| REGISTERED NUMBER: |
| STRATEGIC REPORT, DIRECTORS' REPORT AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| DALE POWER SOLUTIONS LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, DIRECTORS' REPORT AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| DALE POWER SOLUTIONS LIMITED |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Directors' Report | 7 |
| Independent Auditors' Report | 9 |
| Statement of Comprehensive Income | 13 |
| Statement of Financial Position | 14 |
| Statement of Changes in Equity | 15 |
| Notes to the Financial Statements | 16 |
| DALE POWER SOLUTIONS LIMITED |
| COMPANY INFORMATION |
| For The Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| 5 & 6 Manor Garth |
| Manor Court |
| Scarborough |
| North Yorkshire |
| YO11 3TU |
| BANKERS: |
| Lutea House |
| Warley Hill Business Park |
| The Drive, Great Warley |
| Brentwood |
| Essex |
| CM13 3BE |
| OTHER BANKERS: |
| 2 Whitehall Quay |
| Leeds |
| West Yorkshire |
| LS1 4HR |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| STRATEGIC REPORT |
| For The Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITIES |
| Dale Power Solutions Limited will celebrate its 90th anniversary in 2025 and continues to trade in a large number of market sectors on a global basis. The Company manufactures, installs and services Generators, UPS, and ancillary equipment, it also provides renewable energy solutions like battery storage systems. Dale Power Solutions Limited's business model focuses on its technical capabilities, identifying and implementing the most appropriate energy solution to meet customer requirements. The Company also offers life cycle monitoring and condition based maintenance programmes nationally through teams of mechanical and electrical service engineers. This provides customers with the best possible solution and "Customer Experience" on a 24.7 basis. |
| Dale Power Solutions Limited's strength is based on continuing to invest in its people and infrastructure, providing reliable, quality products and support services, underpinned by excellent technical knowledge and quality manufacturing. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| STRATEGIC REPORT |
| For The Year Ended 31 December 2024 |
| REVIEW OF BUSINESS |
| Dale Power Solutions Limited supplies both bespoke and standard products and services to provide a total customer solution. The company's core strengths of specialist knowledge, design excellence, coupled with national servicing and installation capability positions the company as a leading supplier in the UK marketplace for Power Solutions. |
| The Company continues to extend its reputation as a national service provider for Generator, UPS and ancillary equipment. Service engineers are strategically located across the UK supported by Service Centres in both the South, North and from 2025 the Group will include a Scottish base. This facilitates rapid support for our customers both onshore and offshore on a national basis. |
| In 2024, revenue was £32m (2023 - £29.4m) and the operating profit was £1.6m (2023 - £1.1m). Following strong growth in 2023 the company achieved a further 9% increase in revenue during 2024. In addition, Gross Profit increased to 33.6% (2023 - 30.3%) both key metrics demonstrate a positive trajectory resulting from strategic changes implemented at the end of 2022. Consequently, the directors believe that the business structure is well positioned to continue to provide customers with the best market value solution and are confident that the company will continue to deliver successful outcomes for both internal and external stakeholders over the long term. |
| In summary 2024 achieved strong revenue and margin growth. This has been partially offset by increased overhead expenses. A significant element of the overhead increase relates to investment during 2024 to grow future, long term revenues. This investment has resulted in a 40% growth of the Forward Order Book (December 2024 vs December 2023) which is now at record levels. The Forward Order Book has grown in our traditional revenue streams but also in new battery technology, supporting clients on their journey to Net Zero, by providing bespoke battery solutions to reduce their carbon footprint. Consequently, the directors are confident that the future growth, profitability and cashflows are likely. |
| The company continues to enjoy excellent relationships and ongoing support from all stakeholders both internal and external, i.e. employees, funding partners and suppliers. The company ended the year with a cash balance plus cash availability of £2.4m (2023 - £1.9m). Consequently, the directors are confident that the company has the resources both internally and externally to respond quickly to market demands, opportunities and economic shocks. |
| We are committed to being a good, respected employer, fostering a positive work environment as well as actively contributing to our local community. Additionally, we recognise our ESG responsibilities and are dedicated to upholding these principals in all aspects of our operations. |
| The strategic plan continues to prioritise: |
| - | achieving a Market Leading Position / National coverage; |
| - | adopting a customer centric focus; |
| - | increasing the company's operational efficiency; |
| - | targeting R&D activity to meet new market opportunities; and |
