Digital Projection Holdings 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. Registered number of the company is 03287264.
The principal activity of the company is that of an intermediate holding company whose subsidiaries continue to carry out research, design, manufacture and sale of electronic video projectors based upon DLP™ technology jointly developed with Texas Instruments and the sale of image processing and projection systems.
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 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 26 ‘Share based Payment’ : Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
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. The registered number of the company is 4319160.
In carrying out their duties in respect of going concern, the directors have carried out a review of the Group and 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 and 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 the principal trading subsidiary Digital Projection Limited (“DPL”) being able to respond to market trends and to capture new business opportunities arising in the projection market. The business continues to evolve in response to customers’ needs, in particular applying products and technologies across the different customer base with value added solutions.
Post balance sheet, the global economy has continued to be affected by the Coronavirus pandemic and the conflict in Ukraine. These have had an impact on customer demand, the supply chain, and development of new products. The Directors continue to monitor the situation and the effect this has on liquidity and solvency, and consider measures to mitigate negative impacts the pandemic and conflict may have.
The Company is wholly owned by Delta International Holding Limited BV who provide financial resource to the Company and the group through favourable trading arrangements and extended payment terms. The directors report to the larger group and have a reasonable expectation that the group will continue to support Digital Projection Holdings Limited and its subsidiaries such that they can continue to meet their financial obligations as they fall due. Accordingly, the Directors have presented the financial statements on a going concern basis.
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 company after deducting all of its 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. A m ounts 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.
(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 company 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 company.
Other than the directors, the company did not have any employees during the period (
Details of the company's subsidiaries at 31 December 2021 are as follows:
The 9% cumulative preference shares are presented as a liability and accordingly are excluded from equity
share capital in the balance sheet. The B preference shareholders have a right to receive dividends at 9%
of the nominal value of the shares, and also have a priority in any distribution on winding up. Otherwise
the shares rank pari passu in all other respects. The current and prior year dividends have been waived
by the preference shareholde rs.
The other reserves balance of £ 2,073,000 arose through the waiver of balances due to group undertakings.
As the income statement has been omitted from the filing copy of the financial statements , the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :
The auditor's report was unqualified.
Included within debtors are amounts owed by group undertakings of £4,302,000 (2020: £4,302,000). These amounts are owed from companies within the Digital Projection International Limited group.
The immediate parent company is Digital Projection International Limited.
In the opinion of the directors, the company’s ultimate parent company and controlling party is Delta International Holding Limited BV.
The parent undertaking of the largest and smallest group, which includes the company for which group financial statements 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.