Company registration number 06492282 (England and Wales)
DARO GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DARO GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DARO GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,560
27,126
Investments
4
895,054
371,666
913,614
398,792
Current assets
Debtors
6
632,948
365,662
Cash at bank and in hand
6,237
17,881
639,185
383,543
Creditors: amounts falling due within one year
7
(1,308,183)
(714,557)
Net current liabilities
(668,998)
(331,014)
Net assets
244,616
67,778
Capital and reserves
Called up share capital
9,880
9,880
Capital redemption reserve
23,797
23,797
Profit and loss reserves
210,939
34,101
Total equity
244,616
67,778
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 2 May 2025 and are signed on its behalf by:
Mr M Douglas
Director
Company registration number 06492282 (England and Wales)
DARO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Daro Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Churchfield Road, Chilton Industrial Estate, Sudbury, Suffolk, CO10 2YA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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:
Fixtures and fittings
15% straight line
Computer equipment
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
DARO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
1.5
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Fair value measurement of financial instruments
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Equity instruments
Equity instruments issued by the company 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 company.
DARO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
7
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
57,107
6,543
63,650
Depreciation and impairment
At 1 January 2024
29,981
6,543
36,524
Depreciation charged in the year
8,566
8,566
At 31 December 2024
38,547
6,543
45,090
Carrying amount
At 31 December 2024
18,560
18,560
At 31 December 2023
27,126
27,126
DARO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
895,054
371,666
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
371,666
Additions
523,388
At 31 December 2024
895,054
Carrying amount
At 31 December 2024
895,054
At 31 December 2023
371,666
During the year the company acquired 100% of the issued share capital of UV Light Technology Limited (Registered company number 03393276).
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
DaRo UV Systems Limited
*
Ordinary
100.00
DaRo Manufacturing Services Limited
*
Ordinary
100.00
DaRo Manufacturing Services Limited
*
Preference
100.00
DaRo Manufacturing Services Limited
*
Preference 1
100.00
Light Years Ahead Limited
*
Ordinary
100.00
DaRo Connectivity Limited
*
Ordinary
100.00
DaRo Specialist Lighting Limited
*
Ordinary
100.00
Watersavers Limited
*
Ordinary
100.00
UV Light Technology Limited
*
Ordinary
2.00
Registered office addresses (all UK unless otherwise indicated):
*
Churchfield Road, Chilton Industrial Estate, Sudbury, Suffolk, CO10 2YA
DARO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
226,297
70,272
Amounts owed by group undertakings
405,451
153,320
Other debtors
1,200
142,070
632,948
365,662
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
47,483
14,412
Amounts owed to group undertakings
1,252,942
693,923
Taxation and social security
2,798
2,331
Other creditors
4,960
3,891
1,308,183
714,557
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Matthew Wilkinson BSc FCA
Statutory Auditor:
Moore Green
Date of audit report:
2 May 2025
DARO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
9
Related party transactions
The company operates from facilities shared with other group members and considers that provision for shared costs and services is included within inter-company charges.
Included in trade debtors are the following balances due from related group companies:-
£226,297 due from Intellego Technologies AB
Included in amounts due from group undertakings are the following balances due from related group companies:-
£155,960 due from Portman Enterprises Limited
£249,491 due from Intellego Technologies AB
Included in trade creditors are the following balances owed to related group companies:-
£46,863 due to Intellego Technologies AB
Included in amounts owed to group undertakings are the following balances owed to related group companies:-
£399,999 due to Intellego Technologies AB
£600,474 due to Daro Manufacturing Services Limited
£114,600 due to Light Years Ahead Limited
£86,400 due to Daro Specialist Lighting Limited
£51,469 due to Daro UV Systems Limited
Purchases in the year from Intellego Technologies AB total £58,369.
Sales in the year to Intellego Technologies AB total £300,233.
There are no purchases or sales with Portman Enterprises Limited in the year.
There are no purchases or sales with the subsidiaries in the year, only dividends and management charges received from Daro Manufacturing Services Limited which total £129,600.
10
Directors' transactions
The directors consider that there are no transactions to disclose.
11
Parent company
The immediate parent company is Portman Enterprises Limited, a company incorporated in England and Wales, which owns the whole of the issued share capital of the company. The registered office for Portman Enterprises Limited is 22 Friars Street, Sudbury, Suffolk, CO10 2AA.
The ultimate parent company is Intellego Technologies AB, a company incorporated in Sweden.