- |
maintaining high levels of financial discipline and performance management at all levels within the organisation. |
| These initiatives, as well as continuing to invest to support and improve existing operations, will enhance growth in new and growing sectors. This is alongside the core business, where the market continues to grow as customer investment decisions are unlocked as the importance of power continuity and resilience is recognised by extreme weather events and the war in Ukraine. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| STRATEGIC REPORT |
| For The Year Ended 31 December 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Dale Power Solutions Limited uses financial instruments, comprising derivatives, borrowings, cash and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risk arising from the company's financial instruments is liquidity risk. Both foreign currency risks along with interest rate risks present a lower risk to the business. The directors review and agree policies for managing each of these risks and they are summarised below. |
| Liquidity risk |
| Dale Power Solutions Limited continues to have excellent relations with its bankers, i.e. Shawbrook Bank who provide term debt and an Invoice Discounting facility alongside RBS who facilitate transactional services. The company continues to have a strong record of managing financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The group has modelled its future cashflow and covenant compliance for a period not less than 12 months from the date these financial statements have been signed with no liquidity risk identified. The directors do not foresee any change to this position which is achieved through cash generation through trading activities and intercompany accounts. |
| Currency risk |
| Dale Power Solutions Limited is exposed to transaction and translation foreign exchange risk. Exposures are minimised by natural hedging of matching revenues and costs whenever possible. The resulting net exposure is hedged when known, mainly utilising the forward hedge market. |
| Interest rate risk |
| Dale Power Solutions does utilise bank facilities but primarily finances its operations through trading activities and intercompany accounts. The majority of the debt is at a fixed interest rate for the medium term, albeit the bank loan is variable, which from April 2024 is 4.35% above base rate. As the amortisation profile relating to the bank loan is over 25 years, the overall debt financing cost remains low, consequently the directors believe that the company's overall cash exposure to interest rate fluctuation is low and will continue to be met through operating cash flows. |
| Research and development |
| Research and development costs are written off in the Statement of Comprehensive Income in the period in which they occur. |
| Financial |
| The effective management of its financial exposures is central to preserving Dale Power Solutions Limited's profitability. As the company operates in a number of different markets with a range of products, there is not one area which presents significant financial risk. Consequently, the financial risks follow the general UK economic conditions which are monitored on a continuing basis. |
| Mitigation |
| Dale Power Solutions finance team provide support to management and to ensure accurate financial reporting, forecasting and tracking of the company's business performance. Financial performance is reviewed monthly by senior management and the Board. In the event of forecasted business performance falling, the business has previously demonstrated its ability to consider and implement short, medium and long term mitigation options. |
| Security and Safety |
| Dale Power Solutions Limited is committed to protecting its customer and corporate data, the safety of its people and infrastructure, as well as having in place stringent fraud prevention and detection measures. A significant breach could impact the company's ability to operate. |
| Mitigation |
| Dale Power Solutions Limited continues to invest in new technological and physical controls and improving broader business processes in order to protect its data, employees, assets and to comply with its legal and contractual obligations. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| STRATEGIC REPORT |
| For The Year Ended 31 December 2024 |
| Principal risks and uncertainties |
| Dale Power Solutions Limited's business model and the execution of its strategy is subject to a number of risks. The factors below describe the risks and uncertainties which affect the company, but they are not intended to be an exhaustive analysis of all the potential risks which may arise in the ordinary course of business. The directors are of the opinion that sufficient internal controls are in place to monitor these factors and enable timely management response to mitigate these risks. |
| Market and competition |
| Dale Power Solutions Limited operates in a competitive environment and faces competition from a broad range of organisations. A failure to maintain the company's Service and Product proposition, in line with changing market dynamics and expectations, could erode the company's competitive position. We are currently experiencing a growth in existing and new markets together with no real increase in the competitive landscape. |
