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REGISTERED NUMBER: 04169373 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

DPS TABLEWARE LIMITED

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 10

Statement of Income and Retained Earnings 11

Statement of Financial Position 12

Notes to the Financial Statements 13 to 24


DPS TABLEWARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: H Marson
A L M Bate
R Choat
J Bate
A Cooke



SECRETARY: C Samways



REGISTERED OFFICE: Opal Way
Stone Road Business Park
Stone
Staffordshire
ST15 0SS



REGISTERED NUMBER: 04169373 (England and Wales)



AUDITORS: DPC Accountants Ltd
Chartered accountants & statutory auditors
Stone House
Stone Road Business Park
Stoke-On-Trent
ST4 6SR



BANKERS: HSBC UK Bank plc
1 Centenary Square
Birmingham
B1 1HQ

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


The directors present their strategic report for the year ended 30 September 2023.

The principal activity of the company is the wholesale of tableware.

REVIEW OF BUSINESS
The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

The company's turnover is generated by the importation and supply of tableware, cutlery, glassware and associated tabletop products throughout the UK, Europe and Rest of the World. The company has an established network of customers and continues to retain high levels of repeat business.

The company's turnover for the 12 month period was £15,116,787, which is an increase of £769,285 (5.36%) in comparison to the 12 month prior period.

Gross profit has increased from 19.35% in the prior period, to 23.57% in the current period. The increase in gross profit margin is primarily as a result of decreases in costs in the year.

Administrative expenses have increased from £1,816,519 in the prior period to £2,628,930 in the current period.

Operating profit has decreased from £962,876 in the prior period to £934,583 in the current period.

At the balance sheet date, company net assets have increased from £2,707,612 to £2,989,132.

Cash at bank and in hand balances decreased from £45,604 at the prior year end to £10,325 at the current period end.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a range of risks facing the company and the company seeks to manage its exposure to all forms of risk.

Financial instrument risk
The company is exposed to the risk that the financial instruments held by the company impact on its ability to operate effectively and profitably. The risks which are relevant to the company's operations are:

Credit risks
The company has policies in place that require appropriate credit checks on new customers before sales are made. Polices are in places to ensure that provisions for bad debts are made when considered necessary.

Foreign currency risk
The company's transactions are predominantly in Sterling, US Dollar and Euros. Throughout the financial year, the influences of foreign exchange rates has impacted on the company's financial forecasting. The company's existing relationship with HSBC global markets provides continued guided information on movements, along with the access to the use of forward contracts. This, along with quarterly comparisons across the exchange market, provides confidence that the most beneficial rates are secured.

Cashflow risks
The company carefully manages its stock holding and debtor book to ensure that sufficient cash is available to meet operational needs.

Liquidity risks
The company funds working capital needs through the generation and retention of profits. The company regularly obtains finance to fund stock purchases through its import loan facility.


DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

FUTURE DEVELOPMENTS
The Directors expect the company to continue to grow, by way of introducing new and innovative hospitality products to the existing customer base, whilst continuing to expand the sales operation in the UK, Europe and the Rest of the World.

Throughout the year, the company identified the need to improve efficiency in both software and warehouse operations and to implement improvements to accommodate future growth and efficiency, within the current premises.

As a result, the Directors have identified several key operational priorities for the next financial year, which are summarised below:

1: Software upgrades to enable improved information output.

The company are continuing to develop a fully integrated CRM system to give insight into sales activity, quoting and potential future planned sales to increase proactivity between the sales and administration departments. This will enable the company to monitor KPI's quickly and effectively. Further development of the barcoding system in the warehouse will continue to improve picking accuracy, and efficiency in transfers and checks of stocks etc., with the added advanced reporting and visibility of performance and efficiency of each user.

2: Extension to existing site warehouse

2022/23 saw the initial plans for an extension to the warehouse, in the means of a larger, more long-term temporary building to be directly joined to our existing warehouse. This would enable the present premises to support the growth of existing product sales, along with plans for multiple product developments. This is an ongoing development, and is currently at the stage of planning permissions to be approved. Once granted, it is hoped that the completion of works will be before the end of FY23/24.

