Registration number:
DBS Group Holdings Limited
for the Year Ended 31 July 2025
DBS Group Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account and Statement of Retained Earnings |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
DBS Group Holdings Limited
Company Information
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Directors |
Mr D R Blakey Mr S P Byrne Mr K B Sheppard |
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Registered office |
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Auditors |
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DBS Group Holdings Limited
Strategic Report for the Year Ended 31 July 2025
The directors present their strategic report for the year ended 31 July 2025.
Principal activity
The principal activity of the group is that of air-conditioning, heating, and plumbing system installation, maintenance and servicing.
Business model and overview
Our strategy for the year 2025 was one of strategy change and continued recovery and copies the change in focus in 2024.
The group operates as an Installation and HVAC Service provider. Our business model focuses on delivering Planned Maintenance and reactive service remedials and Installation Projects up to £500,000. Supported by a Sales department focused on new PPM and client retention. Key resources include a Technical skilled workforce a solid administration team with software platforms and long-standing relationships with blue hip FM clients across the UK.
We had diversified into construction projects which moved focus from where our business should be; however, we have retained a good team and structure. This was compounded by large clients going into administration in prior years this follows on from the 2024 report.
2025 saw a massive financial turnaround for DBSME from the negative previous years, the strategy for core work projects only is proving the most productive. DBS and DBSME continued to support the group and debt throughout 2025. Following the strategy changes and reduction in staff mainly in the DBSE part of the group.
Our strategy was to concentrate on Core Project Installations with independent Project Managers. The recovery over this year was steady although we had also a construction element that was not successful.
DBS and DBSM&E continued cross company support was essential during this financial year. We knew we would have to be reactive, and all parts of the group would be a part of the required strategy and company investment for the future. This would be achieved and driven by disciplined cost control and working to strategy.
We work in an extremely competitive market that is growing all the time. A PESTLE analysis highlights extreme regulatory pressure, ongoing costs and inflation and fast Technological changes. As key drivers shaping our strategic choices.
Executive summary
This strategic report sets out the company’s current position, key market developments, and the strategic priorities for the next three years. Over the past year, revenue reduced but Nett profit increased due to the change in strategic plans with stable operating margins, driven by strong performance and disciplined cost control. The report concludes that the business is well-positioned for continued growth, provided we continue to control and manage business growth, invest in technology, expand in our two priority markets, and strengthen our operational efficiency.
Market context and external environment
The primary markets are London and the Southeast, with demand influenced by regulatory changes, economic conditions. Competitive intensity remains high, with new entrants offering low-cost solutions and established players consolidating to achieve scale. A PESTLE analysis highlights regulatory pressure, ongoing inflation, and rapid technological change as key external drivers shaping our strategic choices.
The cost implications for having to on board many different regulatory and compliance accreditations has been a limiting factor and costly.
DBS Group Holdings Limited
Strategic Report for the Year Ended 31 July 2025
Strategy and strategic priorities
Our long-term vision is to become the preferred HVAC service partner in our chosen Service disciplines. To deliver this, the Board has identified five strategic priorities.
• Grow market share in two core sectors (Service and Installation).
• Focus on Core Projects with PM management.
• Invest in Sales Team/structure.
• Enhance customer experience and retention.
• Improve operational efficiency and margin.
• Strengthen people capability and culture.
Each priority is underpinned by specific, time-bound objectives and key performance indicators to enable robust tracking of progress.
Key performance indicators (KPIs)
The company uses a balanced set of financial and non-financial KPIs to monitor strategy execution. Core KPIs include revenue growth, EBITDA margin, customer retention rate, employee engagement, and health and safety metrics. Performance against these indicators is reviewed quarterly by the Board, with variances analysed and corrective actions agreed.
Operational review
During the year, DBSME delivered substantial growth, supported by new contract wins and improved utilisation of project teams with 2 extra PM employed. Some parts of the business experienced slower growth due to the strategic sales plan change which we quickly understood was not working and became unproductive, due to Sales staff becoming nonproductive for personal reasons and Sales staff not being retained. and delays in customer decision-making, but the pipeline remains robust. Operational initiatives, such as process standardisation and automation of administration activities, delivered cost savings and improved service quality.
Principal risks and uncertainties
The Board maintains a formal risk register and reviews principal risks at least twice a year. Current principal risks include cyber security threats, key client concentration, regulatory change, talent attraction and retention. Each risk has an identified owner, mitigation plan, and associated early-warning indicators, which are reported through the company’s governance framework.
