated these to some degree by changing its advance orders with suppliers to ensure continuity of supply and selling price increases.
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DELFIELD GROUP HOLDINGS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Risk
The Group has several competitors on the global market who compete mainly on price, quality and service. Any increase in competition could reduce volumes and margins on manufactured products. Mitigation The Group has developed strong market and customer awareness with good intelligence around competitor activity and technology changes being introduced by the OEMs, thereby allowing the Group to act swiftly to any significant change. The Group also has a long-standing customer base and has plans to develop a new customer pipeline, both of these underpinned with a customer service philosophy that drives longer-term innovation, collaboration and loyalty. Credit risk Risk Any credit default by a customer could result in a material bad debt write off. The loss of a major customer(s) could also limit the Group's ability to execute its growth plans. Mitigation The Group's key customers are blue--chip global OEMs in the healthcare industry and as such represent low risk for credit default. The Group has implemented Internal policies that require credit checks on new customers before sales are made and holds regular monthly reviews with all its key customers on both new orders and payment. The strong relationship with its key customers allows for the immediate resolution of any payment issues. Liquidity risk The company manages its cash and borrowing requirements in order to ensure the group has sufficient liquid resources to meet the operational needs of the business. Shortages and/or increased costs of labour Risk The Group is subject to supply risks related to the availability (and cost) of labour. In particular, the main manufacturing site is in an area of generally low unemployment. The Group may also experience labour cost increases (including those related to increases in the National Living Wage) or disruptions in circumstances where we must compete for employees with the necessary skills and experience in tight labour markets. Mitigation The Group has developed its recruitment procedures over the period. There has also been focus on remuneration benchmarking to understand the Group's offering and new initiatives made to develop the workforce through training and engagement, promoting the values of working together and teamwork.
The Group tracks its financial performance using the following KPl's:
2024 2023 Revenue £12,088,509 £12,998,111 Gross Margin % 30.23% 26.47% EBITDA £128,367 (£148,886)
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DELFIELD GROUP HOLDINGS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
This report was approved by the board on 24 April 2025 and signed on its behalf.
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DELFIELD GROUP 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.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are 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;
∙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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation and minority interests, amounted to £1,132,223 (2023 - loss £821,823).
The directors who served during the year were:
The market which Delfield sells into is set for continued global growth and Delfield will invest in its capacity and unique technologies to take advantage of the market opportunity.
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DELFIELD GROUP HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
The company has chosen in accordance with section 414C of the Companies Act 2006, to set out financial risk
management objectives and policies and future developments within the Group strategic report.
There have been no significant events affecting the Group since the year end.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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DELFIELD GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD GROUP HOLDINGS LTD
We have audited the financial statements of Delfield Group Holdings Ltd (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 statement of financial position, the Company statement of financial position, 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 directors with respect to going concern are described in the relevant sections of this report.
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DELFIELD GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD GROUP HOLDINGS LTD (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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DELFIELD GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD GROUP 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 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: 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:
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DELFIELD GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD GROUP HOLDINGS LTD (CONTINUED)
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.
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.
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DELFIELD GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD GROUP HOLDINGS LTD (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
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DELFIELD GROUP HOLDINGS LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
REGISTERED NUMBER: 13386005
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
REGISTERED NUMBER: 13386005
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 40 form part of these financial statements.
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DELFIELD GROUP HOLDINGS LTD
REGISTERED NUMBER: 13386005
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 40 form part of these financial statements.
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DELFIELD GROUP HOLDINGS LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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DELFIELD GROUP HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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DELFIELD GROUP HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Delfield Group Holdings Ltd is a company, limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Chancerygate Business Centre, Stonefield Way, Ruislip, United Kingdom, HA4 0JA.
The principal activities of the Group during the year were the design, development and precision manufacture of housings for radiation shielding for medical diagnostic equipment. There have been no any significant changes in the Group’s principal activities in the year under review.
