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Registered number: 00259388










DHP FAMILY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DHP FAMILY LIMITED
 

COMPANY INFORMATION


Directors
SPD Akins 
GH Akins (Jnr) 
DP McDerment 
BJ Easter 
AC Lockwood (appointed 7 June 2023)
R Bark (appointed 7 June 2023)




Company secretary
SPD Akins



Registered number
00259388



Registered office
2 Lace Market Square

Nottingham

NG1 1PB




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
DHP FAMILY LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27


 
DHP FAMILY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
We aim to present a balanced and comprehensive review of the performance and development of the business during and at the end of the year, consistent with its size and complexity; and in the context of risks and uncertainties that we face.

Business review
 
DHP achieved a turnover of £33.98 million and a profit before tax of £2.97 million, reflecting a robust performance despite the inflationary pressures and economic challenges presented by the cost-of-living crisis in the UK during 2023. This financial outcome underscores the company’s resilience and the effectiveness of its strategic management in navigating a difficult economic landscape.

Principal risks and uncertainties
 
The business faces risks in the forthcoming years, primarily due to the competition within the late-night hospitality sector. Principal risks include regulatory compliance, which we manage through robust in-house risk management strategies to ensure the protection of our licenses across all venues.
The business experienced sustained cost pressures due to the high inflation rates in the UK throughout 2023. These pressures were particularly pronounced in the events sector, where the number of suppliers has decreased compared to pre-pandemic levels, despite a high demand for festivals. This reduction in supplier availability has exacerbated cost challenges, as the limited supply chain options have led to increased prices for essential goods and services required for event operations. Consequently, the business has had to navigate these financial constraints while maintaining the quality and scale of its offerings.

Financial key performance indicators
 
Turnover was up in 2023 by £3.3 million, driven in part by extra gig and festival sales. Cash balances were £9.89 million at the end of 2023. Cost of sales as % of turnover has risen 1.7%, highlighting the inflation pressure on cost lines.
During the year we managed to increase turnover to offset the rise of staffing costs, with wages versus revenue percentage staying the same. 

Page 1

 
DHP FAMILY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
Stakeholder engagement
At DHP Family, we recognise our legal obligation under Section 172 of the Companies Act 2006 to act in a manner that we, in good faith, believe would most likely promote the success of the company for the benefit of its members as a whole. In fulfilling this duty, we are committed to considering the long-term consequences of our decisions on the company and its stakeholders. This statement outlines how the Board of Directors endeavours to uphold this responsibility.
Since the opening of our flagship venue Rock City over 40 years ago, DHP Family has grown to become a leading name in the live music industry with a deserved reputation for our innovative and creative approach to music production and promotion.
We’ve established ourselves as one of the biggest independent promoters in the UK, earning a credible reputation within the live industry and winning Music Week’s ‘National Promoter of the Year’ in 2019 and Live UK’s ‘National Concert Promoter of the Year’ multiple times.
At DHP Family, we take immense pride in our extensive capabilities, comparable to those of a large corporation, while remaining true to the original ethics that have driven our success. We are committed to delivering an exceptional experience in event promotion, overseeing all aspects of major indoor and outdoor festivals, national tours, and standalone shows throughout the United Kingdom.
We engage with our key stakeholders as outlined below:
Our employees
We have many skilled and experienced team members working for DHP, many with years of experience in the industry. We pride ourselves on being a “family” and treat team members as such. The recruitment and retention of staff is key and we engage with them as follows;
• Remuneration is set at market levels, rewarding performance of team members with a bonuses structure;
• We provide different forms of training to meet the needs of the departments, this comes in the form of a    12-day management training package which the whole Senior team has done. We aim to put all our    managers through this training, and it has now run for 10 years. Further to this, we also provide training to   departments and team members within departments where needed, to further their experience and gain    knowledge.
• Further to this, we held bi-weekly senior management and team leader meetings throughout 2023 to    ensure all departments are involved in significant business decisions. This is in addition to our twice-yearly  Senior Manager/Team Leader meetings and the two Venue Manager conferences we hold annually.
Our customers and suppliers
We have worked for many years with lots of our suppliers so we can get equipment and stock at short notice as required. Over recent years we have brought in more local suppliers for craft beer as this is something we have a passion for and is shared with our customers.
We enhance our reputation with suppliers by paying them on standard terms and paying on time as we understand a smaller company needs to be paid quickly. Examples of this include 7-day or 14-day payment terms for selected suppliers which we meet.
Our Community
DHP is dedicated to fundraising annually for community projects. Notably, the Beat the Streets Festival supports the Framework Charity for the Homeless providing £250k in in-kind support over the past three years.  Since 2018, DHP has also organized and funded the annual Women in Music Conferences. These conferences aim to encourage more women to join the music industry, offering a space to share success stories and discuss challenges.  In 2023, DHP continued its charitable efforts with Framework, raising £81k for the local homeless charity.
 
