Company registration number 14267100 (England and Wales)
DANIELI GROUP LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
DANIELI GROUP LIMITED
COMPANY INFORMATION
Directors
D Winch
N A Winch
Company number
14267100
Registered office
Patrick House
Gosforth Park Avenue
Gosforth Business Park
Newcastle upon Tyne
NE12 8EG
Auditor
Sumer Auditco Limited
Unit 2
Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
DANIELI GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
DANIELI GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Fair review of the business

The principal activity of the company is that of a holding company. The principal activities of the Group cover 3 main sectors, being; security operations, operation of licensed premises, and provision of social & respite care services.

The full list of subsidiaries and their principal activities are listed in the notes to the financial statements.

The Group's financial performance was as follows:

- Turnover - £13.6m (2024 - £15.3m)

- Gross profit - £3.6m (2024 - £4.9m)

- EBITDA - £62.4K loss (2024 - £3k* profit)

- Net liabilities - £950k (2024 - £379k net assets)

*without impact of exceptional item recognised in administrative expenses of £79k

The performance of each trading entity in the group is measured each month by the directors by reviewing the above key performance indicators on an individual entity basis.

Although trading has been challenging across all 3 sectors, the directors are confident the strategic plans going forward will ensure the group is in a stronger financial position.

Since the year end, operating results have improved significantly. The 2 largest subsidiaries within the Group (Phoenix FM Services Limited and Homecare Plus Limited) have reported a combined EBITDA at operating level of circa £1m. In addition, the director has made internal changes at Group level, significantly reducing operating and administrative costs. The director has also disposed of one of its under performing leisure sites which will have a further positive impact on the group going forward.

Future developments

Given the current status of the economy, the directors are cautiously optimistic about future trading. The directors consider the Group to be well placed to meet demands in all areas of trade the group is exposed to, be it in the security, leisure or care sector.

Principal risks and uncertainties

The directors continually analyse key risks to the group. All the risks facing the group rest within the subsidiary companies:

People:

The group is reliant on its ability to recruit, develop and retain staff to protect the business it has today and to deliver its future growth plans. Employees are provided with training and support that allow them to reach their potential within the company. Remuneration packages and pay rates are compared against industry data to ensure that they remain competitive.

Reputational and regulatory risk:

Compliance with regulations is a risk and could potentially impact on the reputation of the group along with the ability to admit residents to the care home operated by the group. The group ensures it follows all Care Quality Commission (CQC) regulations, including local authority and clinical commissioning group contractual requirements, with senior team members attending appropriate courses and conferences to make sure the group is always fully up to date with any anticipated updates or changes. The group also operates in the licensing and leisure sector. The group ensures it follows all necessary licensing regulations in order to mitigate the risk of regulatory issues.

DANIELI GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
Going concern

The group had net liabilities of £950k at the period end. The group manages its day to day working capital requirements at an overall group and related company level, through its available cash resources, cash flow from operating activities, external financing from bank loans, overdrafts and an invoice discounting facility.

The directors acknowledge that trading has been difficult and have prepared forecasts building in uncertainties in the current economic environment, as well as current cost of living rises and inflationary pressures. The forecasts demonstrate the Group produces positive cashflows at an operational level but has liquidity challenges at a Group level. The Group intends to dispose of assets and restructure debt in the next 12 months, at a sufficient level to address the liquidity issues faced by the Group and to strengthen its position going forward.

Consequently, the directors have a reasonable expectation that the company has adequate resource to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis in preparing these financial statements.

s172(1) statement

A director of a Company must act in the way he or she considers, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters), to:

- Likely consequences of any decisions in the long-term;

- Interest of the Company’s employees;

- The need to foster the Company’s business relationships with suppliers, customers and others;

- The impact of the Company’s operations on the community and environment;

- Desirability of the Company maintaining a reputation for high standards of business conduct; and

- The need to act fairly as between members of the Company.

In discharging their Section 172 duties, the directors of the Group consider that they have had regard in material respects to the factors set out above.