| Mitigation |
| Dale Power Solutions Limited operates in a number of different markets, providing a range of different Products or Services, in addition to continuing to invest in Service and Product development. The company regularly reviews its pricing strategy and competitive position to ensure that its offerings are appropriately placed within the market. |
| Regulatory change |
| Dale Power Solutions Limited's ability to operate or compete effectively could be adversely affected by the introduction of new laws or regulations. Conversely, changes in regulation have often opened market opportunities for the company. |
| Mitigation |
| Dale Power Solutions Limited actively seeks to identify and meet its regulatory obligations and to respond to emerging requirements. |
| Customer service |
| The future success of Dale Power Solutions Limited relies on building long term relationships with its customers. A failure to meet customers' expectations could negatively impact the company's brand and competitive position. |
| Mitigation |
| Dale Power Solutions Limited strives to consistently exceed its customers' expectations, to put its customers first, to understand what customers want and respond accordingly. |
| Dale Power Solutions Limited makes significant investments in order to deliver continuous improvement to its customer service, including continuing investment in IT, people, expansion of products and service offerings and providing increased coverage across the UK through an increasing network of field service engineers. |
| Suppliers |
| Dale Power Solutions Limited sources from a number of third parties and suppliers, mainly from within the UK, but also across the globe. A failure of an individual supplier or a discontinuation of supply, could adversely affect the company's ability to deliver in the short term. |
| Mitigation |
| Dale Power Solutions Limited continues to invest in its supply chain infrastructure to support the long-term business plan. A supplier selection process is in place with appropriate ongoing management and monitoring of key partners and suppliers. The company generally has dual supply capability. In relation to increased energy costs, Dale Power Solutions is protected from movements in the wholesale price of electricity due to a long term fixed price deal ending in September 2024. Furthermore the company has introduced a Battery Energy Storage Solution and plans to install Solar PV generation to reduce reliance upon National Grid and reduce its own Carbon footprint. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| STRATEGIC REPORT |
| For The Year Ended 31 December 2024 |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The directors review the performance of the company through various key performance indicators. The primary financial key performance indicators used are listed below. |
| Sales growth is calculated by dividing the current year sales by the prior year sales and expressing the result as a percentage. |
| Gross margin percentage is calculated by expressing the gross margin as a percentage of sales. |
| Operating results percentage is calculated by expressing the operating result as a percentage of sales, excluding any exceptional costs. |
| Days receivable outstanding is calculated on a count back day basis, comparing the trade debtor balance as per the Statement of Financial Position to monthly sales value, stated in days. |
| Annual inventory turns is the rate at which stock is turned over by the company calculated as the annual cost of sales relative to the net stock value in the Statement of Financial Position. |
| 2024 | 2023 |
| Sales increase | 9% | 17% |
| Gross profit as a percentage of sales | 33% | 30% |
| Operating profit as a percentage of sales (excluding non-recurring items) | 5.8% | 3.8% |
| Days receivable outstanding* | 54 days | 56 days |
| Days payable outstanding* | 40 days | 50 days |
| Annual inventory turns | 4.9 | 4.7 |
| *Calculated as an average using countback method |
| ON BEHALF OF THE BOARD: |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| DIRECTORS' REPORT |
| For The Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| DIVIDENDS |
| The profit for the year, after taxation, amounted to £725,000 (2023 - profit £320,000). |
| The operating profit was £1,567,000 (2023 - £1,129,000). A dividend amounting to £3,568,000 has been declared and paid during the year (2023 - Nil). |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| GOING CONCERN |
| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence based on detailed cashflow forecasts and confirmed forward orders (at record high levels) together with and agreed strategic plan by all key stakeholders. |
| In making the current assessment of the ability of the company to continue as a going concern, the directors have considered the on going impact of the items listed below on both the liquidity and compliance with future covenants of the group headed by DEPS Holdings Limited, the ultimate parent company. This is deemed to be appropriate on the basis that the group, as at 31 December 2024 held external debt with the shareholders and the bank, in which the latter is subject to group guarantee arrangements around covenant compliance. As such, the below analysis represents the conclusions made on the group as a whole. |
| - The wars in Ukraine and Gaza, |
