Company registration number 13361604 (England and Wales)
DWS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DWS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A E Meola
Mr J R Hesler Jnr
Company number
13361604
Registered office
Park Mill
Burydell Lane
Park Street
St. Albans
Cambs
AL2 2EZ
Auditor
Mitchells Limited
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
DWS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 11
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 36
DWS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The Group's principal activities during the year continued to be construction related, including the screeding, drylining and system partitioning, the provision of tested and bespoke building envelope solutions and the provision of tested and bespoke roofing solutions.

Review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business. The directors consider the key financial performance indicators to be turnover, gross margin, net assets and the current ratio. Turnover and gross margin provide a good measure of the performance of the Company, whilst the current ratio demonstrates the financial strength of the Company.

 

Turnover decreased by 60.86% (2023 (as restated) – decreased by 58.11%) firstly as a result of one of the subsidiary companies, Jessella Limited, going into liquidation and secondly due to a significant slowdown in housebuilding, driven by interest rate uncertainties, reduced mortgage affordability, and a general downturn in the construction industry. Major housebuilders have scaled back new site starts, while planning delays and increased regulatory requirements have further impacted project pipelines. Additionally, ongoing labour shortages, material cost inflation, and supply chain disruptions have contributed to project delays and increased costs. Consumer confidence has also weakened, leading to a decline in demand for new-build homes. Despite these challenges, the Company continues to navigate a highly competitive market, focusing on cost efficiency and operational resilience.

 

The Company's gross profit margin has increased to 25.52% (2023 (as restated) - 15.38%) despite the reduction in turnover, reflecting a strategic shift towards higher-margin projects and improved cost management. The Company has focused on securing profitable contracts while reducing reliance on lower-margin work, ensuring stronger financial resilience. Operational efficiencies, better procurement strategies, and closer collaboration with subcontractors to ensure successful project delivery have contributed to improved profitability. Additionally, while material costs remain elevated, greater price stability has allowed for more effective cost control. The Company continues to operate in a highly competitive market but remains focused on maintaining strong margins through disciplined project selection and operational improvements.

 

The negative statement of financial position of the Company has decreased to £5.9m (2023 (as restated) - £6.4m) primarily due to a strategic focus on reducing creditors and strengthening financial stability. The Company has prioritised debt reduction to improve long-term resilience while also managing lower levels of work in progress and outstanding receivables in line with reduced turnover. Additionally, a disciplined approach to overhead control and optimised cash flow management has ensured financial efficiency during a challenging market. The overall decrease compared to prior years also reflects the ongoing impact of its fellow subsidiary, Jessella Limited, entering administration in February 2023.

Forward Outlook

Looking ahead, the directors remains committed to maintaining a robust financial position while continuing to secure profitable pipeline work and adapt to market conditions

 

Key Performance Indicators

 

Gross profit margin - 2024: 25.52%; 2023 (as restated): (15.38)%

 

Net profit/(loss) margin - 2024: 3.97%; 2023 (as restated): (19.21)%

 

Current ratio - 2024: 0.47; 2023 (as restated): 0.58

DWS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to the current economic climate and competition from other construction companies in the industry. While the global economy remains in a time of uncertainty, consumer spending on projects have not held up since the year-end.

Financial risk management

The Group's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The Group has in place a risk management program that seeks to limit adverse effects on the financial performance of the Group.

 

Credit and liquidity risk

The Group has limited exposure to credit risk by virtue of its client base. The cash balance at the year-end was £3.5k (2023 - £1.7k), whilst the Group has a CBILS loan of £2.78m (2023 - £3.13m) and bank overdraft of £374K (2023 - £1.1m) which further weakens the liquidity position of the Group. Despite this, receipts recovered in the post year provides the Group with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the Group's financial resources to ensure that the group is able to support its activities and future growth.

 

Interest rate and cash flow risk

The Group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Interest bearing liabilities include bank loans and overdrafts which attract interest at fixed rates.

 

Key performance indicators

As the Directors of DWS Holdings Ltd, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders in doing so must have regard to the following:

 

· The likely consequences of any decision in the long term;

· The interest of the Group’s employees;

· The need to foster the Group's business relationships with suppliers, customers, and others;

· The impact of the Group’s operations on the community and the environment;

· The desirability of the Group maintain a reputation for high standards of business conducted; and

· The need to act fairly between members of the company.