The key stakeholders of the Group are our customer base, suppliers, landlords, its employees, our bankers, as well as the Group’s shareholders.

The Group delegates authority for day-to-day management to the operational management team, who along with the directors approve and oversee the execution of the Group’s activities. Board meetings are held periodically where the directors consider Group business, such as financing requirements, capital expenditure and operational challenges. The Group follows policies and procedures, including those relating to standards of business conduct, employees, the environment, the community, and other stakeholders.

In considering items of business, the Group makes autonomous decisions on each transaction’s own merits, after due consideration of the long-term success of the Group, Section 172 factors, where relevant, and the stakeholders impacted.

Post balance sheet events

There have been no significant events affecting the company of its group since the year end.

On behalf of the board

N A Winch
Director
07 August 2026
DANIELI GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £329,334. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Winch
N A Winch
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the group's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Sumer Auditco Limited be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the parent company has not consumed more than 40,000 kWh of energy in this reporting period, and the group has not exceeded the the 40,000 kWh threshold when excluding subsidiaries not obliged to report, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

DANIELI GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Matters covered in the group strategic report

The following information, which would otherwise be disclosed in true t he directors’ report is instead disclosed in the strategic report, as permitted by section 414c(11) of the Companies Act 2006:

- future developments

- principal risks and uncertainties

- post balance sheet events

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
N A Winch
Director
7 August 2026
DANIELI GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DANIELI GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Danieli Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's loss 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 1.4 in the financial statements which highlights the Group's trading difficulties and associated liquidity problems. The directors plan to dispose of assets and restructure debt to address the position. If sufficient funds are not raised, or not raised in the next 12 months, this may cast uncertainty on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the entity's ability to continue to adopt the going concern basis of accounting included reviewing the assertion that the Group will secure adequate funding and generate sufficient funds from the disposal of assets to continue in operational existence for the foreseeable future.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant section of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- 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 directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the teams, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety, alcohol licensing laws, the Care Act 2014 and compliance with the independent regulator of health and adult social care in England, the Care Quality Commission.

DANIELI GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DANIELI GROUP LIMITED
- 7 -

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Gainford (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
07 August 2026
DANIELI GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
13,554,723
15,338,256
Cost of sales
(9,975,098)
(10,467,439)
Gross profit
3,579,625
4,870,817
Administrative expenses
(6,738,311)
(7,884,952)
Other operating income
2,087,310
1,437,986
Operating loss
4
(1,071,376)
(1,576,149)
Interest payable and similar expenses
8
(695,054)
(991,486)
Other gains and losses
9
-
6,742,464
(Loss)/profit before taxation
(1,766,430)
4,174,829
Tax on (loss)/profit
10
108,124
(105,692)
(Loss)/profit for the financial year
(1,658,306)
4,069,137
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
DANIELI GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
£
£
(Loss)/profit for the year
(1,658,306)
4,069,137
Other comprehensive income
-
-
Total comprehensive income for the year
(1,658,306)
4,069,137
Total comprehensive income for the year is all attributable to the owners of the parent company.
DANIELI GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,544,835
2,890,010
Other intangible assets
12
9,601
14,256
Total intangible assets
2,554,436
2,904,266
Tangible assets
13
6,022,142
6,374,028
Investments
14
1,550
1,550
8,578,128
9,279,844
Current assets
Stocks
177,935
187,381
Debtors
16
4,309,556
3,338,024
Cash at bank and in hand
29,581
22,714
4,517,072
3,548,119
Creditors: amounts falling due within one year
17
(12,577,682)
(9,371,775)
Net current liabilities
(8,060,610)
(5,823,656)
Total assets less current liabilities
517,518
3,456,188
Creditors: amounts falling due after more than one year
18
(1,220,003)
(2,721,577)
Provisions for liabilities
Deferred tax liability
21
247,446
355,570
(247,446)
(355,570)
Net (liabilities)/assets
(949,931)
379,041
Capital and reserves
Called up share capital
23
7,770
7,770
Other reserves
24
769,230
769,230
Profit and loss reserves
24
(1,726,931)
(397,959)
Total equity
(949,931)
379,041
The financial statements were approved by the board of directors and authorised for issue on 07 August 2026 and are signed on its behalf by:
N A Winch
Director
Company registration number 14267100 (England and Wales)
DANIELI GROUP LIMITED
COMPANY BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
49,946
9,016
Investments
14
5,014,988
5,014,988
5,064,934
5,024,004
Current assets
Debtors
16
3,360,383
1,789,475
Cash at bank and in hand
17
-
0
3,360,400
1,789,475
Creditors: amounts falling due within one year
17
(4,185,770)
(3,339,242)
Net current liabilities
(825,370)
(1,549,767)
Total assets less current liabilities
4,239,564
3,474,237
Creditors: amounts falling due after more than one year
18
(965,000)
-
0
Net assets
3,274,564
3,474,237
Capital and reserves
Called up share capital
23
7,770
7,770
Other reserves
24
769,230
769,230
Profit and loss reserves
24
2,497,564
2,697,237
Total equity
3,274,564
3,474,237

