Company registration number 03598085 (England and Wales)
DENISON MAYES GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DENISON MAYES GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
DENISON MAYES GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
-
0
5,011
Tangible assets
4
96,033
103,626
96,033
108,637
Current assets
Stocks
54,720
41,125
Debtors
6
2,558,663
1,279,975
Cash at bank and in hand
73,497
926,712
2,686,880
2,247,812
Creditors: amounts falling due within one year
7
(678,812)
(595,762)
Net current assets
2,008,068
1,652,050
Total assets less current liabilities
2,104,101
1,760,687
Provisions for liabilities
(17,556)
(26,687)
Net assets
2,086,545
1,734,000
Capital and reserves
Called up share capital
4,538
4,538
Capital redemption reserve
962
962
Profit and loss reserves
2,081,045
1,728,500
Total equity
2,086,545
1,734,000

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
S Willett
Director
Company registration number 03598085 (England and Wales)
DENISON MAYES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Denison Mayes Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 98 Church Street, Hunslet, Leeds, LS10 2AZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

1.2
Going concern

Denison Mayes Group Limited has been a wholly owned subsidiary of MTS Systems Limited since 2019 and since acquisition has continued to operate as a standalone entity alongside its parent. true

 

In 2025, the directors intend to hive up the trade and assets of Denison Mayes Group Limited into its parent company MTS Systems Limited, and Denison Mayes Group Limited will cease to trade as an entity. All contracts, customers, transactions and employees associated with the Denison Mayes Group business will be transferred to MTS Systems Limited and all work and revenues previously associated with the Denison Mayes Group Limited will be delivered on an ongoing basis through MTS Systems Limited.

 

As Denison Mayes Group Limited will no longer be trading once the hive up has taken place, and the directors intend to liquidate the company when possible in the near future, these accounts have been prepared on a basis other than going concern. The directors believe that the amounts in the financial statements reflect the expected recoverable amounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

DENISON MAYES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Computer Software
10 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
up to 10 years as appropriate for individual items, straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

DENISON MAYES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

DENISON MAYES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13

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

2
Judgements and key sources of estimation uncertainty

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.

 

The judgement and estimates with the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

 

(i) Assessing recoverability of debtor balances

Debtor balances should be accounted for at their recoverable value. Management judgement is required in assessing the recoverability of certain debtor balances. Management utilise their knowledge of the business and its customers with a focus on any balances in dispute or outside credit terms. A debt provision is accounted for where appropriate.

 

(ii) Recoverability of intercompany receivables

The directors consider the intercompany receivables to be fully recoverable based on the financial position of the corresponding group company.

 

(iii) Determining whether stock has been value appropriately and if a provision is considered necessary

Stock is valued at the lower of cost and net realisable value. Judgement is required in assessing where the net realisable value may have fallen below cost. Management apply this judgement based on their knowledge of the relevant stock items held by the business, taking into account the ageing of stock and associated recoverability. A stock provision is applied to individual stock items as deemed appropriate.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
DENISON MAYES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Employees
(Continued)
- 6 -

The prior year column has been amended to reflect that the company has no employees other than its directors. Any staff costs are borne by a fellow member of the group and are re-charged at cost to the company.

4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2024
294,350
Additions
16,842
Disposals
(39,576)
At 31 December 2024
271,616
Depreciation and impairment
At 1 January 2024
190,724
Depreciation charged in the year
21,174
Eliminated in respect of disposals
(36,315)
At 31 December 2024
175,583
Carrying amount
At 31 December 2024
96,033
At 31 December 2023
103,626
5
Intangible fixed assets
Computer Software
£
Cost
At 1 January 2024
25,730
Disposals
(25,730)
At 31 December 2024
-
0
Amortisation and impairment
At 1 January 2024
20,719
Disposals
(20,719)
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
5,011
DENISON MAYES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
575,879
579,485
Amounts owed by group undertakings
1,937,421
662,507
Other debtors
45,363
37,983
2,558,663
1,279,975

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
60,143
35,809
Amounts owed to group undertakings
16,209
31,561
Taxation and social security
203,340
122,995
Other creditors
399,120
405,397
678,812
595,762
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Emphasis of matter

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter. The amounts in the financial statements have not been adjusted as a result of this – refer to Note 1.2 for details.

Senior Statutory Auditor:
Ian Parsons
Statutory Auditor:
Parsons Accountants Ltd
Date of audit report:
4 June 2025
DENISON MAYES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
147,532
139,046
10
Related party transactions

The Company has taken advantage of the exemption made available in Section 33.1A of FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" from the requirement to disclose related party transactions with wholly owned group companies.

11
Parent company

 

The immediate parent company is MTS Systems Limited, a company registered in England and Wales.

 

The ultimate parent company is Illinois Tool Works Corporation, a company registered in the United States. This company prepares consolidated group financial statements which are available from its registered office; 155 Harlem Avenue, Glenview, IL 60025, USA.

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