 

Our key stakeholders, and the ways in which we engage with them, are as follows:

 

Employees

Our business success is strongly linked to the skills and qualification of its management and employees, and this is reflected in the high levels of service that we provide.

 

To ensure that we maintain these high standards, the well-being and development of our employees is critical, and we therefore provide appropriate levels of training and support.

 

Regular updates are provided to employees on all aspects of Group business including performance, employee events and opportunities. Employee opinions and suggestions are encouraged at staff meetings and suggestion boxes are placed in the group premises. The Board welcomes ideas and comments from all employees and operates an informal open-door policy.

 

Customers and Suppliers

We are aware that our customers and suppliers are an important part of our success. We have strong relationships with our customers and suppliers and are in constant contact to maintain these relationships.

 

Our conduct guarantees that we treat all suppliers and customers fairly.

DWS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Community

As a Group we are active in the local communities where we operate and support local charities and not-for profit organisations. We participate in charity-organised events.

 

Environment

The group continues to monitor its impact in the fields of climate protection, energy management and waste avoidance. In the coming year, the Group will continue to work to further reduce or compensate for the effects and influences of its economic activities. This includes investing in fuel efficient vehicles.

 

Standards of Business Conduct

The Group is committed to conduct business with the highest integrity and the compliance with the law and have Standards in place which must be adhered to by everyone who represents the Group. These standards embody the fundamental principles that govern our ethical and legal obligations. These standards not only comply with

On behalf of the board

Mr J R Hesler Jnr
Director
30 May 2025
DWS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A E Meola
Mr J R Hesler Jnr
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J R Hesler Jnr
Director
30 May 2025
DWS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DWS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DWS HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of DWS Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

DWS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DWS HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

DWS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DWS HOLDINGS LIMITED
- 8 -

Identifying and responding to risks of material misstatement due to fraud

 

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

- Enquiring of Directors, the Audit and Risk Committee, internal audit, compliance officers and inspection of policy documentation as to the Company's high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Company's channel for "whistleblowing", as well as whether they have knowledge of any actual, suspected or alleged fraud.

 

- Reading Board and all relevant Committee minutes.

 

- Considering remuneration incentive schemes (primarily the annual incentive plan) and performance targets for management and Directors, including underlying profit from operations targets for management remuneration.

 

- Using analytical procedures to identify any unusual or unexpected relationships.

 

- Using our own forensic specialists to assist us in identifying fraud risks based on discussions of the circumstances of the Company.

 

We communicated identified fraud risk factors throughout the audit team and remained alert to any indications of fraud throughout the audit. This included communication from the Company component audit teams of relevant fraud risks identified at the Company level and request to component audit teams to report to the Company audit team any instances of fraud that could give rise to a material misstatement at the Company.

 

As required by auditing standards, and taking into account possible pressures to meet profit targets and our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that revenue earned from construction and support services is recorded in the wrong period and the risk that Company and component management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgements such as the estimation of forecast costs and the recognition of variable consideration.

 

On this audit we do not believe there is a fraud risk related to revenue recognition in the Infrastructure Investments segment based on the contractual nature of the segment's revenue with no significant judgement or estimation required in recognising revenue.

 

We also performed procedures including:

 

- Identifying journal entries and other adjustments to test for all full scope components based on specific risk-based criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts, those posted by users who post journals infrequently and those with missing user identification; and

 

- Assessing significant accounting estimates for bias.

 

We discussed with the Audit and Risk Committee matters related to actual or suspected fraud, for which disclosure is not necessary, and considered any implications for our audit.

DWS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DWS HOLDINGS LIMITED
- 9 -

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors and other management (as required by auditing standards), and from inspection of the Company's regulatory and legal correspondence and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations.

 

As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements.

 

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. This included communication to audit teams of relevant laws and regulations identified at the Company level, and a request to report any instances of non-compliance with laws and regulations that could give rise to a material misstatement at the Company.

 

The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation), distributable profits legislation, and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety, antibribery, employment law and environmental law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not

detect that breach.

 

We discussed with the Audit and Risk Committee matters related to actual or suspected breaches of laws or regulations, for which disclosure is not necessary, and considered any implications for our audit.