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £529,007 (2024 - £3,182,768 profit).

The financial statements were approved by the board of directors and authorised for issue on 07 August 2026 and are signed on its behalf by:
N A Winch
Director
Company registration number 14267100 (England and Wales)
DANIELI GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
Share capital
Merger relief reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
43,950
4,351,050
(3,957,762)
437,238
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
4,069,137
4,069,137
Dividends
11
-
-
(180,000)
(180,000)
Reduction of shares
23
(36,180)
-
-
(36,180)
Other movements
-
(3,581,820)
(329,334)
(3,911,154)
Balance at 30 April 2024
7,770
769,230
(397,959)
379,041
Year ended 30 April 2025:
Loss and total comprehensive income
-
-
(1,658,306)
(1,658,306)
Other movements
-
-
329,334
329,334
Balance at 30 April 2025
7,770
769,230
(1,726,931)
(949,931)
The directors have split out the movements in the prior year to better reflect the nature of the movements within the profit and loss reserve. The reserve and group statement of changes in equity overall remain unadjusted in the prior period.
DANIELI GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
Share capital
Merger relief reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
43,950
4,351,050
23,803
4,418,803
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
3,182,768
3,182,768
Dividends
11
-
-
(509,334)
(509,334)
Reduction of shares
23
(36,180)
-
-
(36,180)
Other movements
-
(3,581,820)
-
(3,581,820)
Balance at 30 April 2024
7,770
769,230
2,697,237
3,474,237
Year ended 30 April 2025:
Profit and total comprehensive income
-
-
(529,007)
(529,007)
Dividends
11
-
-
329,334
329,334
Balance at 30 April 2025
7,770
769,230
2,497,564
3,274,564
The directors have split out the movement in the prior year to better reflect the nature of the movements within the profit and loss reserve. The reserve and company statement of changes in equity overall remain unadjusted in the prior period.
DANIELI GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 14 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,959,574
1,339,441
Interest paid
(695,054)
(991,486)
Income taxes paid
(78,493)
(700,425)
Net cash inflow/(outflow) from operating activities
1,186,027
(352,470)
Investing activities
Proceeds from disposal of business
-
2,636,889
Purchase of tangible fixed assets
(307,783)
(1,156,477)
Proceeds from disposal of tangible fixed assets
2,246
12,455
Amounts introduced by directors
329,334
287,817
Net cash generated from investing activities
23,797
1,780,684
Financing activities
Proceeds from borrowings
130,869
395,124
Repayment of bank loans
(341,507)
(2,639,693)
Payment of finance leases obligations
(172,641)
378,775
Dividends paid to equity shareholders
-
(180,000)
Net cash used in financing activities
(383,279)
(2,045,794)
Net increase/(decrease) in cash and cash equivalents
826,545
(617,580)
Cash and cash equivalents at beginning of year
(1,596,659)
(979,079)
Cash and cash equivalents at end of year
(770,114)
(1,596,659)
Relating to:
Cash at bank and in hand
29,581
22,714
Bank overdrafts included in creditors payable within one year
(799,695)
(1,619,373)
The directors have restated the allocations of movements in the cash flow statement for the prior year to better reflect the nature of the changes represented in the group and company statement of changes in equity. The dividends paid to equity shareholders has been reduced by £329,334 to £180,000 with the equal and opposite entry taken to Amounts introduced by directors. The cash position remains unchanged.
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 15 -
1
Accounting policies
Company information

