Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 2024-01-01 false The principal activity of the business is to act as an intermediate holding company for the Group and to engage with third parties on construction contracts.3 3 true true false 10854075 2024-12-31 10854075 2024-01-01 2024-12-31 10854075 2023-01-01 2023-12-31 10854075 2023-12-31 10854075 c:Director2 2024-01-01 2024-12-31 10854075 d:CurrentFinancialInstruments 2024-12-31 10854075 d:CurrentFinancialInstruments 2023-12-31 10854075 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 10854075 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10854075 d:ShareCapital 2024-12-31 10854075 d:ShareCapital 2023-12-31 10854075 d:RetainedEarningsAccumulatedLosses 2024-12-31 10854075 d:RetainedEarningsAccumulatedLosses 2023-12-31 10854075 c:FRS102 2024-01-01 2024-12-31 10854075 c:Audited 2024-01-01 2024-12-31 10854075 c:FullAccounts 2024-01-01 2024-12-31 10854075 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10854075 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10854075 2 2024-01-01 2024-12-31 10854075 4 2024-01-01 2024-12-31 10854075 6 2024-01-01 2024-12-31 10854075 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 10854075 DELMA ENGINEERING UK LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
DELMA ENGINEERING UK LIMITED REGISTERED NUMBER: 10854075 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 4 |  | 3,545,913 |  | 3,545,913
|  |  | 3,545,913 |  | 3,545,913
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 12,592,951 |  | 13,646,461 |
Cash at bank and in hand | 6 | 7,372 |  | 16,327 |
|  | 12,600,323 |  | 13,662,788 |
Creditors: amounts falling due within one year | 7 | (114,674) |  | (574,498) |
Net current assets |  |  | 12,485,649 |  | 13,088,290
Total assets less current liabilities |  |  | 16,031,562 |  | 16,634,203
Net assets |  |  | 16,031,562 |  | 16,634,203
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 16,800,000 |  | 16,800,000
Profit and loss account |  |  | (768,438) |  | (165,797)
|  |  | 16,031,562 |  | 16,634,203
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A Balasso
Director
Date: 28 August 2025
The notes on pages 2 to 8 form part of these financial statements. Page 1
DELMA ENGINEERING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Delma Engineering UK Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Aston House, London, N3 1LF. The principal activity of the business is to act as an intermediate holding company for the Group and to engage with third parties on construction contracts. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 2
DELMA ENGINEERING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Rendering of services Revenue 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 revenue 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.8 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.10 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment. Page 3
DELMA ENGINEERING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | 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.
| 2.13 | Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method
| 2.14 | Amounts recoverable on long term contracts
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. The stage of completion is measured with reference to the proportion of the value of the contract at the reporting date against the total estimated value of the contract, as measured by a survey of the work performed. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.
| 2.15 | 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.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 4
DELMA ENGINEERING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 5
DELMA ENGINEERING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
4. | Fixed asset investments
|  | Investments in subsidiary companies | Investments in associates | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 1,080,943 | 3,545,913 | 4,626,856
| At 31 December 2024 | 1,080,943 | 3,545,913 | 4,626,856
| Impairment |  |  |
| At 1 January 2024 | 1,080,943 | - | 1,080,943
| At 31 December 2024 | 1,080,943 | - | 1,080,943
| Net book value |  |  |
| At 31 December 2024 | - | 3,545,913 | 3,545,913
| At 31 December 2023 | - | 3,545,913 | 3,545,913
Page 6
DELMA ENGINEERING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 7,505,538 | 8,225,900
| Amounts owed by group undertakings | 5,001,026 | 5,224,109
| Other debtors | 2,166 | 814
| Prepayments and accrued income | 84,221 | 60,709
| Amounts recoverable on long-term contracts | - | 134,929
|  | 12,592,951 | 13,646,461
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 7,372 | 16,327
|  | 7,372 | 16,327
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 100,255 | 189,823
| Amounts owed to group undertakings | 5,169 | 131,288
| Corporation tax | - | 29,060
| Accruals and deferred income | 9,250 | 224,327
|  | 114,674 | 574,498
8. | Related party transactions
| The Company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Page 7
DELMA ENGINEERING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Controlling party
The immediate parent company is ICM S.p.A. a company registered in Italy. Its ultimate controlling party is Maltauro Partecipazioni S.p.A. a company registered in Italy. The accounts of the Company are included in the consolidated financial statements of Maltauro Partecipazioni S.p.A., copies of which can be obtained from 36100 - VICENZA Viale dell'Industria 42.
10. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 28 August 2025 by Alexander Chrysaphiades, FCA (Senior statutory auditor) on behalf of Adler Shine LLP.
Page 8