Page 2

 
DHP FAMILY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Our Planet
DHP Family acknowledges its environmental responsibilities beyond mere compliance with legal and regulatory standards. We are committed to minimising our environmental impact and continuously enhancing our environmental performance as a fundamental aspect of our business strategy and operational practices, with regular evaluations.  Recently, through our festival division, we have implemented several sustainability initiatives such as the adoption of HVO fuel, and the sourcing of water locally. 


This report was approved by the board on 16 September 2024 and signed on its behalf.



................................................
SPD Akins
Director

Page 3

 
DHP FAMILY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Principal activity

The operation of bars and nightclubs and the promotion of musical entertainment.

Results and dividends

The profit for the year, after taxation, amounted to £2,443,137 (2022 - £2,040,045).

Directors

The directors who served during the year were:

SPD Akins 
GH Akins (Jnr) 
DP McDerment 
BJ Easter 
AC Lockwood (appointed 7 June 2023)
R Bark (appointed 7 June 2023)

Page 4

 
DHP FAMILY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

During 2024 one of our major festivals took a year's break with a new contract agreed to secure the site for the next 5 years.

Engagement with employees

The company ensures that employees are consulted on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests. The company also ensures achievement of a common awareness on the part of all employees of the financial and economic factors affecting the performance of the company.

Disabled employees

Equal opportunity guides all aspects of employment, including recruitment and promotion, and provides encouragement to employees at all levels to act fairly and to prevent discrimination on any ground, including disability. It is the company's policy that applications for employment by disabled persons are always fully considered. In the event of an existing employee becoming disabled, all reasonable effort is made to ensure that their employment with the company can continue. It is our policy that the training, career development and promotion of disabled persons are, as far as possible, the same as that of all other employees in the company.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
69.44
67.76

Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
259.36
233.89

Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
1,622,119
1,491,238

Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting.
Measures taken to improve energy efficiency
We have driven forward our sustainability within our festival arm with HVO fuel for generators, locally sourced water, reusable cups, limiting single use plastic as well as teaming up with a national charity to reduce any food wastage.  

Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover: 9.79 for the year (2022: 9.84).

Page 5

 
DHP FAMILY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 September 2024 and signed on its behalf.
 





................................................
SPD Akins
Director

Page 6

 
DHP FAMILY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DHP FAMILY LIMITED
 

Opinion


We have audited the financial statements of DHP Family Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 31 December 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 7

 
DHP FAMILY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DHP FAMILY LIMITED (CONTINUED)


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


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


adequate accounting records have not been kept, 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 Directors' responsibilities statement set out on page 4, 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.