Danieli Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Patrick House, Gosforth Park Avenue, Gosforth Business Park, Newcastle upon Tyne, NE12 8EG.

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

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Danieli Group Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company-only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of Danieli Group Limited.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £529,007 (2024 - £3,182,768 profit).

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Danieli Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The Group had net liabilities of £950k at the year end and made a loss of £1.66m for the 12 months to 30 April 2025. The group manages its day to day working capital requirements at an overall group level, through its available cash resources, cash flow from operating activities and external financing.

The directors acknowledge that trading has been difficult and have prepared forecasts building in uncertainties in the current economic environment, as well as current cost of living rises and inflationary pressures. The forecasts demonstrate the Group produces positive cashflows at an operational level but has liquidity challenges at a Group level. The Group intends to dispose of assets and restructure debt in the next 12 months, at a sufficient level to address the liquidity issues faced by the Group and to strengthen its position going forward.

If the Group is not able to generate sufficient funds from capital disposals and additional funding and complete these transactions within the next 12 months, then this may cast uncertainty on the Group’s ability to continue as a going concern and the Group may be unable to realise its assets and discharge its liabilities in the normal course of business.

Consequently, the directors have a reasonable expectation that the company has adequate resource to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis in preparing these financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised as the service is delivered to the end user. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The recognition policy is tailored for each subsidiary of the Group and can be summarised in the main operating sectors as below:

- Security operations - revenue recognised over the period of service provided, or at the point that security installations are completed.

- Operation of licensed venues - revenue recognised at point of sale of food and beverages or on the day of the event for ticketed events.

- Social and respite care - revenue recognised as service is provided.

Amounts relating to future accounting periods are carried forward within accruals and deferred income.

1.6
Intangible fixed assets - goodwill

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

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

DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
Patents & licences
15% reducing balance
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line
Leasehold land and buildings
10% straight line
Plant and equipment
10-20% straight line or 15-20% reducing balance
Fixtures and fittings
10-20% straight line or 10-20% reducing balance
Computers
10-20% straight line or 15% reducing balance
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

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

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
1.11
Stocks

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

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

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

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 20 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairments in assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining residual values and useful economic lives of fixed assets

The group depreciates intangible and tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore required estimates and assumptions to be applied by management.

Judgement is applied by managements when determining the residual values of intangible and tangible fixed assets. When determining the residual value management aim to assess the amount that the group would currently obtain for the disposal of the asset, it it were already of the condition expected at the end of its useful economic life.

The carrying amount of intangible fixed assets, including consolidated goodwill, at the reporting date was £2,554,436 (2024 - £2,904,266). The carrying amount of tangible fixed assets at the reporting date was £6,022,142 (2024 - £6,374,028).

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Security operations
6,006,203
6,114,174
Operation of licensed venues
3,256,868
6,555,825
Social and respite care
4,273,652
2,650,257
Other
18,000
18,000
13,554,723
15,338,256

All of the group's turnover is attributable to activities located in the UK.

