The directors present their strategic report and directors' report on the affairs of the Company, together with the financial statements and independent auditors’ report, for the year ended 31 December 2017.
Principal activity
The principal activity of the Company continues to be the research, design, manufacture and sale of electronic video projectors based upon DLP™ technology jointly developed with Texas Instruments. The Company headquarters are in Middleton, Manchester where products are developed and manufactured. Sales are made world-wide, with the largest volume being in the USA through its subsidiary Digital Projection Inc.
Review of the business
Revenue during the year decreased to £15,729,000 (year ended 31 December 2016: £27,026,000). The decrease is due to lower sales volumes, and gross margin was 44.5% (2016:31.2%). The resulting operating loss of £613,000 for the year compared to the operating profit of £3,729,000 for 2016.
The exchange rate of the US$ against the pound has moved significantly during the year, with the result that the operating profit for 2017 included a loss of £1,421,000 compared to a gain of £1,652,000 in 2016.
During the year attention continued to be given to minimising working capital requirements. The net liabilities of the company at the year-end are £10,118,000 (2016 £10,108,000).
Future developments
The directors expect the general level of activity to increase steadily in future in line with the Company’s plan from growth and expansion.
The Company has devoted substantial resources to research and development during the year. This, together with contracts with outside parties, will enable the Company to maintain its leading position in technology and design.
Strategy and objectives
The Company continues to maintain its place as a world-wide leader in the technology of digital projection utilising DLP™ and new products incorporating the latest advancements continue to be brought on line. The introduction of new products results in substantial development costs being incurred, as shown in note 4.
Key performance indicators
The directors do not believe there are any further relevant financial and non-financial key performance indicators requiring disclosure, other than those disclosed above.
Principal risks and uncertainties
The board acknowledges the risks from competitors, the reliance on key suppliers, the funding requirements needed to maintain its commitment to research and development, the need to constantly introduce new products incorporating the latest advances in technology, and foreign exchange issues. The board seeks to minimise these risks wherever possible, and they are regularly reviewed through management reporting and planning processes.
Financial risk management
The Company’s prime areas of financial risk include foreign currency exchange, the control of adequate liquidity, and the maintenance of adequate credit from suppliers. The Company does not utilise forward foreign exchange contracts as it is able to match its purchases in the same currency as its sales. Liquidity is closely monitored and controlled. Credit obtainable from suppliers is agreed in advance. Any potential credit risk from receivables is minimised by payments being obtained in advance where the risk is perceived and credit insurance.
On behalf of the board
The directors present their report and the audited financial statements of the C ompany for the year ended 31 December 201 7 .
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The results for the year ended 31 December 2017 are set out in the income statement on page 7. The directors are unable to recommend the payment of a dividend (2016: same). The balance sheet shows net liabilities of £10,118,000 (2016: £10,108,000) attributable to ordinary shareholders. Future developments relating to the company are discussed on page 1 of the strategic report.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Booth Ainsworth LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
In carrying out their duties in respect of going concern, the directors have carried out a review of the Company's financial position and cash flow forecast for a period of 12 months from the date of approval of these financial statements. The forecasts have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the uncertainties brought about by the current economic environment.
To ensure the continuation of the Company the directors regularly review the cash flows of the Company both in the short and medium term, have a thorough approach to managing the working capital and hold regular reviews with each operating unit in the country of operation, which includes an assessment of any bad debt risk or inventory obsolescence concerns. This is supported by regular monitoring of key performance indicators.
The Company’s ability to continue as a going concern depends on its ability to negotiate extended payment terms with related parties. While this extension has been obtained in the past, the related parties have not offered any commitment as to their willingness to extend payment terms. If the extension is not granted, and the Company is unable to meet its obligations as they fall due, it would not be a going concern. The directors have a reasonable expectation that negotiations will be successful and these related parties will accept the extended payment terms necessary for the Company to be able to continue to trade and meet obligations as they fall due, and therefore for it to continue as a going concern. Accordingly they have prepared the financial statements on a going concern basis.
Nevertheless, the fact that these negotiations are not yet complete as at the date of approval of these financial statements indicates the existence of a material uncertainty which may cast significant doubt about the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.
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.
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 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 relating to going concern
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 1 the summary of significant accounting policies concerning the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern depends on the ability of Digital Projection Limited to negotiate extended payment terms with related parties. These negotiations are not yet complete as at the date of approval of the financial statements. These conditions, along with the other matters explained in the summary of significant accounting policies, indicate the existence of a material uncertainty which may cast significant doubt about the Company’s ability to continue as a going concern. The Company financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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' 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.
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 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 company or to cease operations, or have no realistic alternative but to do so.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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 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.
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
Digital Projection Limited (‘the Company’) is a private Company limited by shares and is incorporated and domiciled in the United Kingdom. The address of its registered office is Greenside Way, Middleton, Manchester, M24 1XX. The registered number of the company is 03287264.
The principal activity of the Company continues to be the research, design, manufacture and sale of electronic video projectors based upon DLP™ technology jointly developed with Texas Instruments. The Company’s headquarters are in Middleton, Manchester where products are developed and manufactured. The Company’s sales are made world-wide, with the largest volume being in the USA through its subsidiary Digital Projection Inc.
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.
These financial statements are prepared on a going concern basis, under the historical cost convention, and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom.
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 2.
The following accounting policies have been applied consistently in the current and prior year in dealing with items which are considered material in relation to the Company's financial statements. The financial statements have been prepared, using United Kingdom accounting standards.
