Company registration number 12495042 (England and Wales)
DEKKO GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DEKKO GROUP LIMITED
COMPANY INFORMATION
Directors
G Torr
K Greatrex
L M Wessner
J K Opitz
Company number
12495042
Registered office
Dekko House
Margaret Street
Ashton under Lyne
Greater Manchester
OL7 0QQ
Auditor
Champion Accountants LLP
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
DEKKO GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 27
DEKKO GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

PRINCIPAL ACTIVITIES

The company acts as a holding company for its 100% subsidiary Dekko Window Systems Limited.

 

Dekko Window Systems Limited is a supplier of replacement PVCu and Aluminium windows, doors, patio frames and associated products to small and medium sized independent installers in the direct sell home improvement market.

BUSINESS REVIEW

The results for the period and financial position of the company are as shown in the annexed financial statements.

 

The Group’s turnover was £21,876,403 compared to £20,886,163 for the prior year.

 

Gross Margin at 28.3% is in line with last year’s results which in a testing marketplace is encouraging.

 

Cashflow generated from operations was £1.4M which is a significant improvement on the prior year (£0.5M) and the Directors report an operating profit of £0.9M which again is an improvement on the prior year (£0.7M).

 

The Directors are very pleased with the 2024 financial results which are an improvement on 2023 despite 2024 being a very challenging year for the sector. The Directors look forward to a continued improvement through the current year.

KEY PERFORMANCE INDICATORS

The Directors consider that the key financial indicators of the Group are Turnover, Gross Margin and Debtor days and these as follows:

 

Turnover - £21,876,403

Gross Margin – 28.3%

Debtor Days – 18

 

The Board is constantly looking to put in place procedures that improve efficiency and therefore gross margin which remains a key focus for the company. The Directors continually monitor debtor days at each Board Meeting and are pleased with the reduction during this accounting period.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board continues to closely manage its trading and cash performance which is evident from the results for this period.

 

The group's market remains the UK and therefore the performance of the UK economy continues to be a dominant risk factor for the performance of the Company. The market continues to remain uncertain with the continuing conflict in Eastern Europe, the very early stages of a cessation of hostilities in the Middle East, and a new government in the UK which whilst pushing for growth has added further costs onto UK businesses. This makes it somewhat difficult to plan with any great certainty. The Directors are therefore continuing to take a relatively cautious approach in the short term whilst the macroeconomic and political landscape becomes clearer.

 

Customer liquidity continues to remain a key risk for the Company and is an area where close attention is paid by the Company.

 

The Directors constantly monitor these risk factors and will take swift and decisive strategic action should any need arise.

 

On behalf of the board

G Torr
Director
20 March 2025
DEKKO GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Results and dividends

The results for the year are set out on page 7.

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:

G Dallimore
(Resigned 31 December 2024)
G Torr
A Rothwell
(Resigned 31 December 2024)
K Greatrex
(Appointed 1 January 2025)
L M Wessner
J K Opitz
Auditor

Champion Accountants LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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.

DEKKO GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
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
G Torr
Director
20 March 2025
DEKKO GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEKKO GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Dekko Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise 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:

DEKKO GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEKKO GROUP LIMITED
- 5 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

 

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment

accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

DEKKO GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEKKO GROUP LIMITED
- 6 -

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation methods, stock valuation & cut-off.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Mark Turner FCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP, Statutory Auditor
Chartered Accountants
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
20 March 2025
DEKKO GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
5
21,876,403
20,886,163
Cost of sales
(15,677,774)
(14,930,114)
Gross profit
6,198,629
5,956,049
Administrative expenses
(5,299,795)
(5,298,866)
Operating profit
6
898,834
657,183
Interest receivable and similar income
9
158,993
97,968
Interest payable and similar expenses
10
(7,020)
(5,807)
Profit before taxation
1,050,807
749,344
Tax on profit
11
(238,481)
(231,232)
Profit for the financial year
22
812,326
518,112
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
DEKKO GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
117,658
140,431
Tangible assets
13
1,732,034
2,018,059
1,849,692
2,158,490
Current assets
Stocks
16
1,646,699
1,540,790
Debtors
17
1,318,667
1,779,099
Cash at bank and in hand
3,347,428
1,756,165
6,312,794
5,076,054
Creditors: amounts falling due within one year
18
(1,775,699)
(1,644,153)
Net current assets
4,537,095
3,431,901
Total assets less current liabilities
6,386,787
5,590,391
Provisions for liabilities
Deferred tax liability
19
407,595
423,525
(407,595)
(423,525)
Net assets
5,979,192
5,166,866
Capital and reserves
Called up share capital
21
10,000
10,000
Share premium account
22
1,782
1,782
Profit and loss reserves
22
5,967,410
5,155,084
Total equity
5,979,192
5,166,866