4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Depreciation of tangible fixed assets
659,145
1,147,191
Profit on disposal of tangible fixed assets
(1,722)
(5,057)
Amortisation of intangible assets
349,830
351,951
Operating lease charges
-
36,365
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
7,000
Audit of the financial statements of the company's subsidiaries
30,550
35,000
40,550
42,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
2
2
2
Management
60
36
46
22
Security operations
322
322
-
-
Leisure staff
115
115
-
-
Social care
88
88
-
-
Total
587
563
48
24

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
10,064,940
8,793,813
1,880,530
638,054
Social security costs
929,880
750,227
229,721
70,480
Pension costs
144,933
133,460
33,213
10,295
11,139,753
9,677,500
2,143,464
718,829
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
87,449
34,612
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
353,454
643,738
Other interest on financial liabilities
120,564
101,738
Interest on finance leases and hire purchase contracts
16,454
24,899
Other interest
204,582
221,111
Total finance costs
695,054
991,486
9
Other gains and losses
Notes
2025
2024
£
£
Amounts written back to amounts due from related parties
-
1,933,749
Gain on disposal of subsidiaries
-
4,808,715
-
6,742,464
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
(2,087)
Deferred tax
Origination and reversal of timing differences
(108,124)
107,779
Total tax (credit)/charge
(108,124)
105,692

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

2025
2024
£
£
(Loss)/profit before taxation
(1,766,430)
4,174,829
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(441,608)
1,043,707
Tax effect of expenses that are not deductible in determining taxable profit
-
0
182,220
Tax effect of income not taxable in determining taxable profit
-
0
(1,677,265)
Unutilised tax losses carried forward
441,608
449,251
Deferred tax adjustments
(108,124)
107,779
Taxation (credit)/charge
(108,124)
105,692
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
11
Dividends
As restated
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
-
180,000
The directors have restated the dividends for the prior year to reflect the nature of the changes represented in the group and company statement of changes in equity. The have reduced by £329,334 to £180,000 with the equal and opposite entry taken to Other movements in the statement of changes in equity.
12
Intangible fixed assets
Group
Goodwill
Software
Patents & licences
Total
£
£
£
£
Cost
At 1 May 2024 and 30 April 2025
3,451,747
2,175
25,025
3,478,947
Amortisation and impairment
At 1 May 2024
561,737
580
12,364
574,681
Amortisation charged for the year
345,175
435
4,220
349,830
At 30 April 2025
906,912
1,015
16,584
924,511
Carrying amount
At 30 April 2025
2,544,835
1,160
8,441
2,554,436
At 30 April 2024
2,890,010
1,595
12,661
2,904,266
The company had no intangible fixed assets at 30 April 2025 or 30 April 2024.
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 May 2024
3,594,669
1,724,989
-
0
232,485
668,921
757,160
164,745
7,142,969
Additions
-
0
26,031
13,600
88,850
44,901
100,950
33,451
307,783
Disposals
-
0
-
0
-
0
-
0
-
0
(799)
(37,348)
(38,147)
At 30 April 2025
3,594,669
1,751,020
13,600
321,335
713,822
857,311
160,848
7,412,605
Depreciation and impairment
At 1 May 2024
104,638
434,656
-
0
7,195
6,529
170,083
45,840
768,941
Depreciation charged in the year
52,319
263,846
-
0
42,979
138,964
127,654
33,383
659,145