DWS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DWS HOLDINGS LIMITED
- 10 -

Context of the ability of the audit to detect fraud or breaches of law or regulation

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

 

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

 

 

 

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.

DWS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DWS HOLDINGS LIMITED
- 11 -
Mr David Gair ACA
For and on behalf of
30 May 2025
Mitchells Limited
Chartered Accountants
Statutory Auditor
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
DWS HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
as restated
Notes
£
£
£
£
£
£
Turnover
3
17,582,189
-
17,582,189
25,057,497
19,865,590
44,923,087
Cost of sales
(13,095,604)
-
(13,095,604)
(22,607,641)
(29,224,186)
(51,831,827)
Gross profit/(loss)
4,486,585
-
4,486,585
2,449,856
(9,358,596)
(6,908,740)
Administrative expenses
(3,514,182)
-
(3,514,182)
(4,368,182)
(3,215,339)
(7,583,521)
Operating profit/(loss)
4
972,403
-
972,403
(1,918,326)
(12,573,935)
(14,492,261)
Interest receivable and similar income
7
692
-
692
1,431
-
1,431
Interest payable and similar expenses
8
(274,224)
-
(274,224)
(190,004)
(2,459)
(192,463)
Amounts written off investments
9
-
-
-
6,051,972
-
6,051,972
Profit/(loss) before taxation
698,871
-
698,871
3,945,073
(12,576,394)
(8,631,321)
Tax on profit/(loss)
10
2,356
-
2,356
396,894
-
396,894
Profit/(loss) for the financial year
24
701,227
-
701,227
4,341,967
(12,576,394)
(8,234,427)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
550,956
(8,345,644)
- Non-controlling interests
150,271
111,217
701,227
(8,234,427)

The notes on pages 19 to 36 form part of these financial statements.

DWS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
as restated
£
£
Profit/(loss) for the year
701,227
(8,234,427)
Other comprehensive income
-
-
Total comprehensive income for the year
701,227
(8,234,427)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
550,956
(8,345,644)
- Non-controlling interests
150,271
111,217
701,227
(8,234,427)

The notes on pages 19 to 36 form part of these financial statements.

DWS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
127,294
55,974
Current assets
Debtors
16
3,600,163
6,498,019
Cash at bank and in hand
3,524
1,722
3,603,687
6,499,741
Creditors: amounts falling due within one year
17
(7,593,288)
(11,178,816)
Net current liabilities
(3,989,601)
(4,679,075)
Total assets less current liabilities
(3,862,307)
(4,623,101)
Creditors: amounts falling due after more than one year
18
(2,486,821)
(2,199,625)
Provisions for liabilities
Deferred tax liability
21
(455,804)
(428,302)
455,804
428,302
Net liabilities
(5,893,324)
(6,394,424)
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
(5,866,364)
(6,417,320)
Equity attributable to owners of the parent company
(5,866,264)
(6,417,220)
Non-controlling interests
(27,060)
22,796
(5,893,324)
(6,394,424)

The notes on pages 19 to 36 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
Mr J R Hesler Jnr
Director
Company registration number 13361604 (England and Wales)
DWS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
14
200
200
Current assets
Debtors
16
86,089
86,089
Creditors: amounts falling due within one year
17
(6,896,819)
(6,907,044)
Net current liabilities
(6,810,730)
(6,820,955)
Net liabilities
(6,810,530)
(6,820,755)
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
(6,810,630)
(6,820,855)
Total equity
(6,810,530)
(6,820,755)

The notes on pages 19 to 36 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £10,225 (2023 - £9,474,955 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
Mr J R Hesler Jnr
Director
Company registration number 13361604 (England and Wales)
DWS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
100
4,264,324
4,264,424
261,844
4,526,268
Prior year adjustment
-
(2,000,000)
(2,000,000)
-
(2,000,000)
As restated
100
2,264,324
2,264,424
261,844
2,526,268
Year ended 31 March 2023:
Loss and total comprehensive income
-
(8,345,644)
(8,345,644)
111,217
(8,234,427)
Dividends
12
-
(336,000)
(336,000)
(105,000)
(441,000)
Disposal of subsidiary
-
-
-
(245,265)
(245,265)
Balance at 31 March 2023
100
(6,417,320)
(6,417,220)
22,796
(6,394,424)
Year ended 31 March 2024:
Profit and total comprehensive income
-
550,956
550,956
150,271
701,227
Dividends
12
-
-
-
(200,127)
(200,127)
Balance at 31 March 2024
100
(5,866,364)
(5,866,264)
(27,060)
(5,893,324)

The notes on pages 19 to 36 form part of these financial statements.

