The directors present their strategic report and directors' report on the affairs of the Group Company, together with the financial statements and independent auditors’ report, for the year ended 31 December 2025.
Revenue during the year has decreased to £5,732,000 (2024: £12,049,000). The resulting operating loss was £2,806,000 (2024: £1,075,000).
Gross margin has decreased to 19.34% (2024: 32.48%).
Net assets at the year-end for the Group amount to £786,000 (2024: £4,478,000).
As part of the ongoing Delta process to reduce the number of legal entities in any one country and thus keep finance costs to a minimum it scheduled to merged Digital Projection Group into Delta Electronics (UK) Ltd by end of 2025. The Digital Projection business will continue to operate as normal with services to customers not being affected by the merger.
The directors do not believe there are any further relevant financial and non-financial key performance indicators requiring disclosure other than those discussed above.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year ended 31 December 2025 are set out in the Group income statement on page 8 and 9. The directors are unable to recommend the payment of a dividend (2024: nil).
The Group statement of financial position shows net assets of £786,000 (2024: £4,576,000) attributable to ordinary shareholders. Future developments of the Group are discussed on page 1 in the strategic report.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.
As the parent company of the group has not consumed more than 40,000 kWh of energy in this reporting period, 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. Each of the group's subsidiary companies is outside the scope of the requirements to report on energy and carbon.
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Financial risk management.
The Company’s Articles of Association permit the Company to indemnify Directors of the Company in accordance with the Companies act 2006. The Company purchased and maintained throughout the financial year Directors’ and Officers’ liability insurance.
We have audited the financial statements of Digital Projection International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £(9,592,439) (2024:£nil.).
Digital Projection International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 3 Aniseed Park, Oldham Broadway Business Park, Oldham, England, OL9 9XA. The registered number of the company is 04319160.
The group consists of Digital Projection International Limited and all of its subsidiaries.
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 amounts in these financial statements are rounded to the nearest £000.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the group and company are consolidated in the financial statements of Delta International Holdings Limited BV.
All financial statements are made up to 31 December 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 group.
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.
The Group is wholly owned by Delta International Holding Limited BV who provides financial support to the wider group through favourable trading arrangements and extended payment terms.
During the year ended 31 December 2025 Delta Electronics (UK) Limited completed a hive-up of the trading subsidiary's assets and trade. Delta Electronics (UK) Limited is a parent company hence all assets, liabilities and trade have remained within the Group. Following the transfer of the trade and assets the company will remain in existence until the defined benefit scheme buy out has been concluded.
The group manufactured an extensive and expanding line of ultra high-performance 3-chip and single-chip DLP® and satellite modular laser projection systems. 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The group provides extended warranties and maintenance of its goods sold. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Provision is made for any impairment in the carrying value of tangible fixed assets as the directors consider appropriate.
Repairs, maintenance and minor inspection costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in Group income statement.
All assets were transferred to Delta Electronics (UK) Limited on 31 October 2025.
In 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
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).
The Group has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.
(i) Financial assets
Basic financial assets, including trade and other trade receivables and cash and bank balances are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.
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 the income statement.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other trade payables and loans from fellow Group companies 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
The Company does not hold or issue derivatives financial instruments. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle to liability simultaneously.
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.
The tax expense represents the sum of the tax currently payable and deferred 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 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The Group provides a range of benefits to employees, including paid holiday arrangement, defined contribution plan and defined benefit pension plans.
i. Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
ii. Defined contribution pension plan
The Group currently operates a defined contribution plan, under which there are no further liabilities on the Group beyond the contributions made. The assets of the scheme are held separately from the Group and are administered by trustees and managed professionally. For defined contribution schemes, the amount charged to the income statement in respect of pension costs is the contributions payable in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the statement of financial position.
iii. Defined benefit pension plan
For defined benefit pension schemes, scheme assets are measured at fair value and scheme liabilities are measured on an actuarial basis using the projected unit method and discounted at an interest rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme liabilities.
