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Registered number: 00825176









DELFIELD PRECISION ENGINEERING CO. LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
COMPANY INFORMATION


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




Registered number
00825176



Registered office
Unit 7 Chancerygate Business Centre
Stonefield Way

Ruislip

United Kingdom

HA4 0JA




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27


 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
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.

Business 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.

Principal risks and uncertainties
 
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
Page 1

 
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.

Financial key performance indicators
 
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.



K E Cook
Director

Page 2

 
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.

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 profit for the year, after taxation, amounted to £290,919 (2023 - £45,005).

Directors

The directors who served during the year were:

R Barzi 
C J Williams 
P D Wakefield 
K E Cook 
P R Myerscough was appointed as a director on 01 August 2024.

Page 3

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Future developments

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.

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.
 





K E Cook
Director

Page 4

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD PRECISION ENGINEERING CO. LIMITED
 

Opinion


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 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 profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 5

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD PRECISION ENGINEERING CO. LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The 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 3, 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 6

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELFIELD PRECISION ENGINEERING CO. LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 7

 
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.


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

 
Date: 
28 April 2025
Page 8

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,461,610
12,341,501

Cost of sales
  
(8,328,294)
(9,517,700)

Gross profit
  
3,133,316
2,823,801

Administrative expenses
  
(2,828,040)
(2,757,759)

Operating profit
 5 
305,276
66,042

Interest receivable and similar income
 8 
2,158
1,896

Interest payable and similar expenses
 9 
(23,523)
(17,621)

Profit before tax
  
283,911
50,317

Tax on profit
 10 
7,008
(5,312)

Profit for the financial year
  
290,919
45,005

  

Total comprehensive income for the year
  
290,919
45,005

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
REGISTERED NUMBER: 00825176

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 11 
812,383
841,891

  
812,383
841,891

Current assets
  

Stocks
 12 
1,425,426
2,067,555

Debtors: amounts falling due within one year
 13 
4,150,593
4,139,540

Cash at bank and in hand
 14 
237,426
188,213

  
5,813,445
6,395,308

Creditors: amounts falling due within one year
 15 
(2,624,710)
(3,395,395)

Net current assets
  
 
 
3,188,735
 
 
2,999,913

Total assets less current liabilities
  
4,001,118
3,841,804

Creditors: amounts falling due after more than one year
 16 
(71,972)
(189,026)

Provisions for liabilities
  

Deferred taxation
 19 
(163,749)
(178,300)

Net assets
  
3,765,397
3,474,478


Capital and reserves
  

Called up share capital 
 20 
500
500

Profit and loss account
  
3,764,897
3,473,978

  
3,765,397
3,474,478


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



K E Cook
Director

Date: 24 April 2025

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 

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
500
3,473,978
3,474,478


Comprehensive income for the year

Profit for the year
-
290,919
290,919
Total comprehensive income for the year
-
290,919
290,919


At 31 July 2024
500
3,764,897
3,765,397



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
500
3,428,973
3,429,473


Comprehensive income for the year

Profit for the year
-
45,005
45,005
Total comprehensive income for the year
-
45,005
45,005


At 31 July 2023
500
3,473,978
3,474,478


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

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

 
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 (see note 3).

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

Going concern

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.

Page 12

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 13

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

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 profit or loss 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.

 
2.10

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.


Page 14

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

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

At each reporting date the 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:

Plant and machinery
-
10%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
15%
on cost
Computer equipment
-
33%
on cost
Improvements to property
-
10%
on cost

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

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

 
2.12

Stocks

Raw Materials are valued at cost.
Work in progress and finished goods are valued at their selling price less the estimated average margin which equates to the estimated cost.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.13

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.

Page 15

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Creditors

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

 
2.16

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 profit or loss.

 
2.17

Financial instruments

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.
Page 16

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.17
Financial instruments (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.

Page 17

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:
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.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
416,437
36,898

Rest of Europe
3,748,725
3,573,001

Rest of the world
7,296,448
8,731,602

11,461,610
12,341,501



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
18,006
16,137

Other operating lease rentals
267,577
267,898

Depreciation
135,178
108,800

Page 18

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
11,000
42,000


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
3,097,169
3,636,268

Social security costs
311,168
384,966

Cost of defined contribution scheme
53,119
58,961

3,461,456
4,080,195


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


        2024
        2023
            No.
            No.