Exemptions for qualifying entities under FRS 102
This 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 . T he company has therefore taken advantage of e xemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares ;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures ;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income ;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel .
The financial statements of the company are consolidated in the financial statements of Digital Projection International Limited . These consolidated financial statements are available from its registered office ; Greenside Way,Middleton,Manchester, M24 1XX.
In carrying out their duties in respect of going concern, the directors have carried out a review of the Company's financial position and cash flow forecast for a period of 12 months from the date of approval of these financial statements. The forecasts have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the uncertainties brought about by the current economic environment.
To ensure the continuation of the Company the directors regularly review the cash flows of the Company both in the short and medium term, have a thorough approach to managing the working capital and hold regular reviews with each operating unit in the country of operation, which includes an assessment of any bad debt risk or inventory obsolescence concerns. This is supported by regular monitoring of key performance indicators.
The Company’s ability to continue as a going concern depends on its ability to negotiate extended payment terms with related parties. While this extension has been obtained in the past, the related parties have not offered any commitment as to their willingness to extend payment terms. If negotiations were unsuccessful and the extension were not to be granted, and the Company is therefore unable to meet its obligations as they fall due, it would not be a going concern. The directors have a reasonable expectation that negotiations will be successful and these related parties will accept the extended payment terms necessary for the Company to be able to continue to trade and meet obligations as they fall due, and therefore for the Company to continue as a going concern. Accordingly, they have prepared the financial statements on a going concern basis.
Nevertheless, the fact that these negotiations are not yet complete as at the date of approval of these financial statements indicates the existence of a material uncertainty, which may cast significant doubt about the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.
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 company 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.
Expenditure is charged to the income statement in the period it is incurred.
Provision is made for any impairment in the carrying value of property, plant and equipment as the directors consider appropriate.
Repairs, maintenance and minor inspection costs are expensed as incurred.
Property, plant and equipment 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 the Income statement.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company . 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities .
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
A credit representing the expected return on the scheme assets during the period is included within other finance expense. 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 losses, and taxation thereon, are recognised in the statement of other comprehensive income.
In addition, the company provides unfunded pensions for four former employees, which are valued on a similar basis.
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
(i) Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Operating lease rentals are charged to the income statement on a straight line basis over the period of the lease.
(ii) Lease incentives
Incentives received to enter into an operating lease are credited to the income statement, to reduce the lease expense, on a straight-line basis over the period of the lease.
The Company has taken advantage of the exemption in respect of lease incentives on leases in existence on the date of transition to FRS 102 (1 January 2015) and continues to credit such lease incentives to the income statement over the period to the first review date on which the rent is adjusted to market rates.
Short term borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges are accounted for on an accruals basis in the income statement using the effective interest method.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Useful economic lives of property plant and equipment
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property, plant and equipment, and accounting policies point (j) for the useful economic lives for each class of assets .
Defined benefit pension scheme
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.
Carrying values of Property, plant and equipment and Inventories
The carrying values of property, plant and equipment, and inventories are assessed on a continual basis and amended to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Inventories are evaluated to ensure that they are carried at the lower of cost or net realisable value and are written down depending on the length of time held.
Warranty provision
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, being the average length of warranty given.
Going concern
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.
Reporting of revenue by geographical analysis of markets and profit before income 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 company 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 company during the year was:
Their aggregate remuneration comprised:
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:
The investment in subsidiaries represents 100% of the issued ordinary share capital of Digital Projection Inc, a company registered in USA. The principal activity of the subsidiary is the sale and marketing of electronic video projectors. Its registered office is 55 Chastain Road, Suite 115, Kennesaw, Georgia, GA 30144, USA.
The directors believe that the carrying value of the investment is satisfied by the net assets of the subsidiary.
In the opinion of the directors, the value of stock is not materially different from replacement cost.
The amount of inventories recognised as an expense during the year was £8,775,000 (2016: £21,287,000).
Amounts owed to group undertakings are not interest bearing.
The short term borrowings are secured on all the assets of the company, and are repayable on demand. (2016: same)
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 £142,000 (2016: £166,000). The assets of the schemes are held separately from the Company and are administered by trustees and managed professionally.
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 2014, and the results have been updated to 31 December 2016 by the actuary. The key assumptions used were as follows:
Assumed life expectations on retirement at age 65:
Amounts recognised in the profit and loss account
Amounts taken to other comprehensive income
The amounts included in the balance sheet arising from the company's 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
Future funding obligation
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 2014. The valuation revealed a shortfall of £530,000. The Company agreed to pay £21,250 per month from 1 July 2015 to 31 March 2016, then £18,750 per month to 30 April 2017. In addition the Company will pay £60,000 per annum to cover administration expenses.
All shares rank pari passu for voting purposes and distributions.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
As a subsidiary undertaking of Digital Projection International Limited, the 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.
During the current financial year the company purchased goods in the ordinary course of business from associated companies totalling £5,510,126(2016:£14,574,168) . Sales of goods were also made to associated companies in the amount of £1,453,694 (2016: £1,359,232).
Amounts due to associated companies at year end totalled £1,890,000 (2016: £4,548,000).
The immediate parent company is Digital Projection Holdings Limited.
In the opinion of the directors, the company’s ultimate parent company and controlling party is Luxeon International Holding Limited, a company incorporated in British Virgin Islands. The parent undertaking of the largest and smallest group, which includes the company for which group accounts are prepared is Digital Projection International Limited. Copies of the group financial statements of Digital Projection International Limited are available from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.