The Directors are extremely optimistic about the substantial benefits that all the above planned improvements will bring to the company. The implementation of these solutions provides some certainty on future direction and will enable the business to offer improved service.


DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

KEY PERFORMANCE INDICATORS
The company has several KPIs which are used to analyse current performance and assist with business development. Monthly KPIs are used to monitor financial and operational performance and are used to inform of progress and improvements.

The Directors consider that the key financial performance indicators are those that communicate the financial performance of the company as a whole, these being turnover, turnover growth, gross profit margin, operating profit margin and cash management (cash at bank and in hand).


2023 2022 2021
Turnover £15,116,787 £14,347,502 £8,551,777
Increase/(Decrease) in
turnover

5.36%

67.7%

(43.9%)
Gross profit margin 23.6% 19.3% 22.9%
Operating profit margin 6.2% 6.7% 0.4%
Cash at bank and in hand £10,325 £45,604 £16,491

An explanation of the key performance indicators detailed above can be found in the review of business section of this report.

ON BEHALF OF THE BOARD:





A L M Bate - Director


4 April 2024

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 September 2023.

DIVIDENDS
Interim dividends of £400,000 were paid during the year (2022: £328,833).

The total distribution of dividends for the year ended 30 September 2023 will be £400,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

H Marson
A L M Bate
R Choat

Other changes in directors holding office are as follows:

J Bate and A Cooke were appointed as directors after 30 September 2023 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 in relation to future developments of the company.

The strategic report can be found on page 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


AUDITORS
The auditors is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





A L M Bate - Director


4 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DPS TABLEWARE LIMITED


Opinion
We have audited the financial statements of DPS Tableware Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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.

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 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
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DPS TABLEWARE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DPS TABLEWARE LIMITED


Auditors' 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 a Report of the Auditors 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to;
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of
fraud or irregularities. Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DPS TABLEWARE LIMITED

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- 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. 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.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 a Report of the Auditors 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.




Helen Tidyman (Senior Statutory Auditor)
for and on behalf of DPC Accountants Ltd
Chartered accountants & statutory auditors
Stone House
Stone Road Business Park
Stoke-On-Trent
ST4 6SR

5 April 2024

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   

TURNOVER 3 15,116,787 14,347,502

Cost of sales (11,553,274 ) (11,570,569 )
GROSS PROFIT 3,563,513 2,776,933

Administrative expenses (2,628,930 ) (1,816,519 )
934,583 960,414

Other operating income 4 - 2,462
OPERATING PROFIT 6 934,583 962,876


Interest payable and similar expenses 8 (60,710 ) (64,553 )
PROFIT BEFORE TAXATION 873,873 898,323

Tax on profit 9 (192,353 ) (168,175 )
PROFIT FOR THE FINANCIAL YEAR 681,520 730,148

Retained earnings at beginning of year 2,707,510 2,306,195

Dividends 10 (400,000 ) (328,833 )

RETAINED EARNINGS AT END OF
YEAR

2,989,030

2,707,510

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 154,409 171,570
154,409 171,570

CURRENT ASSETS
Stocks 13 5,292,392 3,882,317
Debtors 14 2,940,918 3,499,789
Cash at bank and in hand 10,325 45,604
8,243,635 7,427,710
CREDITORS
Amounts falling due within one year 15 (5,370,305 ) (4,848,768 )
NET CURRENT ASSETS 2,873,330 2,578,942
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,027,739

2,750,512

PROVISIONS FOR LIABILITIES 19 (38,607 ) (42,900 )
NET ASSETS 2,989,132 2,707,612

CAPITAL AND RESERVES
Called up share capital 20 102 102
Retained earnings 21 2,989,030 2,707,510
SHAREHOLDERS' FUNDS 2,989,132 2,707,612

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





A L M Bate - Director


DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

DPS Tableware Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is the wholesale of tableware.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statement are consolidated into the financial statements of Porcelite Vitrified Hotelware Limited which can be obtained from Opal Way, Stone Business Park, Stone, England, ST15 0SS. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of intangible and tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

GOING CONCERN
The company's business activities, together with factors likely to affect its future development, performance and position are set out in the Review of Business section of the Strategic Report. The company's procedures for managing its financial instrument risks which include credit risk, liquidity risk and cashflow risk are described in the strategic report.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods 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 despatch 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.

