DV8 Technology Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 08354829 (England and Wales)

Financial Statements

for the Year Ended 30 September 2024

for

DV8 Technology Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J K Bonnor

A J Derbyshire

L G Rigg

REGISTERED OFFICE:

Building 500 Dashwood Lang Road

Borne Business Park

Addlestone

Surrey

KT15 2NX

REGISTERED NUMBER:

08354829 (England and Wales)

AUDITORS:

Smith & Goulding Limited

2 Southport Road

Chorley

Lancashire

PR7 1LB

FIXED ASSETS

Intangible assets

4

149,881

136,266

Tangible assets

5

2,097,037

1,480,927

Investments

6

-

2

2,246,918

1,617,195

CURRENT ASSETS

Stocks

892,032

1,385,233

Debtors

7

19,545,086

21,354,044

Cash at bank

2,229,315

6,130,273

22,666,433

28,869,550

CREDITORS

Amounts falling due within one year

8

1,590,243

1,684,256

NET CURRENT ASSETS

21,076,190

27,185,294

TOTAL ASSETS LESS CURRENT
LIABILITIES

23,323,108

28,802,489

PROVISIONS FOR LIABILITIES

493,423

212,453

NET ASSETS

22,829,685

28,590,036

CAPITAL AND RESERVES

Called up share capital

10

10,100

Retained earnings

22,819,585

28,579,936

SHAREHOLDERS' FUNDS

22,829,685

28,590,036

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

A J Derbyshire - Director

1.	STATUTORY INFORMATION

DV8 Technology Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Assets for hire

-

at varying rates on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 October 2023

139,681

Additions

15,698

At 30 September 2024

155,379

AMORTISATION

At 1 October 2023

3,415

Amortisation for year

2,083

At 30 September 2024

5,498

NET BOOK VALUE

At 30 September 2024

149,881

At 30 September 2023

136,266

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

COST

At 1 October 2023

15,177

14,763

28,324

Additions

18,299

2,658

24,794

Disposals

-

Reclassification/transfer

-

At 30 September 2024

33,476

17,421

53,118

DEPRECIATION

At 1 October 2023

3,435

9,470

9,046

Charge for year

1,613

1,812

7,836

Eliminated on disposal

-

Reclassification/transfer

-

At 30 September 2024

5,048

11,282

16,882

NET BOOK VALUE

At 30 September 2024

28,428

6,139

36,236

At 30 September 2023

11,742

5,293

19,278

Assets

Computer

for hire

equipment

Totals

£

COST

At 1 October 2023

2,643,310

25,575

2,727,149

Additions

876,669

38,243

960,663

Disposals

(162,720

)

-

(162,720

)

Reclassification/transfer

608,073

-

608,073

At 30 September 2024

3,965,332

63,818

4,133,165

DEPRECIATION

At 1 October 2023

1,205,996

18,275

1,246,222

Charge for year

500,901

9,943

522,105

Eliminated on disposal

(150,849

)

-

(150,849

)

Reclassification/transfer

418,650

-

418,650

At 30 September 2024

1,974,698

28,218

2,036,128

NET BOOK VALUE

At 30 September 2024

1,990,634

35,600

2,097,037

At 30 September 2023

1,437,314

7,300

1,480,927

The reclassification amounts noted above have been included to restate hire assets to reflect an asset register which was reconstructed during the period. In accordance with FRS102, as the Directors did not consider the adjustment sufficiently material to require a prior period adjustment to be processed.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2023

2

Disposals

(2

)

At 30 September 2024

-

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

2

The fixed asset investment relates to the company's 50% interest in Axis Mining Technology Pty Limited ("Axis"). On 3 October 2022, Axis became part of the Orica group when Orica acquired the other 50% of the shares in issue, in addition to its beneficial interest arising from its acquisition in the shares of DV8 Technology Limited. On 20 December 2023, DV8 Technology Limited's interest in the share capital of Axis was transferred to Orica Investments Pty Ltd.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

Trade debtors

8,349,033

5,185,249

Amounts owed by group undertakings

11,119,601

15,957,736

VAT

10,730

129,572

Prepayments and accrued income

65,722

81,487

19,545,086

21,354,044

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

Trade creditors

59,416

275,810

Amounts owed to group undertakings

948,870

-

Taxation

135,851

1,366,969

Social security and other taxes

1,470

12,203

Credit card

1,654

313

Other creditors

-

2

Workplace pension

-

1,121

Accrued expenses

442,982

27,838

1,590,243

1,684,256

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.24

30.9.23

£

Within one year

35,250

47,000

Between one and five years

-

35,250

82,250

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

10,100

Ordinary

£1

10,100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We were not appointed as auditor of the company until after 30 September 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 September 2023 which were included in the balance sheet at £1,385,233 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary or whether there was any consequential effect on the cost of sales for the year ended 30 September 2023.

In addition to the above matter, there was no detailed asset register maintained by the company for hire assets during the year ended 30 September 2023. As a result of this, there was therefore insufficient audit evidence to allow us to satisfy ourselves as to the carrying value of hire assets held at 30 September 2023, and which were included in the balance sheet at £1,437,314, reported within tangible fixed assets. Consequently, we were unable to determine whether any adjustment to this amount was necessary or whether there was any consequential effect on the cost of sales and depreciation for the year ended 30 September 2023.

Our audit opinion on the financial statements for the year ended 30 September 2023 in respect of the above matters was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effects of this matter on the comparability of the current period's figures and the corresponding figures.

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.

Andrew Simm BSc FCA (Senior Statutory Auditor)

for and on behalf of Smith & Goulding Limited

12.	ULTIMATE CONTROLLING PARTY

On 3 October 2022, the company's entire issued share capital was acquired by Project Grace Holdings a company registered in England and Wales. The ultimate parent undertaking, ultimate controlling party and the only company for which group accounts are drawn up, and of which the company is a member, is Orica Limited, a company registered in Australia. Copies of Orica Limited's accounts may be obtained from Orica Limited's official website, www.orica.com.