Full actuarial valuations are obtained at least every three years with an adjustment for employee demographics annually and are updated at each reporting date. The resulting surplus or deficit, net of taxation thereon, is presented in the statement of financial position.
The service cost of providing pension benefits to employees for the period is charged to the income statement. The cost of making improvements to pension and benefits is recognised in the income statement on a straight-line basis over the period during which the increase in benefits vests. To the extent that the improvements in benefits vest immediately, the cost is recognised immediately. These costs are recognised as an operating expense.
A charge representing the unwinding of the discount on the scheme liabilities during the period is included within other finance expenses.
A credit representing the expected return on the scheme assets during the period is included within other finance expenses. This credit is based on the market value of the scheme assets, and expected rates of return, at the beginning of the period.
Actuarial gains and losses may result from: differences between the expected return and the actual return on scheme assets; differences between the actuarial assumptions underlying the scheme liabilities and actual experience during the period; or changes in the actuarial assumptions used in the valuation of the scheme liabilities. Actuarial gains and taxation thereon, are recognised in the statement of other comprehensive income.
During the year, the Scheme secured a bulk annuity policy with Just Retirement. Under these arrangements the insurer is required to make payments to the scheme that matches the timing and amount of the covered pension obligations. The insurance policy is held as a scheme asset and measured at fair value, which is equal to the present value of the related insurer's liabilities.
The buy in transactions do not change the scheme's legal obligations to members, and therefore the company continues to recognise the full defined benefit obligations on its balance sheet.
The scheme remains subject to the Company's funding arrangements, and the buy in contract forms part of the scheme's overall investment strategy to reduce risk and improve the security of members' benefits.
In addition, the group provides unfunded pensions for four former employees, which are valued on a similar basis.
The Company’s functional and presentation currency is the pound sterling.
(i) Functional and presentation currency
The financial statements are presented in pound sterling and rounded to thousands.
The Company’s functional and presentational currency is pound sterling
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Exceptional items
Exceptional items are unusual or non-recurring in nature and are recognised as incurred.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In assessing the going concern basis of preparing annual accounts, the Directors prepare profit and cash flow forecasts for a period of at least 12 months after the date of signing the accounts. The going concern basis was deemed suitable after taking account of bank facilities plus the continuing support of group holding companies.
The Company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the statement of financial position. The assumptions reflect historical experience and current trends.
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.
Provision is made in the accounts for the estimated costs of warranty claims that may be made in relation to goods sold. The level of the provision is reviewed annually based on experience of the actual warranty claims made on recent sales over the previous 3 years for the UK and over the past year for services provided in the USA.
The company adopts their own internal stock provisioning policy, which is set by the parent entity. The company needs to ensure that stock is still being valued at the lower of cost or net realisable value under FRS 102.
At the balance sheet date there was no warranty or inventory provision as the trade and assets were transferred to Delta Electronics UK on 31 October 2025.
Reporting of revenue by geographical analysis of markets and profit before tax by geographical area has not been provided. In the opinion of the directors, such disclosure would be seriously prejudicial to the interests of the Group due to the commercial sensitivity of the information, and the available exemption under Companies Act, SI 2008/410 Paragraph 68 has therefore been taken.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
All trade and assets of subsidiary Digital projection Limited were hived up to fellow group entity Delta Electronics (UK) Limited on 31 October 2025.
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
No stock was held at the balance sheet date.
Included within other debtors are amounts owed of £32,000 (2024: £232,000), these are amounts owed from fellow group companies within the Delta International group.
The amounts included within other debtors from fellow group companies are unsecured, interest free and repayable on demand.
Included within other creditors are amounts totalling £nil (2024: £2,550,000) owed to Delta International Group.
The amounts included within other creditors are not interest bearing and would be repayable on demand if required by the group.
The Company currently operates defined contribution plans, and there are no further liabilities on the Company beyond the contributions made. During the year the Company made contributions to the defined contributions plan of £29,983 (2024: £72,114). The assets of the schemes are held separately from the Company and are administered by trustees and managed professionally.