GOODWILL
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is 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 useful life, which is 3 years.

INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 20% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

GOVERNMENT GRANTS
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

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.

Stocks are valued on a first in first out basis.

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.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred.

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.9.23 30.9.22
£    £   
United Kingdom 13,514,006 12,632,597
Europe 1,572,576 1,634,252
Worldwide 30,205 80,653
15,116,787 14,347,502

4. OTHER OPERATING INCOME
30.9.23 30.9.22
£    £   
Government grants - 2,462

Included in grants received for the year ended 30 September 2022 is amounts relating to Coronavirus Job Retention Scheme of £2,462.

5. EMPLOYEES AND DIRECTORS
30.9.23 30.9.22
£    £   
Wages and salaries 1,432,759 885,571
Social security costs 158,331 72,954
Other pension costs 16,044 15,886
1,607,134 974,411

The average number of employees during the year was as follows:
30.9.23 30.9.22

Directors 3 3
Office 15 14
Warehouse 12 13
30 30

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022: 2).

30.9.23 30.9.22
£    £   
Directors' remuneration 753,690 257,298

Information regarding the highest paid director is as follows:
30.9.23 30.9.22
£    £   
Emoluments etc 595,523 134,289

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. EMPLOYEES AND DIRECTORS - continued

During the year the company also paid social security contributions for the directors totalling £98,048 (2022: £38,237), employer's pension contributions totalling £2,642 (2022: £2,298), and benefits in kind totalling £34,091 (2022: £34,674).

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.23 30.9.22
£    £   
Hire of plant and machinery 24,885 12,365
Other operating leases 317,319 278,611
Depreciation - owned assets 49,451 50,536
Loss on disposal of fixed assets 1,189 8,772
Computer software amortisation - 7,155
Exchange losses/gains (51,622 ) 20,611

7. AUDITORS' REMUNERATION
30.9.23 30.9.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

10,125

17,750

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.23 30.9.22
£    £   
Bank loan interest 60,601 61,257
Interest on overdue taxation 109 3,296
60,710 64,553

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.23 30.9.22
£    £   
Current tax:
UK corporation tax 196,646 174,775

Deferred tax (4,293 ) (6,600 )
Tax on profit 192,353 168,175

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


9. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.23 30.9.22
£    £   
Profit before tax 873,873 898,323
Profit multiplied by the standard rate of corporation tax in the UK of
22.010% (2022 - 19%)

192,339

170,681

Effects of:
Expenses not deductible for tax purposes 1,353 974
Capital allowances in excess of depreciation - (1,881 )
Depreciation in excess of capital allowances 2,929 -
Under provision of prior year deferred tax (4,268 ) (28 )
Change in tax rate of deferred tax - (1,571 )
Total tax charge 192,353 168,175

10. DIVIDENDS
30.9.23 30.9.22
£    £   
Ordinary shares of £1 each
Interim 400,000 328,833

11. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 19,200 42,720 61,920
AMORTISATION
At 1 October 2022
and 30 September 2023 19,200 42,720 61,920
NET BOOK VALUE
At 30 September 2023 - - -
At 30 September 2022 - - -

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


12. TANGIBLE FIXED ASSETS
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 October 2022 114,793 519,448 634,241
Additions - 35,979 35,979
Disposals - (16,918 ) (16,918 )
At 30 September 2023 114,793 538,509 653,302
DEPRECIATION
At 1 October 2022 97,219 365,452 462,671
Charge for year 11,480 37,971 49,451
Eliminated on disposal - (13,229 ) (13,229 )
At 30 September 2023 108,699 390,194 498,893
NET BOOK VALUE
At 30 September 2023 6,094 148,315 154,409
At 30 September 2022 17,574 153,996 171,570