Administration
86
91

The directors are not remunerated through Delfield Precision Engineering CO. Limited.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
2,158
1,896

2,158
1,896

Page 19

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
326
-

Finance leases and hire purchase contracts
23,197
17,621

23,523
17,621


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
(3,277)

Adjustments in respect of previous periods
7,543
(24,738)


7,543
(28,015)


Total current tax
7,543
(28,015)

Deferred tax


Origination and reversal of timing differences
(14,551)
21,637

Adjustments in respect of prior periods
-
11,690

Total deferred tax
(14,551)
33,327


Tax on profit
(7,008)
5,312
Page 20

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
283,911
50,317


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -  21%)
70,978
10,569

Effects of:


Depreciation in respect of non qualifying assets
-
135

Expenses not deductible for tax purposes
244
5,031

Capital allowances for year in excess of depreciation
(4,796)
(832)

Adjustments to tax charge in respect of prior periods
7,543
(13,048)

Adjust deferred tax to standard corporation tax rate
-
3,457

Short-term timing difference leading to an increase in taxation
(4,433)
-

Group relief
(76,544)
-

Total tax charge for the year
(7,008)
5,312


Factors that may affect future tax charges

There are no factors that will affect future tax charges.

Page 21
 


 
DELFIELD PRECISION ENGINEERING CO. LIMITED


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


11.


Tangible fixed assets






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Leased property
Total

£
£
£
£
£
£



Cost 


At 1 August 2023
1,318,257
56,435
86,179
101,038
280,098
1,842,007


Additions
71,265
-
8,508
5,531
20,884
106,188


Disposals
-
(18,145)
(863)
-
-
(19,008)



At 31 July 2024

1,389,522
38,290
93,824
106,569
300,982
1,929,187



Depreciation


At 1 August 2023
793,273
34,680
74,794
68,910
28,459
1,000,116


Charge for the year on owned assets
42,160
-
2,974
13,905
28,854
87,893


Charge for the year on financed assets
39,890
7,395
-
-
-
47,285


Disposals
-
(18,145)
(345)
-
-
(18,490)



At 31 July 2024

875,323
23,930
77,423
82,815
57,313
1,116,804



Net book value



At 31 July 2024
514,199
14,360
16,401
23,754
243,669
812,383



At 31 July 2023
524,984
21,755
11,385
32,128
251,639
841,891

Page 22
 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           11.Tangible fixed assets (continued)

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


2024
2023
£
£



Plant and machinery
318,460
358,350

Motor vehicles
14,050
21,445

Computer equipment
3,537
6,969

336,047
386,764


12.


Stocks

2024
2023
£
£

Raw materials and consumables
578,567
913,755

Work in progress
476,790
573,707

Finished goods
370,069
580,093

1,425,426
2,067,555



13.


Debtors

2024
2023
£
£


Trade debtors
2,399,596
2,515,323

Amounts owed by group undertakings
1,574,832
1,405,940

Other debtors
93,708
126,510

Prepayments and accrued income
82,457
91,767

4,150,593
4,139,540


Page 23

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
237,426
188,213

Less: bank overdrafts
-
(10)

237,426
188,203



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
10

Trade creditors
1,273,106
1,625,032

Amounts owed to group undertakings
30,090
190,674

Corporation tax
-
4,815

Other taxation and social security
70,529
99,714

Obligations under finance lease and hire purchase contracts
119,087
113,519

Other creditors
366,177
302,213

Accruals and deferred income
765,721
1,059,418

2,624,710
3,395,395



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance leases and hire purchase contracts
71,972
189,026

71,972
189,026



17.


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 24

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
119,087
113,519

Between 1-5 years
71,972
189,026

191,059
302,545

Assets held under hire purchase agreements are secured against the underlying assets.


19.


Deferred taxation




2024
2023


£

£






At beginning of year
178,300
144,973


(Credited) / charged to the Statement of comprehensive income
(14,551)
33,327



At end of year
163,749
178,300

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
168,311
179,405

Short-term timing differences
(4,562)
(1,105)

163,749
178,300

Page 25

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



120 Ordinary shares of £1.00 each
120
120
340 Ordinary A shares of £1.00 each
340
340
10 Ordinary B shares of £1.00 each
10
10
10 Ordinary C shares of £1.00 each
10
10
10 Ordinary D shares of £1.00 each
10
10
10 Ordianry E shares of £1.00 each
10
10

500

500

All shares rank pari passu.



21.


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 £53,119 (2023 - £58,962).
Contributions totalling £Nil 
(2023 - £Nil) were payable to the fund at the balance sheet date.


22.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
148,333
148,333

Later than 1 year and not later than 5 years
133,805
282,138

282,138
430,471

Page 26

 
DELFIELD PRECISION ENGINEERING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

23.


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 Company was invoiced rent expenses totalling £125,000 
(2023 - £125,000) by JW Commercial Property Limited and PW Commercial Property Limited, companies with a common director. At the balance sheet date there was no balance outstanding.
During the year, the Company paid key management personnel compensation to Delfield Group Holdings Limited, a parent company, amounting to £204,238 
(2023 - £Nil).


24.


Controlling party

The immediate parent company is Delfield PE Holdings Limited, a company incorporated in England and Wales. 
The 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 Limited are available from Companies House.

 
Page 27