| - Inflation |
| - The global supply chain |
| - The labour markets |
| As part of concluding that the group is a going concern, the group has remodelled its future cashflow and covenant compliance using updated information for a period not less than 12 months from the date these financial statements have been signed. |
| The above modelling included various scenarios which show that the group has sufficient resources to continue to operate as a going concern for at least the next 12 months from the date these financial statements have been signed, and have been prepared on that basis. |
| As such, these financial statements do not include any adjustments that would be necessary should the going concern basis of preparation no longer be appropriate. |
| QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
| The company has provided an indemnity for its directors, which is a qualifying third-party indemnity provision for the purposes of the Companies Act 2006. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| DIRECTORS' REPORT |
| For The Year Ended 31 December 2024 |
| MATTERS COVERED IN THE STRATEGIC REPORT |
| Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the company. This includes consideration of the future developments of the company. |
| EQUAL OPPORTUNITY COMMITMENT |
| Dale Power Solutions is dedicated to diversity and equal opportunity for all, including individuals with disabilities. We emphasise respect, fairness, and recognise each individual's unique skills and potential. Our commitment includes: |
| - Recruitment: Fair assessment of all applications. |
| - Support: Tailored assistance for disabled employees. |
| - Career Development: Equal training and promotion opportunities. |
| At Dale Power Solutions, we support all employees without prejudice throughout their employment. |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| The directors are responsible for preparing the Strategic Report, the Directors' 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
| DALE POWER SOLUTIONS LIMITED |
| Opinion |
| We have audited the financial statements of Dale Power Solutions Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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: |
| - | 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. |
| 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
| DALE POWER SOLUTIONS LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its 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 where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Directors' Responsibilities Statement set out on page eight, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
| DALE POWER SOLUTIONS LIMITED |
| Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| 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 Auditors' 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 to |
| irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, |
| including fraud is detailed below: |
| We obtained an understanding of the legal and regulatory frameworks that are applicable to the |
| company and determined that the most significant frameworks which are directly relevant to specific |
| assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the |
| Companies Act 2006) and the relevant tax compliance regulations in the UK. |
| We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance. |
| We assessed the susceptibility of the company’s financial statements to material misstatement, including |
| how fraud might occur, by discussion with management from various parts of the business to understand |
| where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets. |
| Based on our understanding, we designed our audit procedures to identify any non-compliance with laws |
| and regulations identified in the paragraphs above. |
| We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant |
| transactions outside the normal course of business and reviewing accounting estimates for bias. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
| DALE POWER SOLUTIONS LIMITED |
| 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 Auditors' 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. |
| for and on behalf of |
| 5 & 6 Manor Garth |
| Manor Court |
| Scarborough |
| North Yorkshire |
| YO11 3TU |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| For The Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 | £'000 | £'000 |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 9,264 | 7,816 |
| 1,508 | 1,099 |
| Other operating income | 5 |
| OPERATING PROFIT |
| Interest receivable and similar income | 8 |
| 1,567 | 1,130 |
| Interest payable and similar expenses | 9 |
| PROFIT BEFORE TAXATION | 10 |
| Tax on profit | 11 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| STATEMENT OF FINANCIAL POSITION |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 | £'000 | £'000 |
| FIXED ASSETS |
| Intangible assets | 13 |
| Tangible assets | 14 |
| CURRENT ASSETS |
| Stocks | 15 |
| Debtors | 16 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| STATEMENT OF CHANGES IN EQUITY |
| For The Year Ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £'000 | £'000 | £'000 |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Dale Power Solutions Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The presentation currency of the financial statements is the Pound Sterling (£) and amounts are rounded to the nearest £ . |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 3.17(d); |