2.Accounting policies
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 following principal accounting policies have been applied:
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 purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Non-controlling interests represent the portion of the equity in a subsidiary not attributable, directly or indirectly, to the parent company. Under FRS 102, the Group recognises non-controlling interests at the non-controlling interest’s proportionate share of the identifiable net assets of the subsidiary at the acquisition date. Subsequent to acquisition, the carrying amount of non-controlling interests is adjusted for the non-controlling interest’s share of changes in equity. The Group presents non-controlling interests within equity in the consolidated balance sheet, separately from the equity of the owners of the parent. The profit or loss and other comprehensive income of subsidiaries attributable to non-controlling interests is also disclosed separately in the consolidated statement of comprehensive income.
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Company law requires the directors to assess whether it is appropriate to prepare the financial statements on a going concern basis. The directors have concluded that the going concern basis remains appropriate, as the group has sufficient resources to continue in operational existence for at least 12 months from the date of approval of the financial statements, based on current trading and cash flow forecasts.
Functional and presentation currency
Transactions and balances
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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 the Consolidated 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 Group in independently administered funds.
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of business combination and acquirer’s interest in the fair value of the Group’s share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated depreciation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Goodwill – 10 years on a straight line basis.
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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 the Consolidated statement of comprehensive income.
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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.
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 Statement of financial position 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.
Basic 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,
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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.
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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
i) Useful life of tangible fixed assets: The directors annually assess both the residual value of these assets and the expected useful life of such assets which is based on experience. ii) Recoverability of trade debtors: The directors annually assess whether a bad debt provision is required for any bad or doubtful debtors balances. iii) Valuation of stock: The directors assess the quality of stock monthly by performing a stock count at the end of the month and adjusting the book amounts when necessary. Management then apply a product specific GP margin to the sales value in order to estimate the cost of work in progress and finished goods. Changing the margin will impact on the valuation of stock and profit before tax. Management has based the % on the average margin and have conducted a sensitivity analysis on this to assess the impact of higher and lower margin. iv) Acquisition accounting: The acquisition in the prior period required the directors to consider the fair value of assets and liabilities acquired. The directors have considered the fair values and have concluded that there is no material difference between the book value and fair value of assets and liabilities acquired. An increase in the fair value would reduce goodwill and the annual amortisation charge. v) Useful life of goodwilll: As detailed above the directors have assessed the fair value of assets and liabilities acquired and the difference between this and the amount paid represents goodwill on acquisition. The directors have estimated this to have a useful economic life of 10 years. vi) Goodwill impairment: The directors have assessed the goodwill balance for impairment and in doing so employed a number of key judgements and estimates as part of their value in use calculation. Directors have discounted the future five periods of post tax cashflows and a terminal value. The key assumptions are a discount rate of 17.7%, revenue growth of 3% and long term growth rate of 2%.
Analysis of turnover by country of destination:
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
11.Taxation (continued)
The group has tax losses carried forward of £1,483,358 (2023 - £884,711) which may affect future tax charges.
There are no significant factors that may affect future tax charges.
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Page 32
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
13.Tangible fixed assets (continued)
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
13.Tangible fixed assets (continued)
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
16.Debtors (continued)
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Bank loans comprise a £1.35m facility which is repayable over 60 months with a final instalment due in October 2027. The facility attracts interest at a rate of 2.45% above base. The bank loans are secured via a fixed and floating charge with a negative pledge over the property and all undertakings of the company.
Other loans include £2,500,000 of shareholder “A” Loan notes repayable 25 June 2027 or earlier the date on which the exit occurs and interest is charged at 7% per annum. Also included is £2,753,773 of shareholder “B” Loan notes repayable 25 June 2031 or if earlier due date on which exit occurs and interest is charged at 9% per annum.
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Page 38
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
23.Deferred taxation (continued)
Profit and loss account
Non-controlling interests The non-controlling interests relate to equity held by minority shareholders in subsidiary companies.
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 £83,293 (2023 - £72,767).
Contributions totaling £Nil (2023 - £Nil) were payable to the fund at the reporting date.
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DELFIELD GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The directors consider there to be no controlling party.
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