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
20 March 2025
G Torr
Director
Company registration number 12495042 (England and Wales)
DEKKO GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
5,904,385
5,904,385
Current assets
Debtors
17
44,652
44,652
Creditors: amounts falling due within one year
18
(2,627,255)
(2,627,255)
Net current liabilities
(2,582,603)
(2,582,603)
Net assets
3,321,782
3,321,782
Capital and reserves
Called up share capital
21
10,000
10,000
Share premium account
22
1,782
1,782
Merger reserve
22
3,310,000
3,310,000
Total equity
3,321,782
3,321,782

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 period was £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
20 March 2025
G Torr
Director
Company Registration No. 12495042
DEKKO GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
10,000
1,782
4,636,972
4,648,754
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
518,112
518,112
Balance at 31 December 2023
10,000
1,782
5,155,084
5,166,866
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
812,326
812,326
Balance at 31 December 2024
10,000
1,782
5,967,410
5,979,192
DEKKO GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Merger reserve
Total
£
£
£
£
Balance at 1 January 2023
10,000
1,782
3,310,000
3,321,782
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 December 2023
10,000
1,782
3,310,000
3,321,782
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 December 2024
10,000
1,782
3,310,000
3,321,782
DEKKO GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
1,156,719
1,237,376
Interest paid
(7,020)
(5,807)
Income taxes refunded/(paid)
292,571
(756,194)
Net cash inflow from operating activities
1,442,270
475,375
Investing activities
Purchase of tangible fixed assets
(10,000)
(1,109,155)
Repayment of loans
-
(3,830)
Interest received
158,993
97,968
Net cash generated from/(used in) investing activities
148,993
(1,015,017)
Financing activities
Payment of finance leases obligations
-
(15,065)
Net cash used in financing activities
-
(15,065)
Net increase/(decrease) in cash and cash equivalents
1,591,263
(554,707)
Cash and cash equivalents at beginning of year
1,756,165
2,310,872
Cash and cash equivalents at end of year
3,347,428
1,756,165
DEKKO GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Cash generated from group operations
2024
2023
£
£
Profit after taxation
812,326
518,112
Adjustments for:
Taxation charged
238,481
231,232
Finance costs
7,020
5,807
Investment income
(158,993)
(97,968)
Amortisation and impairment of intangible assets
22,773
22,773
Depreciation and impairment of tangible fixed assets
296,025
286,228
Movements in working capital:
(Increase)/decrease in stocks
(105,909)
40,283
Decrease/(increase) in debtors
233,199
(29,588)
(Decrease)/increase in creditors
(188,203)
260,497
Cash generated from operations
1,156,719
1,237,376
2
Analysis of changes in net debt - group
2024
£
Opening net funds
Cash and cash equivalents
1,756,165
Changes in net debt arising from:
Cash flows of the entity
1,591,263
Closing net funds as analysed below
3,347,428
Closing net funds
Cash and cash equivalents
3,347,428
DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
3
Accounting policies
Company information

Dekko Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Dekko House, Margaret Street, Ashton under Lyne, Greater Manchester, OL7 0QQ.

 

The group consists of Dekko Group Limited and all of its subsidiaries.

3.1
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, [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.

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:

 

3.2
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.

DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 15 -
3.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Dekko Group 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 December 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.

3.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.5
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.

3.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

3.7
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:

Leasehold land and buildings
12.5% straight line & 25% reducing balance
Plant and equipment
5% straight line, 6.66% straight line & 25% reducing balance
Fixtures and fittings
15% reducing balance
Computers
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.

DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 16 -
3.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

3.9
Impairment of fixed assets

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

 

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.

3.10
Stocks

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

 

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

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

DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 17 -
3.11
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.

3.12
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.

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.

DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 18 -
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.

Derecognition of financial liabilities

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

3.13
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.

3.14
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.

DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 19 -
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.

3.15
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.

3.16
Retirement benefits

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

3.17
Leases

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

3.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

4
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.

DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
5
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
21,876,403
20,886,163
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
21,876,403
20,886,163
2024
2023
£
£
Other revenue
Interest income
158,993
97,968
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
296,025
286,228
Amortisation of intangible assets
22,773
22,773
Operating lease charges
582,170
666,104
7
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
Direct staff
158
154
-
-
Administrative staff
60
58
-
-
Directors
5
5
5
5
Total
223
217
5
5
DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,115,199
5,586,996
-
0
-
0
Social security costs
567,932
498,971
-
-
Pension costs
144,350
118,240
-
0
-
0
6,827,481
6,204,207
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
123,736
132,024
Company pension contributions to defined contribution schemes
17,510
18,721
141,246
150,745

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2020 - 1).

