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Registration number: 02186341

The Dezac Group Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

The Dezac Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

The Dezac Group Limited

Company Information

Directors

D B L Mills

M B Mills

Company secretary

D B L Mills

Registered office

Dezac House
Montpellier Street
Cheltenham
Gloucestershire
GL50 1SS

Solicitors

Harrison Clark Rickerbys Limited
Ellenborough House
Wellington Street
Cheltenham
Gloucestershire
GL50 1YD

Bankers

Barclays PLC
PO Box 119
Park House
Newbrick Road
Stoke Gifford
Bristol
BS34 8TN

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

The Dezac Group Limited

(Registration number: 02186341)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

80,045

118,649

Investments

6

6

6

 

80,051

118,655

Current assets

 

Stocks

7

1,938,478

1,945,751

Debtors

8

2,196,249

1,827,009

Cash at bank and in hand

 

1,621,423

1,293,332

 

5,756,150

5,066,092

Creditors: Amounts falling due within one year

9

(1,130,025)

(1,005,711)

Net current assets

 

4,626,125

4,060,381

Total assets less current liabilities

 

4,706,176

4,179,036

Creditors: Amounts falling due after more than one year

9

(9,988)

(22,551)

Net assets

 

4,696,188

4,156,485

Capital and reserves

 

Called up share capital

12

550

550

Profit and loss account

4,695,638

4,155,935

Total equity

 

4,696,188

4,156,485

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 20 June 2025 and signed on its behalf by:
 


D B L Mills
Company secretary and director

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dezac House
Montpellier Street
Cheltenham
Gloucestershire
GL50 1SS

 

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The presentational currency of the financial statements is UK £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest £.

Name of parent group

These financial statements are consolidated in the financial statements of Dezac Group Holdings Limited.

The financial statements of Dezac Group Holdings Limited may be obtained from the company's registered office.

Group accounts not prepared

The financial statements contain information about The Dezac Group Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Dezac Group Holdings Limited, a company incorporated in England and Wales
.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

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

Turnover is recognised when its value can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred in relation to the transaction can be measured reliably.

The company consider that the risks and rewards of ownership pass when products are delivered or are collected by customers, and it is at this point that revenue is recognised.

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty


Slow moving stock provision
Determining the value to be recorded in respect of the slow moving stock provision requires an estimate of the future use of stock. A provision is included on all stock items where the previous 6 months usage is less than the value of the stock held at the year end. The carrying value of the provision is £220,000 (2023 - £250,000).

Goods returned provision
Determining the value to be included in the financial statements requires an estimation of the value of future returns. The directors have based their estimates on historical returns percentages applied to pre year end sales. This is compared to post year end returns received. The carrying value of the provision is £148,275 (2023 - £347,401).

Reclassification of comparative amounts

During the year management identified that discounts given to customers had been incorrectly included in cost of sales. These have been reallocated to be correctly show within turnover, accordingly management have restated the comparative amounts by restating cost of sales from £4,879,953 to £4,288,028 and turnover from £6,686,513 to £6,094,588.

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 rates prevailing on the initial transaction dates.

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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

Short term leasehold property

Over the term of the lease

Furniture and fittings

2 - 4 years straight line

Motor vehicles

4 years straight line

Plant and machinery

2 - 20 years straight line

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 goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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. Goods in transit are recognised at cargo loading, the point at which the insurable risk transfers to the company.

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.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probably that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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, unless there is reasonable certainty that ownership will pass in which case these assets are depreciated over their useful lives. 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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet, the corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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 27 (2023 - 29).