| • | the requirement of paragraph 33.7. |
| This information is included in the consolidated financial statements of DEPS Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Salter Road, Eastfield Industrial Estate, Scarborough, North Yorkshire, YO11 3DU. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
| Sale of goods (non - construction contracts) |
| Turnover from the sale of goods is recognised when all of the following conditions are satisfied: |
| - | the company has transferred the significant risks and rewards of ownership to the buyer; |
| - | the company retains neither continuing managerial involvement to the degree usually |
| associated with ownership nor effective control over the goods sold; |
| - | the amount of turnover can be measured reliably; |
| - | it is probable that the company will receive the consideration due under the transaction; and |
| - | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Sale of goods (construction contracts) |
| Turnover from the sale of goods which fall under the definition of a construction contract, is recognised by the allocation of contract turnover and contract costs into the accounting period in which the construction work is performed, by reference to the stage of completion of the contract activity, taking appropriate milestones and obligations into account. |
| Rendering of services |
| Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| - | the amount of turnover can be measured reliably; |
| - | it is probable that the company will receive the consideration due under the contract; |
| - | the stage of completion of the contract at the end of the reporting period can be measured |
| reliably; and |
| - | the costs incurred and the costs to complete the contract can be measured reliably. |
| Goodwill |
| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of ten years. |
| Intangible assets |
| Assets under construction are not being amortised. |
| Computer software is being amortised evenly over its estimated useful life of five years |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following basis: |
| Freehold property - up to 50 years |
| Plant and machinery - between 2 and 10 years on cost according to asset type |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
| Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. |
| If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence based on detailed cashflow forecasts and confirmed forward orders (at record high levels) together with and agreed strategic plan by all key stakeholders. |
| In making the current assessment of the ability of the company to continue as a going concern, the directors have considered the on going impact of the items listed below on both the liquidity and compliance with future covenants of the group headed by DEPS Holdings Limited, the ultimate parent company. This is deemed to be appropriate on the basis that the group, as at 31 December 2024 held external debt with the shareholders and the bank, in which the latter is subject to group guarantee arrangements around covenant compliance. As such, the below analysis represents the conclusions made on the group as a whole. |
| - | The wars in Ukraine and Gaza, |
| - | Inflation |
| - | The global supply chain |
| - | The labour market |
| As part of concluding that the group is a going concern, the group has remodelled its future cashflow and covenant compliance using updated information for a period not less than 12 months from the date these financial statements have been signed. |
| The above modelling included various scenarios which show that the group has sufficient resources to continue to operate as a going concern for at least the next 12 months from the date these financial statements have been signed, and have been prepared on that basis. |
| As such, these financial statements do not include any adjustments that would be necessary should the going concern basis of preparation no longer be appropriate. |
| Non-recurring items |
| Non-recurring items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for the revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
| The major areas of estimation and judgements within the financial statements are as follows: |
| (a) Useful lives of property, plant and equipment |
| Property, plant and equipment is depreciated over its useful life. Useful lives are based on the management's estimates of the periods within which the assets will generate revenue and which are periodically reviewed for continued appropriateness. Changes to judgements can result in significant variations in the carrying value and amounts charged to the Statement of Comprehensive Income. |
| (b) Other |
| Other judgements made by management are stock provisions, warranty provisions and the bad debt provision. The judgements are considered to be of low impact as they result in insignificant amounts in the financial statements, therefore no further discussion has been included. |
| (c) Contract accounting |
| When the company recognises revenue as a construction contract or rendering of a service, where revenue straddles a year-end, the company recognises revenue with reference to the stage of completion of the transaction or contract at the reporting period date. The company determines the stage of completion of a transaction or contract using a method that reliably measures the work performed, together with the associated costs. |