Environmental, social and governance (ESG)
The company is committed to responsible and sustainable business practices, aligned with stakeholder expectations and emerging regulatory requirements. Environmental initiatives include energy efficiency measures, reduced business travel, and targeted carbon-reduction projects, while social initiatives focus on employee wellbeing, diversity and inclusion, and community engagement. Governance practices are aligned with a strong emphasis on Board effectiveness, internal control, and transparent reporting. These practices are policed and audited by 3rd parties i.e. ISO.
Plus Apprenticeship schemes and work experience and Charitable Projects.
Financial review and outlook
The financial review summarises revenue, profitability, cash flow and capital structure, explaining key movements compared with the prior year. It highlights the need for strong cash generation, disciplined capital allocation, and sufficient headroom within committed banking facilities to fund the strategic agenda. Looking ahead, the outlook section outlines expected market trends, planned investments, and the Board’s assessment of the company’s prospects, including any material uncertainties that may affect future performance.
We believe that we have navigated through a recovery period post Covid and have a positive future/outlook.
The company's key financial and other performance indicators during the year were as follows:
DBS Group Holdings Limited
Strategic Report for the Year Ended 31 July 2025
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Financial KPIs |
Unit |
2025 |
2024 |
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Turnover |
£ |
11,427,463 |
12,324,911 |
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Turnover (decline) / growth |
% |
(7.3) |
7.5 |
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Gross profit |
£ |
3,040,691 |
2,616,771 |
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EBITDA |
£ |
580,189 |
(1,704,416) |
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EBITDA margin |
% |
5.1 |
(13.8) |
Conclusion and approval
The strategic report concludes by reaffirming the company’s strategic direction, the progress made, and the key focus areas for the next planning period. It is approved by the Board and signed on its behalf by an authorised director, confirming responsibility for the narrative and the fair review of the business.
Approved and authorised by the
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DBS Group Holdings Limited
Directors' Report for the Year Ended 31 July 2025
The directors present their report and the for the year ended 31 July 2025.
Change of company name
The company changed its name from
Directors of the group
The directors who held office during the year were as follows:
Statement of directors' responsibilities
The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
DBS Group Holdings Limited
Directors' Report for the Year Ended 31 July 2025
Reappointment of auditors
The auditors Xeinadin Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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DBS Group Holdings Limited
Independent Auditor's Report to the Members of DBS Group Holdings Limited
Opinion
We have audited the financial statements of DBS Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 July 2025 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
DBS Group Holdings Limited
Independent Auditor's Report to the Members of DBS Group Holdings Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 statement of directors' responsibilities [set out on page 5], 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 group’s and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
DBS Group Holdings Limited
Independent Auditor's Report to the Members of DBS Group Holdings Limited
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.
There are inherent limitations in our 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.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
DBS Group Holdings Limited
Independent Auditor's Report to the Members of DBS Group Holdings 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 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.
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For and on behalf of
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Hertfordshire
WD25 7GS
DBS Group Holdings Limited
Consolidated Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 31 July 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit/(loss) |
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( |
|
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar charges |
( |
( |
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|
(34,527) |
2,563 |
||
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Profit/(loss) before tax |
|
( |
|
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Taxation |
( |
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Profit/(loss) for the financial year |
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( |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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( |
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Retained earnings brought forward |
(98,034) |
1,670,620 |
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Dividends paid |
( |
( |
|
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Retained earnings carried forward |
75,652 |
(98,034) |
DBS Group Holdings Limited
(Registration number: 07655104)
Consolidated Balance Sheet as at 31 July 2025
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Note |
2025 |
2024 |
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£ |
£ |
£ |
£ |
||
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Fixed assets |
|||||
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Tangible assets |
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Current assets |
|||||
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Debtors |
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Cash at bank and in hand |
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|||
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Creditors: Amounts falling due within one year |
( |
( |
|||
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Net current assets |
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Total assets less current liabilities |
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|||
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Creditors: Amounts falling due after more than one year |
( |
( |
|||
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Provisions for liabilities |
( |
( |
|||
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Net assets/(liabilities) |
|
( |
|||
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Capital and reserves |
|||||
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Called up share capital |
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|||
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Merger relief reserve |
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Retained earnings |
|
( |
|||
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Equity attributable to owners of the company |
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( |
|||
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Shareholders' funds/(deficit) |
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( |
|||
Approved and authorised by the
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DBS Group Holdings Limited
(Registration number: 07655104)
Balance Sheet as at 31 July 2025
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Note |
2025 |
2024 |
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£ |
£ |
£ |
£ |
||
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Fixed assets |
|||||
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Investments |
|
|
|||
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Current assets |
|||||
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Debtors |
|
|
|||
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Cash at bank and in hand |
|
|
|||
|
|
|
||||
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Creditors: Amounts falling due within one year |
( |
( |
|||
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Net current liabilities |
( |
( |
|||
|
Total assets less current liabilities |
( |
( |
|||
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Creditors: Amounts falling due after more than one year |
( |
( |
|||
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Net liabilities |
( |
( |
|||
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Capital and reserves |
|||||
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Called up share capital |
|
|
|||
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Retained earnings |
( |
( |
|||
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Shareholders' deficit |
( |
( |
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The company made a profit after tax for the financial year of £110,615 (2024 - loss of £484,675).