13. STOCKS
30.9.23 30.9.22
£    £   
Stocks 4,698,011 3,882,317
Goods in transit 594,381 -
5,292,392 3,882,317

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 2,421,901 2,532,175
Other debtors 378,239 883,931
Directors' loan accounts 9,000 -
Prepayments and accrued income 131,778 83,683
2,940,918 3,499,789

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts (see note 16) - 150,000
Trade creditors 1,505,895 1,003,273
Amounts owed to group undertakings 1,460,410 1,084,734
Tax 196,546 175,177
Social security and other taxes 168,161 210,421
VAT 116,901 -
Other creditors 1,896,481 2,212,088
Accruals and deferred income 25,911 13,075
5,370,305 4,848,768

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

16. LOANS

An analysis of the maturity of loans is given below:

30.9.23 30.9.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - 150,000

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.23 30.9.22
£    £   
Within one year 57,636 28,615
Between one and five years 110,937 21,401
In more than five years 23,839 -
192,412 50,016

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


18. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Bank loans - 150,000
Import loan facilities 806,484 795,066
Invoice discounting 1,088,158 1,384,935
1,894,642 2,330,001

Import loan facilities included in other creditors are secured by all assets, debentures and a general pledge over the company.

Bank loans are secured by all assets, debentures and a general pledge over the company.

Invoice discounting facilities are secured on the book of debts to which they relate.

19. PROVISIONS FOR LIABILITIES
30.9.23 30.9.22
£    £   
Deferred tax
Accelerated capital allowances 38,607 42,900

Deferred
tax
£   
Balance at 1 October 2022 42,900
Credit to Income Statement during year (4,293 )
Balance at 30 September 2023 38,607

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
102 Ordinary £1 102 102

21. RESERVES

The retained earnings for the company represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £16,044 (2022: £15,886).

Contributions totalling £1,730 (2022: £1,994 ) were payable to the scheme at the year end and are included in creditors.

23. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company has given a guarantee to HMRC for £380,000 dated 9 March 2021 which relates to the deferment account.

At the balance sheet date, the company had guaranteed borrowings of fellow group undertakings. At 30 September 2023, these borrowings amounted to £174,412 (2022: £303,662). As at the date of approval of these financial statements, the directors do not anticipate that the guarantees will be called upon.

24. RELATED PARTY DISCLOSURES

Directors' transactions

Interest free loans have been granted by the directors to the company as follows:

During the period ended 30 September 2023 advances of £11,300 (2022: £Nil) were made to the company by directors. Repayments of £23,300 (2022: £11,700) were made during the year by the company to directors and the highest paid amount outstanding by the company to directors during the year was £9,000 (2022: £32,300).

At the period end the directors owed the company £9,000 (2022: £21,000).

Interest was charged on the directors loan account during the period amounting to £Nil (2022: £Nil).

The amounts advanced are interest free, unsecured and repayable on demand.

Key management personnel remuneration is disclosed in note 5.

Entities with a common director
30.9.23 30.9.22
£    £   
Amount due from related party - 21,915
Amount due to related party - 3,087

25. ULTIMATE CONTROLLING PARTY

The company is a 100% owned subsidiary of Porcelite Vitrified Hotelware Limited, which is the ultimate parent company. The ultimate parent company prepared consolidated financial statements as at 30 September 2023 and these financial statements may be obtained from Opal Way, Stone Business Park, Stone, Staffordshire, ST15 0SS.

The ultimate controlling party is A L M Bate by virtue of his controlling interest in the company's parent entity.

DPS TABLEWARE LIMITED (REGISTERED NUMBER: 04169373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


26. GOING CONCERN

The company's business activities, together with factors likely to affect its future development, performance and position are set out in the Review of Business section of the Strategic Report. The company's procedures for managing its financial instrument risks which include credit risk, liquidity risk and cashflow risk are described in the strategic report.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.