| (d) Going concern |
| In preparing these financial statements, the directors have made a judgement around the ability of the company to continue as a going concern in light of the ongoing Ukraine war, inflation, the global supply chain and the labour market. Details of these considerations can be seen in note 2. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the company. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £'000 | £'000 |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 4. | TURNOVER - continued |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £'000 | £'000 |
| United Kingdom |
| Europe |
| Rest of the world | 967 | 1,001 |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £'000 | £'000 |
| Rents received |
| Sundry receipts | 52 | 30 |
| 58 | 30 |
| Sundry receipts represents insurance income relating to costs incurred within administrative expenses. |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £'000 | £'000 |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production | 93 | 75 |
| Administration | 137 | 136 |
| Sales and Marketing | 36 | 32 |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 7. | DIRECTORS' EMOLUMENTS |
| During the year retirement benefits were accruing to 3 directors (2023 - 2) in respect of defined contribution pension schemes. |
| The highest paid director received remuneration of £198,683 (2023 - 173,979). |
| The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,421 (2023 - £10,353). |
| Key management personnel include all directors and several other managers who together have authority and responsibility for planning, directing and controlling the activities of the group. During the year, total emoluments of £771,704 (2023 - £692,067) were paid to directors and key management personnel as follows: |
| 2024 | 2023 |
| £'000 | £'000 |
| Directors remuneration | 405 | 401 |
| Directors pension contributions | 23 | 26 |
| Key management remuneration | 334 | 256 |
| Key management pension contributions | 10 | 9 |
| 772 | 692 |
| 8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 2024 | 2023 |
| £'000 | £'000 |
| Deposit account interest |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £'000 | £'000 |
| Bank interest payable | 242 | 246 |
| Service fee for invoice discounting facility | 25 | 82 |
| Amortisation of loan issue costs | 40 | 34 |
| Loan interest payable to group undertakings | 315 | 315 |
| 622 | 677 |
| 10. | PROFIT BEFORE TAXATION |
| The profit is stated after charging: |
| 2024 | 2023 |
| £'000 | £'000 |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Goodwill amortisation |
| Computer software amortisation |
| Auditors' remuneration |
| Foreign exchange differences |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 11. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £'000 | £'000 |
| Current tax: |
| Tax under provision | 57 | - |
| Deferred tax: |
| Deferred tax |
| Adjustment in respect of prior |
| years | (75 | ) | - |
| Total deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £'000 | £'000 |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Utilisation of tax losses | ( |
) |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Effect of group relief/other reliefs | (20 | ) | - |
| Rounding | 1 | - |
| Deferred tax charge | - | 133 |
| Total tax charge | 220 | 133 |
| 12. | DIVIDENDS |
| 2024 | 2023 |
| £'000 | £'000 |
| Ordinary shares of £1 each |
| Final |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 13. | INTANGIBLE FIXED ASSETS |
| Computer |
| Goodwill | software | Totals |
| £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Amortisation of intangible fixed assets is included in administrative expenses. |
| 14. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | machinery | Totals |
| £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Included within Freehold property is £290,000 (2023 - £290,000) relating to land on which no depreciation is charged. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 15. | STOCKS |
| 2024 | 2023 |
| £'000 | £'000 |
| Stocks |
| Work-in-progress |
| Finished goods |
| There is no material difference between the replacement cost of stocks and the amounts stated above. |
| The impairment charge recognised against stock during the year was £79,240 (2023 - £62,721). |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £'000 | £'000 |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Deferred tax asset | 148 | 311 |
| Prepayments and accrued income |
| Amounts recoverable on long term contracts |
| Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £'000 | £'000 |
| Bank loans and overdrafts (see note 19) |
| Other loans (see note 19) |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors |
| Invoice discounting facility | 855 | 306 |
| Deferred income |
| Accrued expenses |
| The invoice discounting facility is secured on the trade debtors to which it relates. |
| Amounts owed to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £'000 | £'000 |
| Bank loans (see note 19) |
| Other loans (see note 19) |
| Amounts owed to group undertakings |