DWS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
100
2,990,100
2,990,200
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(9,474,955)
(9,474,955)
Dividends
12
-
(336,000)
(336,000)
Balance at 31 March 2023
100
(6,820,855)
(6,820,755)
Year ended 31 March 2024:
Profit and total comprehensive income
-
10,225
10,225
Balance at 31 March 2024
100
(6,810,630)
(6,810,530)

The notes on pages 19 to 36 form part of these financial statements.

DWS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
981,783
(5,511,604)
Interest paid
(274,224)
(192,463)
Income taxes refunded
539,468
186,858
Net cash inflow/(outflow) from operating activities
1,247,027
(5,517,209)
Investing activities
Proceeds from disposal of intangibles
-
872,357
Purchase of tangible fixed assets
(119,025)
(25,748)
Proceeds from disposal of tangible fixed assets
-
18,000
Proceeds from disposal of investments
-
5,794,234
Repayment of loans
36,741
-
Interest received
692
1,431
Net cash (used in)/generated from investing activities
(81,592)
6,660,274
Financing activities
Repayment of bank loans
(348,849)
(1,250,000)
Payment of finance leases obligations
66,323
(10,200)
Dividends paid to equity shareholders
-
0
(327,600)
Dividends paid to non-controlling interests
(200,127)
(105,000)
Net cash used in financing activities
(482,653)
(1,692,800)
Net increase/(decrease) in cash and cash equivalents
682,782
(549,735)
Cash and cash equivalents at beginning of year
(1,053,353)
(503,618)
Cash and cash equivalents at end of year
(370,571)
(1,053,353)
Relating to:
Cash at bank and in hand
3,524
1,722
Bank overdrafts included in creditors payable within one year
(374,095)
(1,055,075)

The notes on pages 19 to 36 form part of these financial statements.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
1
Accounting policies
Company information

DWS Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of DWS Holdings Limited and all of its subsidiaries.

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.

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

The financial statements have been prepared under the historical cost convention.

 

The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company DWS Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

In the prior year, one of the Group's subsidiary companies, Jessella Limited, entered into administration. Accordingly, as a result of the loss of control of this subsidiary by the Group, this subsidiary was treated as disposed of by the Group in the prior year.

 

The profit and loss account and balance sheet included in these accounts as discontinued operations and a disposal of subsidiary in the prior year were based on the Jessella Limited accounting records, adjusted by the statement of affairs, on the assumption that this is the most accurate balance sheet position.

1.4
Going concern

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Whilst the directors observe that excluding the intercompany debtor, the balance sheet is in a net liability position, they have considered the Group's post year end profitable trading and forecasts.

 

The directors consider that they have strong relationships with their customer and supply chains, as well as the support of their bank. In the period since the year end, the Group has continued to meet its financial commitments and expects to continue to do so based on its 12 month forecasts. The directors are therefore in the opinion that the going concern assumption is considered appropriate for these financial statements.

1.5
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.

1.6
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
25% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% straight line/25% reducing balance

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 recognised in the profit and loss account.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.9
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.10
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.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
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 group’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 if, and only if, there is 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.

1.14
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.

1.15
Retirement benefits

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

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
1.16
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

In preparing the forecasts for considering the going concern basis, the directors have assumed that secured work will be undertaken as planned, and the projects under tender will be secured.

Amounts recoverable on contracts

Included within debtors are amounts in relation to 'Amounts recoverable on contracts'. This debtor represents amounts deemed recoverable by the group on contracts in respect of development sites, as determined by in-house surveyors.

 

These applications are subsequently approved by 3rd party certifications, whilst associated costs are matched during each respective period. However, there can be minor differences between estimated applications made (as accrued into the accounts) and the amounts subsequently certified.

