Dynamometer Services Group Limited 03901838 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of repairing, reconditioning and overhauling dynamometers. Digita Accounts Production Advanced 6.30.9574.0 true true false false true 03901838 2024-01-01 2024-12-31 03901838 2024-12-31 03901838 core:CapitalRedemptionReserve 2024-12-31 03901838 core:RetainedEarningsAccumulatedLosses 2024-12-31 03901838 core:ShareCapital 2024-12-31 03901838 core:SharePremium 2024-12-31 03901838 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 03901838 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-12-31 03901838 core:CurrentFinancialInstruments 2024-12-31 03901838 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 03901838 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 03901838 core:Goodwill 2024-12-31 03901838 core:OtherResidualIntangibleAssets 2024-12-31 03901838 core:FurnitureFittingsToolsEquipment 2024-12-31 03901838 core:LandBuildings 2024-12-31 03901838 core:MotorVehicles 2024-12-31 03901838 core:OtherPropertyPlantEquipment 2024-12-31 03901838 bus:SmallEntities 2024-01-01 2024-12-31 03901838 bus:Audited 2024-01-01 2024-12-31 03901838 bus:FilletedAccounts 2024-01-01 2024-12-31 03901838 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03901838 bus:RegisteredOffice 2024-01-01 2024-12-31 03901838 bus:Director1 2024-01-01 2024-12-31 03901838 bus:Director2 2024-01-01 2024-12-31 03901838 bus:Director5 2024-01-01 2024-12-31 03901838 bus:Director6 2024-01-01 2024-12-31 03901838 bus:Director8 2024-01-01 2024-12-31 03901838 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03901838 core:Goodwill 2024-01-01 2024-12-31 03901838 core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 03901838 core:ComputerEquipment 2024-01-01 2024-12-31 03901838 core:FurnitureFittings 2024-01-01 2024-12-31 03901838 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 03901838 core:LandBuildings 2024-01-01 2024-12-31 03901838 core:LeaseholdImprovements 2024-01-01 2024-12-31 03901838 core:MotorVehicles 2024-01-01 2024-12-31 03901838 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 03901838 core:PlantMachinery 2024-01-01 2024-12-31 03901838 core:Subsidiary1 2024-01-01 2024-12-31 03901838 core:Subsidiary1 1 2024-01-01 2024-12-31 03901838 core:Subsidiary1 countries:UnitedKingdom 2024-01-01 2024-12-31 03901838 1 2024-01-01 2024-12-31 03901838 countries:UnitedKingdom 2024-01-01 2024-12-31 03901838 2023-12-31 03901838 core:Goodwill 2023-12-31 03901838 core:OtherResidualIntangibleAssets 2023-12-31 03901838 core:CostValuation 2023-12-31 03901838 core:FurnitureFittingsToolsEquipment 2023-12-31 03901838 core:LandBuildings 2023-12-31 03901838 core:MotorVehicles 2023-12-31 03901838 core:OtherPropertyPlantEquipment 2023-12-31 03901838 2023-01-01 2023-12-31 03901838 2023-12-31 03901838 core:CapitalRedemptionReserve 2023-12-31 03901838 core:RetainedEarningsAccumulatedLosses 2023-12-31 03901838 core:ShareCapital 2023-12-31 03901838 core:SharePremium 2023-12-31 03901838 core:CurrentFinancialInstruments 2023-12-31 03901838 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03901838 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03901838 core:Goodwill 2023-12-31 03901838 core:OtherResidualIntangibleAssets 2023-12-31 03901838 core:FurnitureFittingsToolsEquipment 2023-12-31 03901838 core:LandBuildings 2023-12-31 03901838 core:MotorVehicles 2023-12-31 03901838 core:OtherPropertyPlantEquipment 2023-12-31 03901838 core:Subsidiary1 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 03901838

Dynamometer Services Group Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Dynamometer Services Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 12

 

Dynamometer Services Group Limited

Company Information

Directors

Mr S Borghi

Mr C E Marquet

Mr J Derrett

Mr G Atkins

Mr R Marquet

Registered office

Stock End
Bransford
Worcester
WR6 5JH

Auditors

Ballards LLP
Statutory Auditors, Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Dynamometer Services Group Limited

(Registration number: 03901838)
Balance Sheet as at 31 December 2024

Note

31 December
2024
£

31 December
2023
£

Fixed assets

 

Intangible assets

4

42

957

Tangible assets

5

430,517

286,437

Investments

6

100

100

 

430,659

287,494

Current assets

 

Stocks

7

1,223,441

1,162,459

Debtors

8

2,440,784

3,806,890

Cash at bank and in hand

 

2,156,535

504,380

 

5,820,760

5,473,729

Creditors: Amounts falling due within one year

9

(4,633,603)

(4,346,935)

Net current assets

 

1,187,157

1,126,794

Total assets less current liabilities

 

1,617,816

1,414,288

Creditors: Amounts falling due after more than one year

9

(180,548)

(82,462)

Provisions for liabilities

11

(78,604)

(45,253)

Net assets

 

1,358,664

1,286,573

Capital and reserves

 

Called up share capital

115,833

115,833

Share premium reserve

7,000

7,000

Capital redemption reserve

5,833

5,833

Retained earnings

1,229,998

1,157,907

Shareholders' funds

 

1,358,664

1,286,573

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 April 2025 and signed on its behalf by:
 

.........................................
Mr G Atkins
Director

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Stock End
Bransford
Worcester
WR6 5JH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the neared £.