| The amount owed to group undertakings is a loan from the parent company received in June 2014 and is classified separately from other amounts due from the parent company, which consists of regular transactions between the companies. Under the inter-company loan agreement between the companies there are no fixed repayment terms for amounts owed to group undertakings, however management treats the above as a separate loan from the parent company and the parent company has agreed not to demand repayment for at least 12 months from approval of these financial statements. Therefore, the loan is classed as falling due after more than one year. Interest is payable on the loan at a rate of 9% per annum. £315,000 (2023 - £315,000) has been accrued in the current year. Any interest is paid through the main intercompany account. |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £'000 | £'000 |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans |
| Other loans | - |
| Amounts falling due between two and five years: |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 986 | 897 |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 19. | LOANS - continued |
| The bank loan outstanding at 31 December 2024 is secured by way of a debenture on the assets of the group and is renegotiated each three year period over the course of 25 years from the drawdown of the loan, which was renewed during 2024. From April 2024, it attracts interest of 4.35% above the base rate. The bank loan is held net of fees of £26,897l (2023 - £8,614), of which £65,000 (2023 - £34,457) was amortised in the year. |
| In 2023, the other loan is a CBILS loan, which was repaid in April 2024. |
| Within the year, the group has completed a re-finance of a loan with Shawbrook bank for a further three year term. |
| 20. | LEASING AGREEMENTS |
| At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases as follows: |
| L&B | Other | L&B | Other |
| 2024 | 2024 | 2023 | 2023 |
| £ | £ | £ | £ |
| Not later than 1 year | 82 | 433 | 53 | 487 |
| Later than 1 year and not later than 5 years | 231 | 349 | 205 | 570 |
| Later than 5 years | - | - | - | - |
| 312 | 772 | 258 | 1,057 |
| 21. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £'000 | £'000 |
| Other provisions | 253 | 508 |
| Warranty |
| provisions |
| £'000 |
| Balance at 1 January 2024 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 31 December 2024 |
| Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the Statement of |
| Financial Position. |
| Warranty provisions are based upon known commitments plus estimates based on the historical |
| rates of occurrence where warranty obligations still exist. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £'000 | £'000 |
| Ordinary | £1 | 100 | 100 |
| 23. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme for the benefit of directors and employees. The scheme is set up under trust and its assets are therefore independent of those of the company. |
| The total contributions charged by the company in respect of the year ended 31 December 2024 was £286,859 (2023 - £268,515). At the year end and in the normal course of business, £60,810 (2023 - £56,074) was unpaid (relating to December 2024 payroll and paid January 2025) which was accounted for within creditors. |
| 24. | CONTINGENT LIABILITIES |
| As at 31 December 2024, there was an outstanding advance payment bond for £60,000. |
| 25. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| The directors consider that there are no other related party transactions for this company. |
| 26. | POST BALANCE SHEET EVENTS |
| On 5th April 2025, Dale Power Solutions completed the acquisition of Calibre Power Electronics, a company based in Aberdeen that specialises in offshore UPS systems maintenance. This strategic move marks an important milestone in the Group's growth journey and aims to reinforce its position as a leading provider of critical power solutions across the United Kingdom. |
| Calibre Power Electronics has been a respected partner of Dale Power Solutions for many years, and the acquisition is expected to enhance the Group's capabilities, particularly in servicing the oil and gas sector and expanding into new opportunities. By combining the expertise, skills, and innovation of the Calibre team with Dale Power Solutions' existing operations, the group anticipates delivering superior solutions in UPS systems, generators, and related sectors. |
| The Group emphasises its dedication to maintaining exceptional service standards for customers and fostering a supportive and dynamic workplace for employees. |
| DALE POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 00941798) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2024 |
| 27. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| Dale Erskine Power Solutions Limited is the company's immediate controlling party by virtue of its 100 per cent beneficial interest in the company. The company is incorporated in England and Wales and is registered at Eastfield Industrial Estate, Salter Road, Scarborough, North Yorkshire, YO11 3DU. |
| DEPS Holdings Limited, a company registered in England and Wales, is the largest and smallest group of undertakings that group accounts are drawn up for. |
| Copies of DEPS Holdings Limited financial statements can be obtained from their registered office at Eastfield Industrial Estate, Salter Road, Scarborough, North Yorkshire, YO11 3DU. |