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(275)
(37,348)
(37,623)
At 30 April 2025
156,957
698,502
-
0
50,174
145,493
297,462
41,875
1,390,463
Carrying amount
At 30 April 2025
3,437,712
1,052,518
13,600
271,161
568,329
559,849
118,973
6,022,142
At 30 April 2024
3,490,031
1,290,333
-
0
225,290
662,392
587,077
118,905
6,374,028
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 26 -
Company
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2024
1,290
3,612
4,643
9,545
Additions
-
0
216
48,460
48,676
At 30 April 2025
1,290
3,828
53,103
58,221
Depreciation and impairment
At 1 May 2024
113
90
326
529
Depreciation charged in the year
193
374
7,179
7,746
At 30 April 2025
306
464
7,505
8,275
Carrying amount
At 30 April 2025
984
3,364
45,598
49,946
At 30 April 2024
1,177
3,522
4,317
9,016
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
5,014,988
5,014,988
Unlisted investments
1,550
1,550
-
0
-
0
1,550
1,550
5,014,988
5,014,988
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 May 2024 and 30 April 2025
1,550
Carrying amount
At 30 April 2025
1,550
At 30 April 2024
1,550
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
14
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2024 and 30 April 2025
5,014,988
Carrying amount
At 30 April 2025
5,014,988
At 30 April 2024
5,014,988
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Phoenix FM Services Limited*
1
Private securities activities
Ordinary
100.00
-
Phoenix Eye Limited*
1
Security systems service activities
Ordinary
0
100.00
Homecare Plus Limited*
1
Social work activities
Ordinary
100.00
-
The Muddler (Newcastle) Limited*
1
Licensed restaurants
Ordinary
100.00
-
YOLO (Newcastle) Limited
1
Public houses and bars
Ordinary
85.00
15.00
Danieli Holdings Limited*
1
Activities of head offices
Ordinary
100.00
-
Northridge Healthcare Limited*
1
Respite care services
Ordinary
0
100.00
Education and Training Services (UK) Limited*
1
Training services
Ordinary
0
100.00
YOLO (Ponteland) Limited*
1
Licensed restaurants
Ordinary
0
100.00
Leisuretime (Leasehold) Limited*
1
Public houses and bars
Ordinary
0
100.00
Leisuretime Pub Group Limited*
1
Dormant
Ordinary
0
100.00
Student Accommodation (UK) Limited*
1
Dormant
Ordinary
0
100.00
Boutique Bar and Tipi Company Limited*
1
Dormant
Ordinary
70.00
30.00
Anson House 13 Limited*
1
Not trading
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
Patrick House, Gosforth Park Avenue, Gosforth Business Park, Newcastle upon Tyne, NE12 8EG
*
Denotes subsidiary is exempt from audit under section 479A of the Companies Act 2006
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 28 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,105,632
1,926,959
3,034
10,575
Amounts owed by group undertakings
-
0
-
0
2,859,257
1,677,357
Other debtors
661,534
104,914
367,512
67,775
Prepayments and accrued income
1,542,390
1,306,151
130,580
33,768
4,309,556
3,338,024
3,360,383
1,789,475
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
1,908,562
2,053,584
26,865
395,975
Obligations under finance leases
20
231,667
203,897
-
0
-
0
Other borrowings
19
909,539
493,670
200,000
200,000
Trade creditors
989,471
819,984
125,988
72,074
Amounts owed to group undertakings
-
0
-
0
1,844,710
1,212,419
Corporation tax payable
(13,455)
65,038
(4,081)
(588)
Other taxation and social security
4,732,644
3,059,611
772,710
339,713
Other creditors
2,967,526
2,073,932
1,047,818
959,008
Accruals and deferred income
851,728
602,059
171,760
160,641
12,577,682
9,371,775
4,185,770
3,339,242