Going concern

These financial statements are prepared on the going concern basis. The Directors have areasonable expectation that the company will continue in operational existence for the foreseeable future. The parent company and group have confirmed in writing they intend to support the company over the next 12 months.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 April 2025 was Adrian Sidaway BFP ACA, who signed for and on behalf of Ballards LLP.

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
Specific criteria have been met for each of the company's activities.

For contracts spanning the period end, the company recognises revenue from the point at which goods are delivered to the customer based on a stage of completion basis. The stage of completion is calculated with reference to the costs incurred to date compared to the total costs expected under the contract. Costs incurred on goods that have not been delivered to the customer's site are recorded as work-in-progress.

Government grants

The accounting policy adopted for government grants is the accruals model.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated into the respective functional currency of the entity at the rates prevailing on the reporting
period date. Non-monetary items carried at fair value that are denominated in foreign currencies are
retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises of the current tax charge and the movement in the deferred tax provision. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

10% on cost

Plant and machinery

15% on reducing balance or 3 years straight line

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33.33% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

6.67% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2023 - 32).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

13,723

72,856

86,579

At 31 December 2024

13,723

72,856

86,579

Amortisation

At 1 January 2024

12,766

72,856

85,622

Amortisation charge

915

-

915

At 31 December 2024

13,681

72,856

86,537

Carrying amount

At 31 December 2024

42

-

42

At 31 December 2023

957

-

957

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Leasehold property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 January 2024

91,163

218,658

288,570

337,437

935,828

Additions

-

28,778

199,215

34,523

262,516

Disposals

-

(1,259)

(42,672)

-

(43,931)

At 31 December 2024

91,163

246,177

445,113

371,960

1,154,413

Depreciation

At 1 January 2024

45,925

183,014

167,973

252,479

649,391

Charge for the year

5,910

24,902

66,365

15,845

113,022

Eliminated on disposal

-

(1,259)

(37,258)

-

(38,517)

At 31 December 2024

51,835

206,657

197,080

268,324

723,896

Carrying amount

At 31 December 2024

39,328

39,520

248,033

103,636

430,517

At 31 December 2023

45,238

35,644

120,597

84,958

286,437

The total net book value of assets on hire purchase included above in 2024 is £231,561 (2023 £98,577).

6

Investments

31 December
2024
£

31 December
2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2024

100

Carrying amount

At 31 December 2024

100

At 31 December 2023

100

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Dynamometer Services Limited

Stockend, Bransford, Worcester, WR6 5JH

United Kingdom

Ordinary

100%

100%

Subsidiary undertakings

Dynamometer Services Limited

The principal activity of Dynamometer Services Limited is Business support service activities. The company is dormant.

7

Stocks

31 December
2024
£

31 December
2023
£

Raw materials and consumables

146,010

321,455

Work in progress

1,077,431

841,004

1,223,441

1,162,459

8

Debtors

31 December
2024
£

31 December
2023
£

Trade debtors

1,550,536

3,481,411

Prepayments and accrued income

863,955

236,916

Other debtors

26,293

88,563

 

2,440,784

3,806,890

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Creditors

Note

31 December
2024
£

31 December
2023
£

Due within one year

 

Loans and borrowings

10

76,541

32,312

Trade creditors

 

1,072,605

873,125

Amounts owed to group undertakings

769,192

454,963

Taxation and social security

 

286,927

572,699

Accruals and deferred income

 

2,414,854

2,389,815

Other creditors

 

13,484

24,021

 

4,633,603

4,346,935

10

Loans and borrowings

31 December
2024
£

31 December
2023
£

Non-current loans and borrowings

Hire purchase contracts

180,548

82,462

31 December
2024
£

31 December
2023
£

Current loans and borrowings

Hire purchase contracts

60,972

24,629

Other borrowings

15,569

7,683

76,541

32,312

The above finance leases are secured by legal charges over motor vehicles owned by the company.

 

Dynamometer Services Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Provision for Liabilities

31 December 2024
£

31 December 2023
£

Deferred Tax

 

At 1 January

45,253

 

-

Deferred tax

33,351

 

45,253

At 31 December

78,604

 

45,253

The deferred tax liability relates to accelerated capital alloiwances.

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £66,547 (2023 - £98,374).

13

Parent and ultimate parent undertaking

The company's immediate parent is Apicom SpA, incorporated in Italy.