 

4

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

100,540

5,810

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

5

Tangible assets

Short term leasehold property
£

Furniture and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 October 2023

484,891

123,278

120,832

156,845

885,846

Additions

-

6,984

-

5,906

12,890

Disposals

-

-

-

(37,663)

(37,663)

At 30 September 2024

484,891

130,262

120,832

125,088

861,073

Depreciation

At 1 October 2023

484,891

72,164

104,352

105,790

767,197

Charge for the period

-

23,662

16,480

11,352

51,494

Eliminated on disposal

-

-

-

(37,663)

(37,663)

At 30 September 2024

484,891

95,826

120,832

79,479

781,028

Carrying amount

At 30 September 2024

-

34,436

-

45,609

80,045

At 30 September 2023

-

51,114

16,480

51,055

118,649


Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes £Nil (2023 - £16,480) in respect of assets held under finance leases and hire purchase contracts.

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

6

6

Subsidiaries

£

Cost

At 30 September 2023 and 30 September 2024

6

Carrying amount

At 30 September 2023 and 30 September 2024

6

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 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

Dezac Limited

Dezac House, Montpellier Street, Cheltenham, Gloucestershire, GL50 1SS

Ordinary

100%

100%

Salon Essentials Limited

Dezac House, Montpellier Street, Cheltenham, Gloucestershire, GL50 1SS

Ordinary

100%

100%

Rio Health and Beauty Limited

Dezac House, Montpellier Street, Cheltenham, Gloucestershire, GL50 1SS

Ordinary

100%

100%

The principal activity of Dezac Limited is that of a dormant company.

The principal activity of Salon Essentials Limited is that of a dormant company.

The principal activity of Rio Health and Beauty Limited is that of a dormant company.

 

7

Stocks

2024
£

2023
£

Parts, components and finished goods

1,938,478

1,945,751

 

8

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

950,070

815,734

Director's current account

13

178,282

201,595

Other debtors

 

900,182

723,070

Prepayments

 

159,088

85,650

Deferred tax assets

8,627

960

   

2,196,249

1,827,009

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

9

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

10

13,907

13,178

Trade creditors

 

211,655

189,930

Amounts due to related parties

 

6

6

Social security and other taxes

 

15,097

243,019

Other creditors

 

31,568

54,107

Accrued expenses

 

680,118

505,471

Corporation tax liability

177,674

-

 

1,130,025

1,005,711

Due after one year

 

Loans and borrowings

10

9,988

22,551

 

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

13,907

13,178

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

9,988

22,551



Finance lease liabilities
Obligations under finance leases are secured over the related assets

 

11

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

14,253

14,253

Later than one year and not later than five years

14,252

28,505

28,505

42,758

 

The Dezac Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

166,268

167,402

Later than one year and not later than five years

642,380

647,485

Later than five years

93,680

254,275

902,328

1,069,162

The amount of non-cancellable operating lease payments recognised as an expense during the year was £167,402 (2023 - £263,102).

 

12

Share capital

Allotted, called up and fully paid shares

 

30 September 2024

30 September 2023

 

No.

£

No.

£

Ordinary 'A' shares of £1 each

250

250

250

250

Ordinary 'B' shares of £1 each

300

300

300

300

 

550

550

550

550

 

13

Related party transactions

BW SIPP Trustees Limited
(the directors of the company are beneficiaries of this pension scheme)
During the year, rent of £165,000 (2023 - £165,000) was paid to BW SIPP Trustees Limited in respect of the Dezac House premises, which it owns. This transaction was made on a commercial arm's length basis. At the balance sheet date the amount due to BW SIPP Trustees Limited was £nil (2023 - £nil).

Transactions with directors
During the year there was a repayment of £23,313 (2023 - £nil) to the directors loan accounts. At the balance sheet date, the amount due from the directors was £178,282 (2023 - £201,595). No interest was charged on the balance due from the directors in the current or prior year.

 

14

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Dezac Group Holdings Limited, incorporated in England and Wales.

A copy of the financial statements for Dezac Group Holdings Limited can be obtained from Dezac House, Montpellier Street, Cheltenham, Gloucestershire, GL50 1SS.

The ultimate controlling party is D B L Mills.

 

15

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 June 2025 was Paul Fussell, who signed for and on behalf of Hazlewoods LLP.