Included within group other creditors are debt factor liabilities of £1,663,392 (2024 - £1,008,041). These are secured by way of a debenture over the assets of the group

Obligations under finance leases are secured on the assets to which they relate.

18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
118,082
1,134,245
-
0
-
0
Obligations under finance leases
20
136,921
337,332
-
0
-
0
Other borrowings
19
965,000
1,250,000
965,000
-
0
1,220,003
2,721,577
965,000
-

Obligations under finance leases are secured on the assets to which they relate.

DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 29 -
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
1,226,949
1,568,456
-
0
-
0
Bank overdrafts
799,695
1,619,373
26,865
395,975
Other loans
1,874,539
1,743,670
1,165,000
200,000
3,901,183
4,931,499
1,191,865
595,975
Payable within one year
2,818,101
2,547,254
226,865
595,975
Payable after one year
1,083,082
2,384,245
965,000
-
0

The bank loans and overdrafts are secured by fixed and floating charges over all assets of the group and by an unlimited guarantee across the group. The bank loans are repayable in instalments over 5 years, and interest is charged at 2.5%- 4.65% per annum above the Bank's Base Rate.

Included within 'other loans' are also amounts of £509,539 (2024 - £493,670) which are secured on the assets of the group and are repayable in monthly instalments.

Other loans also include amounts of £1,165,000 (2024 - £nil) which are unsecured, accrue interest of 8% to 10% per annum.

20
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
231,667
203,897
-
0
-
0
Non-current liabilities
136,921
337,332
-
0
-
0
368,588
541,229
-
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
231,667
203,897
-
0
-
0
In two to five years
136,921
337,332
-
0
-
0
368,588
541,229
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The finance lease liabilities are secured on the assets to which they relate.

DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 30 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
247,446
355,570
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 May 2024
355,570
-
Credit to profit or loss
(108,124)
-
Liability at 30 April 2025
247,446
-
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
144,933
133,460

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
777,001
777,001
7,770
7,770
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 31 -
24
Reserves

Other Reserves

Other reserves represent a merger relief reserve, the difference between the value of shares issues by the Company in exchange for the fair value of shares acquired in respect of her acquisition of subsidiaries in September 2022

Profit and loss reserves

The profit and loss reserves represents the cumulative profits and losses net of dividends and other adjustments.

25
Disposals

In the previous year, the Group disposed of its 100% holding in Stack (Seaburn) Limited. Included in the 2024 financial statements are profits of £3,583,657 arising from the company's interests in Stack (Seaburn) Limited up to the date of its disposal.

Also in the previous year, the Group disposed of its 100% holding in Stack Containers Ltd. This also included subsidiaries Stack Trading Ltd and Anson House 9 Ltd. Included in the 2024 financial statements are profits of £1,225,058 arising from the company's interests in Stack Containers Ltd up to the date of its disposal.

26
Financial commitments, guarantees and contingent liabilities

As at the reporting date the company is party to an unlimited guarantee between all companies in the Danieli Group; Danieli Group Limited, Danieli Holdings Limited, Phoenix Eye Limited, Phoenix FM Services Limited, Student Accommodation (UK) Limited, Education & Training Services (UK) Limited, Leisuretime (Leasehold) Limited, Homecare Plus Limited, Northridge Healthcare Limited, YOLO (Ponteland) Limited, YOLO (Newcastle) Limited, Boutique Bar and Tipi Company Limited, and The Muddler (Newcastle) Limited.

27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Purchases
2025
2025
£
£
Group
Other related parties
3,061,877
75,517

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
75,972
-
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
27
Related party transactions
(Continued)
- 32 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
480,599
70,923
28
Directors' transactions

Dividends totalling £nil (2024 - £180,000) were paid in the year in respect of shares held by the company's directors.

At reporting date amounts of £602,671 (2024 - £nil (as restated)) were due from the Group to directors.

29
Controlling party

The directors consider Danieli Group Limited to be under the control of the director NA Winch by virtue of his shareholdings in the company.

30
Cash generated from group operations
2025
2024
£
£
(Loss)/profit after taxation
(1,658,306)
4,069,137
Adjustments for:
Taxation (credited)/charged
(108,124)
105,692
Finance costs
695,054
991,486
Gain on disposal of tangible fixed assets
(1,722)
(5,057)
Amortisation and impairment of intangible assets
349,830
351,951
Depreciation and impairment of tangible fixed assets
659,145
1,147,191
Other gains and losses
-
(1,933,749)
Movements in working capital:
Decrease in stocks
9,446
18,540
(Increase)/decrease in debtors
(971,532)
1,106,320
Increase/(decrease) in creditors
2,985,783
(4,512,070)
Cash generated from operations
1,959,574
1,339,441
DANIELI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 33 -
31
Analysis of changes in net debt - group
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
22,714
6,867
29,581
Bank overdrafts
(1,619,373)
819,678
(799,695)
(1,596,659)
826,545
(770,114)
Borrowings excluding overdrafts
(3,312,126)
210,638
(3,101,488)
Obligations under finance leases
(541,229)
172,641
(368,588)
(5,450,014)
1,209,824
(4,240,190)
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