Estimated margins

In conjunction with the consideration of amounts recovered on contracts, the directors make an assessment on the estimated margin of a contract. The directors will consider the forecast margin for the full length of the contract, based on workings and valuations prepared by internal quantity surveyors and will accrue or defer costs based on these reports accordingly. Any forecast loss on a contract is accounted for in the earliest accounting period appropriate, in accordance with accounting standards.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods and services
17,582,189
44,923,087
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
17,582,189
44,923,087
2024
2023
£
£
Other revenue
Interest income
692
1,431
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Depreciation of owned tangible fixed assets
28,684
94,514
Loss on disposal of tangible fixed assets
19,021
-
Amortisation of intangible assets
-
234,072
Operating lease charges
109,572
246,804
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
7,000
Audit of the financial statements of the company's subsidiaries
16,000
18,531
19,000
25,531
DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
2
2
2
2
Production
27
80
-
-
Total
29
82
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,880,118
2,914,179
-
0
-
0
Social security costs
208,024
464,014
-
-
Pension costs
31,336
71,806
-
0
-
0
2,119,478
3,449,999
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
692
1,431
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
237,631
189,346
Other interest on financial liabilities
11,000
-
Interest on finance leases and hire purchase contracts
350
2,459
Other interest
25,243
658
Total finance costs
274,224
192,463
9
Amounts written off investments
2024
2023
£
£
Gain on disposal of investments held at fair value
-
6,051,972
DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
110,479
31,408
Adjustments in respect of prior periods
(85,333)
-
0
Total current tax
25,146
31,408
Deferred tax
Origination and reversal of timing differences
(27,502)
(428,302)
Total tax credit
(2,356)
(396,894)

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
698,871
(8,631,321)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
174,718
(1,639,951)
Tax effect of expenses that are not deductible in determining taxable profit
31,884
1,333,927
Tax effect of income not taxable in determining taxable profit
(7,782)
-
0
Unutilised tax losses carried forward
-
0
2,280
Change in unrecognised deferred tax assets
(5,152)
6,440
Adjustments in respect of prior years
(83,052)
(2,152)
Group relief
-
0
2,280
Other permanent differences
-
0
1,699
Capital allowances
-
0
589
R&D expenditure
(112,972)
(108,914)
R&D surrendered for tax credit
-
0
111,816
Change in tax rates
-
0
(104,908)
Taxation credit
(2,356)
(396,894)
11
Discontinued operations

The discontinued operations relates to one of the Group's subsidiary companies, Jessella Limited, which went into administration in the prior year.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
336,000
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
3,720
152,842
95,008
251,570
Additions
-
0
5,229
113,796
119,025
Disposals
(2,757)
(106,492)
(34,374)
(143,623)
At 31 March 2024
963
51,579
174,430
226,972
Depreciation and impairment
At 1 April 2023
1,250
123,044
71,302
195,596
Depreciation charged in the year
930
12,213
15,541
28,684
Eliminated in respect of disposals
(1,377)
(106,341)
(16,884)
(124,602)
At 31 March 2024
803
28,916
69,959
99,678
Carrying amount
At 31 March 2024
160
22,663
104,471
127,294
At 31 March 2023
2,470
29,798
23,706
55,974
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
200
200
DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
200
Carrying amount
At 31 March 2024
200
At 31 March 2023
200
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Drywall Solutions UK Limited
Park Mill, Burydell Lane, Park Street, St Albans, Cambs, AL2 2EZ
Ordinary
100.00
Jessella Roofing Limited
Park Mill, Burydell Lane, Park Street, St Albans, Cambs, AL2 2EZ
Ordinary
60.20
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
185,883
722,640
-
0
-
0
Gross amounts owed by contract customers
2,556,160
3,891,631
-
0
-
0
Corporation tax recoverable
85,916
537,568
-
0
-
0
Amounts owed by group undertakings
-
-
86,089
86,089
Amounts owed by undertakings in which the company has a participating interest
324,538
264,861
-
-
Other debtors
303,591
774,445
-
0
-
0
Prepayments and accrued income
144,075
306,874
-
0
-
0
3,600,163
6,498,019
86,089
86,089