Approved and authorised by the
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DBS Group Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 July 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
|||
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Profit/(loss) for the year |
|
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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Profit on disposal of tangible assets |
- |
( |
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Finance income |
( |
( |
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Finance costs |
|
|
|
|
Corporation tax expense |
|
( |
|
|
|
( |
||
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Working capital adjustments |
|||
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(Increase)/decrease in trade debtors |
( |
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Increase/(decrease) in trade creditors |
|
( |
|
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Cash generated from operations |
|
( |
|
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Corporation tax paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
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Net cash flows from investing activities |
( |
|
|
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 August |
|
|
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Cash and cash equivalents at 31 July |
(105,798) |
414,599 |
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DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company was formerly known as DBS Managed Services Limited.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of these financial statements is £ Sterling, and the level of rounding is to the nearest £.
Summary of disclosure exemptions
The company has taken advantage of disclosure exemptions in FRS 102 1.12 relating to Section 7 Statement of Cash Flows, Section 33 Related Party Disclosures, and the exemption under FRS 102 Section 33 not to disclose transactions with group undertakings that are wholly owned by the group.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 July 2025.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £110,615 (2024 - loss of £484,675).
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group, other than through group reconstructions. Under the purchase method, the cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
For group reconstructions that meet the conditions in FRS 102 paragraph 19.27, where ultimate equity holders remain unchanged, relative rights are unaltered, and no non-controlling interest is changed, the Group applies merger accounting. Under the merger accounting method, the assets and liabilities of the combining entities are consolidated at their existing carrying values rather than fair values, no goodwill or incremental fair value adjustments are recognized, and the consolidated financial statements incorporate the combined results of the entities for the full reporting period, with comparative figures restated accordingly.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
At the balance sheet date, although the group had a net asset position, the parent company had a net liability position of £617,539 following the write down of assets in the 2024 period. The group and parent company made a profit in the 2025 financial year, and unaudited management accounts to date for the 2026 period show the group and parent company continuing to be profitable, strengthening the reserves of the group and parent company. The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the group and parent company will have sufficient cash flows to meet liabilities as they fall due. The parent company forecasts account for the negative balance sheet, and are dependent on the continued financial support from subsidiary companies, which have provided written undertakings of financial support for a period of not less than 12 months from the approval date of these financial statements.
The directors therefore continue to adopt the going concern basis in preparing the financial statements.
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
For services performed, the group recognises revenue by reference to the stage of completion of works carried out.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
|
Leasehold improvements |
10% Straight line |
|
Fixtures and fittings |
25% Straight line |
|
Plant and machinery |
25% Reducing balance |
|
Motor vehicles |
25% Reducing balance |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases or hire purchase contracts whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases and hire purchase contracts are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets. The corresponding liability to the lessor is included in the balance sheet as a finance lease or hire purchase contract obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sales of goods and services |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Other operating income |
- |
|
|
Management charges receivable |
68,279 |
195,073 |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of tangible fixed assets |
- |
|
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
- |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
|
- |
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Engineers |
|
|
|
Directors and management |
|
|
|
|
|
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
267,338 |
244,333 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
5,000 |
4,500 |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense/(receipt) in the income statement |
|
( |
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit/(loss) before tax |
|
( |
|
Corporation tax at standard rate |
|
( |
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase/(decrease) from tax losses for which no deferred tax asset was recognised |
|
( |
|
Deferred tax expense relating to changes in tax rates or laws |
|
- |
|
Total tax charge/(credit) |
|
( |
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Unrelieved tax losses carried forward |
|
- |
|
|
