Registered number:
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD PRECISION ENGINEERING CO. LIMITED
COMPANY INFORMATION
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DELFIELD PRECISION ENGINEERING CO. LIMITED
CONTENTS
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DELFIELD PRECISION ENGINEERING CO. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The principal activities of the Company 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 Company's principal activities in the year under review.
The company turnover for the year of £11,462k was in line with management expectations and, on a like-for-like 12-month basis, demonstrated acceptable results for the year to 31st July 2024. The gross margin for the year 27.3%, as previously noted last year 23.0%, was further impacted by rising raw material prices, energy costs and other general cost inflation. Management have recently addressed these issues via a combination of higher selling prices, changing certain raw material suppliers and improving manufacturing and production efficiencies. These have recently been reflected since the year end in gross margin improvements and positive EBITDA.
The management of the Company and the execution of its strategy are subject to several risks, these include:
Market conditions Risk The Company'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 Company'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 Company'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 Company has negated these to some degree by changing its advance orders with suppliers to ensure continuity of supply and selling price increases. Competitor activity Risk The Company 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 Company has developed strong market and customer awareness with good intelligence around competitor activity and technology changes being introduced by the OEMs, thereby allowing the Company to act swiftly to any significant change. The Company also has a long-standing customer base and has plans to develop a new
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DELFIELD PRECISION ENGINEERING CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
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 Company's ability to execute its growth plans. Mitigation The Company's key customers are blue-chip global OEMs in the healthcare industry and, as such, represent low risk for credit default. The Company 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. Shortages and/or increased costs of labour Risk The Company 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 Company may also experience labour cost increases (including those related to increases in the National Living Wage and employment taxes) or disruptions in circumstances where we must compete for employees with the necessary skills and experience in tight labour markets. Mitigation The Company has developed its recruitment procedures over the period. There has also been focus on remuneration benchmarking to understand the Company's offering and new initiatives made to develop the workforce through training and engagement, promoting the values of working together and teamwork.
The company tracks its financial performance using the following KPl's:
2024 2023 £'000 £'000 Turnover £11,462 £12,342 Revenue growth -7.1% 0.5% Gross margin % 27.3% 22.9%
This report was approved by the board on 24 April 2025 and signed on its behalf.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
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 Strategic report, the Directors' report and the 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 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 2006. They 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.
The profit for the year, after taxation, amounted to £290,919 (2023 - £45,005).
The directors who served during the year were:
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DELFIELD PRECISION ENGINEERING CO. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
The market which Delfield sells into is set for continued global growth and Delfiled will invest in its capacity and unique technologies to take advantage of the market opportunity.
Going concern Company law requires the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider the going concern basis to be appropriate. The directors consider that the going concern basis is appropriate as the Company has adequate resources to continue in operational existence for the foreseeable future based on current trading and cash flow forecasts.
There have been no significant events affecting the Company 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 PRECISION ENGINEERING CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD PRECISION ENGINEERING CO. LIMITED
We have audited the financial statements of Delfield Precision Engineering Co. Limited (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 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 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.
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.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD PRECISION ENGINEERING CO. LIMITED (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 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.
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.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD PRECISION ENGINEERING CO. LIMITED (CONTINUED)
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.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD PRECISION ENGINEERING CO. LIMITED (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.
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
Date:
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DELFIELD PRECISION ENGINEERING CO. LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD PRECISION ENGINEERING CO. LIMITED
REGISTERED NUMBER: 00825176
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 by:
The notes on pages 12 to 27 form part of these financial statements.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Delfield Precision Engineering Co. Limited 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, England, HA4 0JA.
The principal activities of the Company during the year were the design, development and manufacture of precision machined components and assemblies, particularly for the healthcare sector.
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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.
Company law requires the directors to consider the appropriateness of the going concern basis when preparing the financial statements.
The directors consider that the going concern basis is appropriate as the Company has adequate resources to continue in operational existence for the foreseeable future based on current trading and cash flow forecasts.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
At each reporting date the Company 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.
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 profit or loss.
Work in progress and finished goods are valued at their selling price less the estimated average margin which equates to the estimated cost.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company 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 Company's Statement of financial position when the Company 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 Company'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 Company after the deduction of all its liabilities.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
i) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected usual 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 GP margin of 25% 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.
Analysis of turnover by country of destination:
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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DELFIELD PRECISION ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
10.Taxation (continued)
There are no factors that will affect future tax charges.
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