Unfunded liabilities
Some defined payments are made to retired employees that are not funded within the pension schemes. Provision is made in the statement of financial position for the present value of these unfunded amounts.
Liabilities
£000
At 1 January 2025 (272)
Interest expense (14)
Benefits paid 21
Actuarial gains (6)
At 31 December 2025 (271)
Defined benefit scheme
The Company also operated a UK registered trust cased pension scheme that provides defined benefits. No benefits have accrued since 31 December 2007. Pension benefits are linked to the members’ final pensionable salaries and service at the date accrual ceased (or date of leaving if earlier). The Trustees are responsible for running the Plan in accordance with the Plan’s Trust deed and Rules, which sets out their powers. The Trustees of the Plan are required to act in the best interests of the beneficiaries of the Plan.
Some defined payments are made to retired employees that are not funded within the pension schemes. Provision is made in the statement of financial position for the present value of these unfunded amounts.
The information provided below in respect of the defined benefit plan has been prepared by an independent actuary. The most recent formal actuarial valuation was carried out at 5 April 2023, and the results have been updated to 31 December 2025 by the actuary. The key assumptions used were as follows:
Assumed life expectations on retirement at age 65:
The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:
Movements in the present value of defined benefit obligations
The defined benefit obligations arise from plans funded as follows:
Movements in the fair value of plan assets
Fair value of plan assets at the reporting period end
Until the closure of the scheme on 31 December 2007, contributions were paid into the Plan at the rate of 40% of pensionable pay by the employer and at 3.3% of pensionable pay (on average) by the employees. The Plan is a closed scheme both to new entrants and, as from 31 December 2007, to future service benefits for current members. Therefore under the projected unit method the current service cost would be expected to increase as members approach retirement. As the scheme is closed there is no set future contribution rate on employees’ pensionable pay, but the employer will make contributions to the Plan in order to reduce the scheme deficit over time.
The Trustees are required to carry out an actuarial valuation every 3 years. The last actuarial valuation of the Plan was performed by the Actuary for the Trustees as at 5 April 2023. The valuation revealed a funding surplus of £1,026,000. In addition the group will continue to pay £60,000 per annum to cover administration expenses.
During the year, the Scheme secured a bulk annuity policy with Just Retirement. Under these arrangements the insurer is required to make payments to the scheme that matches the timing and amount of the covered pension obligations. The insurance policy is held as a scheme asset and measured at fair value, which is equal to the present value of the related insurer's liabilities.
The buy in transactions do not change the scheme's legal obligations to members, and therefore the company continues to recognise the full defined benefit obligations on its balance sheet.
The scheme remains subject to the Company's funding arrangements, and the buy in contract forms part of the scheme's overall investment strategy to reduce risk and improve the security of members' benefits.
Voting:
All shares rank pari passu for voting purposes, with the exception that the Ordinary Sterling Shares and A Ordinary sterling shares vote for 80% of the number held.
Dividends:
The A Ordinary Sterling Shares have no right to any dividends. All other shares rank pari passu for dividend distributions.
Return of assets:
On a return of assets payment shall be made firstly in repayment of the share price and share premium related to the Ordinary Dollar shares, secondly in repayment of the price and related share premium of each Ordinary Sterling Share, and subsequently the A Ordinary shareholders shall receive £0.005 per share. Remaining assets shall be distributed pari passu between the holders of the Ordinary Dollar Shares and Ordinary Sterling Shares.
During the year ended 31 December 2025, the trading subsidiary completed a hive-up of its trade and assets into Delta Electronics (UK) Limited. Following this transaction, all group trading activites ceased. The company remains in existence to meet its ongoing obligations, including continued funding of the defined benefit pension scheme. The directors intend that the group will be wound up once these obligations have been settled.
The Group and Company has taken advantage of the exemption under the terms of paragraph 33.1A of FRS 102 in not disclosing transactions with other wholly-owned companies within the Group.
In the opinion of the directors, the company’s ultimate controlling party is Delta Electronics, Inc.