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
138,694
85,960
Other interest income
20,299
12,008
Total income
158,993
97,968
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
7,020
5,565
Interest on finance leases and hire purchase contracts
-
242
Total finance costs
7,020
5,807
DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
319,749
-
0
Adjustments in respect of prior periods
(65,338)
-
0
Total current tax
254,411
-
0
Deferred tax
Origination and reversal of timing differences
(15,930)
231,232
Total tax charge
238,481
231,232

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

2024
2023
£
£
Profit before taxation
1,050,807
749,344
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
262,702
187,336
Tax effect of expenses that are not deductible in determining taxable profit
(16,974)
(21,206)
Tax effect of utilisation of tax losses not previously recognised
-
0
46,798
Depreciation on assets not qualifying for tax allowances
5,600
12,611
Amortisation on assets not qualifying for tax allowances
5,693
5,693
Research and development tax credit
(65,338)
-
0
Deferred tax adjustments in respect of prior years
46,798
-
0
Taxation charge
238,481
231,232
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
227,727
Amortisation and impairment
At 1 January 2024
87,296
Amortisation charged for the year
22,773
At 31 December 2024
110,069
DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 31 December 2024
117,658
At 31 December 2023
140,431
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

More information on impairment movements in the year is given in note .

13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024
352,754
3,549,695
113,248
359,952
4,375,649
Additions
-
0
10,000
-
0
-
0
10,000
At 31 December 2024
352,754
3,559,695
113,248
359,952
4,385,649
Depreciation and impairment
At 1 January 2024
240,828
1,735,533
65,617
315,612
2,357,590
Depreciation charged in the year
27,981
231,640
7,217
29,187
296,025
At 31 December 2024
268,809
1,967,173
72,834
344,799
2,653,615
Carrying amount
At 31 December 2024
83,945
1,592,522
40,414
15,153
1,732,034
At 31 December 2023
111,926
1,814,162
47,631
44,340
2,018,059
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
5,904,385
5,904,385
DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
5,904,385
Carrying amount
At 31 December 2024
5,904,385
At 31 December 2023
5,904,385
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Dekko Window Systems Limited
England & Wales
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,646,699
1,540,790
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,105,703
1,346,196
-
0
-
0
Corporation tax recoverable
-
0
227,233
-
0
-
0
Other debtors
50,468
52,283
44,652
44,652
Prepayments and accrued income
162,496
153,387
-
0
-
0
1,318,667
1,779,099
44,652
44,652
DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
775,332
986,736
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,627,255
2,627,255
Corporation tax payable
319,749
-
0
-
0
-
0
Other taxation and social security
614,265
597,510
-
-
Other creditors
66,353
59,907
-
0
-
0
1,775,699
1,644,153
2,627,255
2,627,255
19
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
407,595
470,323
Tax losses
-
(46,798)
407,595
423,525
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
423,525
-
Credit to profit or loss
(15,930)
-
Liability at 31 December 2024
407,595
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
144,350
118,240

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.

DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
22
Reserves
Profit and loss reserve

This reserve records retained earnings and accumulated losses.

Merger reserve

Merger reserve represents the difference between the value of shares issued by the company in exchange for the value of shares acquired in respect of the acquisition of subsidiaries.

23
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
460,946
421,338
-
-
Between two and five years
1,202,728
1,002,084
-
-
In over five years
555,208
621,458
-
-
2,218,882
2,044,880
-
-
24
Directors' transactions

At the balance sheet date, the directors owed the group an amount of £34,752 (2022: £30,922).

 

The loan is interest free and repayable on demand.

DEKKO GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
25
Related party transactions

By virtue of common directorships, shareholdings, and partners, the following are related parties:

 

Patterson and Rothwell Limited

The Ashton Property Partnership

 

During the year, the following transactions took place:

 

The group purchased goods of £71,482 (2023: £68,507) from Patterson and Rothwell Limited. At the year end, a balance of £20,942 (2023: £3,510 creditor) was due from Patterson and Rothwell Limited.

 

The group recharged costs of £66,100 (2023: £11,274) and paid rent of £256,250 (2023: £256,250) to The Ashton Property Partnership. At the year end, a balance of £2,100 (2023: £2,100) was due from The Ashton Property Partnership.

 

The group has taken advantage of the exemption available in accordance with FRS 102 section 33.1A 'Related party disclosures' not to disclose transactions entered into between wholly owned group members.

26
Controlling party

The directors consider Inwido UK Limited, a company registered in England and Wales, to be the immediate parent company. The registered office of Inwido UK Limited is Allan House, Ord Road, Tweedmouth, Northumberland, TD15 2XU.

 

The directors consider the ultimate parent company to be Inwido AB (publ), a public listed company registered in Sweden.

 

The smallest group into which the financial statements are consolidated into is headed by Inwido UK Limited. The largest group into which the financial statements are consolidated into is headed by Inwido AB (publ). A copy of the ultimate parent company financial statements is available from the company's registered office at Engelbrektsgatan 15 SE-211 33, Malmö, Sweden.

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