Debtors are measured at transaction price, less any impairment.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
721,319
1,982,075
-
0
-
0
Obligations under finance leases
20
10,054
-
0
-
0
-
0
Trade creditors
2,111,397
3,619,953
-
0
-
0
Gross amounts owed to contract customers
507,065
3,144,484
-
0
-
0
Amounts owed to undertakings in which the group has a participating interest
1,147,997
617,665
6,868,244
6,885,044
Corporation tax payable
156,479
43,517
-
0
-
0
Other taxation and social security
1,853,522
1,639,863
-
-
Other creditors
590,776
285,168
-
0
-
0
Accruals and deferred income
494,679
(153,909)
28,575
22,000
7,593,288
11,178,816
6,896,819
6,907,044

Short term creditors are measured at the transaction price.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
2,430,552
2,199,625
-
0
-
0
Obligations under finance leases
20
56,269
-
0
-
0
-
0
2,486,821
2,199,625
-
-

Long term creditors are measured at the transaction price.

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,777,776
3,126,625
-
0
-
0
Bank overdrafts
374,095
1,055,075
-
0
-
0
3,151,871
4,181,700
-
-
Payable within one year
721,319
1,982,075
-
0
-
0
Payable after one year
2,430,552
2,199,625
-
0
-
0
DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Loans and overdrafts
(Continued)
- 32 -

Bank overdrafts totalling £374,095 (2023 - £1,055,075) are repayable on demand and are secured by a fixed and floating charge.

 

The bank loans totalling £2,777,776 (2023 - £3,126,625) are secured by a fixed and floating charge, that covers all undertakings of the Group.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
14,251
-
0
-
0
-
0
In two to five years
68,509
-
0
-
0
-
0
82,760
-
-
-
Less: future finance charges
(16,437)
-
0
-
0
-
0
66,323
-
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
19,899
1,009
Tax losses
(468,742)
(428,050)
Short term timing differences
(6,961)
(1,261)
(455,804)
(428,302)
The company has no deferred tax assets or liabilities.
DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Deferred taxation
(Continued)
- 33 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(428,302)
-
Credit to profit or loss
(27,502)
-
Asset at 31 March 2024
(455,804)
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
31,336
71,806

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
24
24
24
24
Ordinary B of £1 each
26
26
26
26
Ordinary C of £1 each
24
24
24
24
Ordinary D of £1 each
26
26
26
26
100
100
100
100
24
Reserves
Profit and loss reserves

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.

DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
95,446
5,576
-
-
Between two and five years
174,498
-
-
-
269,944
5,576
-
-
26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Transaction value
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the company
197,000
423,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
630,238
264,861
Entities with control, joint control or significant influence over the company
(1,884,255)
(617,665)

The above balances relate to 7 entities with common shareholdings.

27
Prior period adjustment
DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
27
Prior period adjustment
(Continued)
- 35 -
Reconciliation of changes in equity - group
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Mis-statement of assets and liabilities in previous year
-
(3,358,229)
Equity as previously reported
4,526,268
(3,036,195)
Equity as adjusted
4,526,268
(6,394,424)
Analysis of the effect upon equity
Profit and loss reserves
-
(3,358,229)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Mis-statement of assets and liabilities in previous year
(1,358,229)
Loss as previously reported
(6,876,198)
Loss as adjusted
(8,234,427)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(9,474,955)
Loss as adjusted
(9,474,955)
DWS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
28
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit/(loss) for the year after tax
701,227
(8,234,427)
Adjustments for:
Taxation credited
(2,356)
(396,894)
Finance costs
274,224
192,463
Investment income
(692)
(1,431)
Loss on disposal of tangible fixed assets
19,021
88,610
Amortisation and impairment of intangible assets
-
234,072
Depreciation and impairment of tangible fixed assets
28,684
94,514
Other gains and losses
-
(6,051,972)
Movements in working capital:
Decrease in debtors
2,409,463
12,935,851
Decrease in creditors
(2,447,788)
(4,372,390)
Cash generated from/(absorbed by) operations
981,783
(5,511,604)
29
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,722
1,802
3,524
Bank overdrafts
(1,055,075)
680,980
(374,095)
(1,053,353)
682,782
(370,571)
Borrowings excluding overdrafts
(3,126,625)
348,849
(2,777,776)
Obligations under finance leases
-
(66,323)
(66,323)
(4,179,978)
965,308
(3,214,670)
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