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Unrelieved tax losses carried forward |
|
- |
|
|
|
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Company
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Unrelieved tax losses carried forward |
|
|
|
|
2024 |
Asset |
|
Unrelieved tax losses carried forward |
|
|
|
|
Tangible assets |
Group
|
Leasehold improvements |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 August 2024 |
|
|
|
|
|
|
Additions |
- |
- |
- |
|
|
|
At 31 July 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 August 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 July 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 July 2025 |
|
|
|
|
|
|
At 31 July 2024 |
|
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Motor vehicles |
340,344 |
317,689 |
Restriction on title and pledged as security
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 August 2024 |
|
|
At 31 July 2025 |
|
|
Carrying amount |
|
|
At 31 July 2025 |
|
|
At 31 July 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
England and Wales |
Ordinary Shares |
|
|
|
|
England and Wales |
Ordinary Shares |
|
|
|
Subsidiary undertakings |
|
David Blakey Services Limited The principal activity of David Blakey Services Limited is |
|
DBS Mechanical & Electrical Ltd The principal activity of DBS Mechanical & Electrical Ltd is |
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
|
- |
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
|
Other debtors |
|
|
- |
|
|
|
Prepayments and accrued income |
|
|
- |
- |
|
|
Deferred tax assets |
|
|
|
|
|
|
Corporation tax |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
(105,798) |
414,599 |
18,631 |
46,818 |
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
|
|
|
|
Amounts owed to group undertakings |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
- |
|
|
Other creditors |
|
|
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
Corporation tax |
7,295 |
118,785 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Other creditors |
|
|
|
|
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 August 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 July 2025 |
|
|
|
|
||
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
264 |
|
264 |
|
|
|
572 |
|
572 |
|
|
|
264 |
|
264 |
|
|
|
|
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Bank overdrafts |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
Liabilities for bank borrowings, bank overdrafts, and hire purchase contracts are secured against assets of the group.
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Dividends paid during the year |
108,333 |
139,418 |
||
During the year ended 31 July 2025, the company paid interim dividends of £108,333 (2024 - £139,418). At the time the dividends were declared, the directors had reasonable grounds to believe the company had sufficient distributable reserves to support the dividends in that year. Following the amendments and restatement of figures for the year ended 31 July 2024 as shown in the revised financial statements for that period, the company ceased to have sufficient distributable reserves. The directors consider that based on their assessment of having sufficient distributable reserves at the time of declaring the dividends, they are not unlawful dividends. The directors are taking steps to re-organise reserves within the group, and confirm no further distributions will be made until such time as there are sufficient distributable reserves available.
|
Related party transactions |
Group
Dividends paid to directors
|
2025 |
2024 |
|||
|
|
||||
|
Dividends paid to directors |
108,333 |
139,418 |
||
Summary of transactions with other related parties
The group has transactions and loans with other related companies.
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Income and receivables from related parties
|
2025 |
Other related parties |
|
Sales |
|
|
Management charges and recharged expenses receivable |
|
|
Interest receivable on loans |
|
|
|
|
|
Expenses recognised as bad debts on amounts receivable from related party |
58,795 |
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Other related parties |
|
Sales |
|
|
Management charges and recharged expenses receivable |
|
|
Interest receivable on loans |
|
|
|
|
|
Expenses recognised as bad debts on amounts receivable from related party |
1,581,099 |
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Purchases |
|
|
Management charges and recharged expenses payable |
|
|
Rent |
|
|
Interest payable on loans |
|
|
|
|
|
Amounts payable to related party |
|
|
|
|
|
2024 |
Other related parties |
|
Purchases |
|
|
Management charges and recharged expenses payable |
|
|
Purchase of fixed assets |
|
|
Rent |
|
|
Interest payable on loans |
|
|
|
|
|
Amounts payable to related party |
|
|
|
|
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Company
Dividends paid to directors
|
2025 |
2024 |
|||
|
|
||||
|
Dividends paid to directors |
108,333 |
139,418 |
||
Summary of transactions with other related parties
Other related parties consist of companies under common control.
The company has transactions and loans with other related companies.
Income and receivables from related parties
|
2025 |
Other related parties |
|
Management charges and recharged expenses receivable |
|
|
Interest receivable on loans |
|
|
|
|
|
Expenses recognised as bad debts on amounts receivable from related party |
9,952 |
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Other related parties |
|
Management charges and recharged expenses receivable |
|
|
Interest receivable on loans |
|
|
|
|
|
Expenses recognised as bad debts on amounts receivable from related party |
788,574 |
|
Amounts receivable from related party |
|
|
|
|
DBS Group Holdings Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Management charges and recharged expenses payable |
|
|
Rent |
|
|
Transfers of research and development |
|
|
|
|
|
Amounts payable to related party |
|
|
|
|
|
2024 |
Other related parties |
|
Rent |
|
|
Interest payable on loans |
|
|
|
|
|
Amounts payable to related party |
|
|
|
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is