Page 8

 
DHP FAMILY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DHP FAMILY LIMITED (CONTINUED)


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 an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principle risk of fraud or non-compliance with laws and regulations related to:
• Management bias in respect of accounting estimates and judgements made;
• Management override of control;
• Posting of unusual journals or transactions
We focussed on those areas that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance around actual and potential litigation and    claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing minutes of meetings of those charged with governance where available;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations   and fraud.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations.
• Performing audit work over the risk of management override controls, including testing of journal entries    and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
DHP FAMILY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DHP FAMILY LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Sarah Flear (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

16 September 2024
Page 10

 
DHP FAMILY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
3
33,984,808
30,647,105

Cost of sales
  
(21,427,084)
(18,803,448)

Gross profit
  
12,557,724
11,843,657

Advertising, marketing and promotions
  
(1,385,330)
(1,283,531)

Administrative expenses
  
(8,242,810)
(7,828,700)

Operating profit
 4 
2,929,584
2,731,426

Interest receivable and similar income
  
222,577
59,933

Interest payable and similar expenses
 8 
(181,582)
(208,947)

Profit before tax
  
2,970,579
2,582,412

Tax on profit
 9 
(527,442)
(542,367)

Profit for the financial year
  
2,443,137
2,040,045

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 27 form part of these financial statements.

Page 11

 
DHP FAMILY LIMITED
REGISTERED NUMBER: 00259388

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
3,363,991
3,401,071

Investments
 12 
1,503,641
1,538,641

  
4,867,632
4,939,712

Current assets
  

Stocks
 13 
353,129
285,149

Debtors: amounts falling due within one year
 14 
8,527,507
8,622,190

Cash at bank and in hand
 15 
9,890,962
7,647,683

  
18,771,598
16,555,022

Creditors: amounts falling due within one year
 16 
(14,046,463)
(11,925,996)

Net current assets
  
 
 
4,725,135
 
 
4,629,026

Total assets less current liabilities
  
9,592,767
9,568,738

Provisions for liabilities
  

Deferred tax
 18 
(183,633)
(152,741)

  
 
 
(183,633)
 
 
(152,741)

Net assets
  
9,409,134
9,415,997


Capital and reserves
  

Called up share capital 
 19 
72,826
72,826

Profit and loss account
 20 
9,336,308
9,343,171

  
9,409,134
9,415,997


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.




................................................
SPD Akins
Director

The notes on pages 14 to 27 form part of these financial statements.

Page 12

 
DHP FAMILY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
72,826
9,203,126
9,275,952



Profit for the year
-
2,040,045
2,040,045

Dividends: Equity capital
-
(1,900,000)
(1,900,000)



At 1 January 2023
72,826
9,343,171
9,415,997



Profit for the year
-
2,443,137
2,443,137

Dividends: Equity capital
-
(2,450,000)
(2,450,000)


At 31 December 2023
72,826
9,336,308
9,409,134


The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

DHP Family Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's registration number is 00259388. The nature of the company’s operations and principal activities are given in the Directors' Report.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006. The financial statements therefore present information about the company as an individual undertaking and not about its group.
The financial statements are prepared in Sterling which is the functional currency of the company and have been rounded to the nearest £1. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
1.2

Going concern

In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the company. In the Directors' opinion, the company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.

 
1.3

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of SJC 15 Limited as at 31 December 2023 and these financial statements may be obtained from 2 Lace Market Square, Nottingham, NG1 1PB.

Page 14

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
The sale of wet and dry goods within the company's venues is recognised at the point of sale, when payment is made by the customer. Door receipts are recognised on entrance to the venue. Sales of tickets are usually recognised when the event; for which consideration has been received, actually occurs. Sponsorship income and hire of facilities income is recognised in line with the period to which it relates.

 
1.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.
Lease incentives are recognised over the lease term on a straight line basis.

 
1.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.8

Pensions

Defined contribution pension plan
The company operates a defined contribution pension scheme and contributions to the scheme are recognised in the profit and loss account in the period in which they become payable.

 
1.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, unless it relates to items in other comprehensive income or directly in equity. In such cases, the restated tax is also other comprehensive income or directly in equity.
Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. 

Page 15

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
No depreciation is provided in the year of acquisition whilst a full year of depreciation is provided in the year of disposal.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Freehold refurbishments
-
10%
straight line
Leasehold improvements
-
2%
straight line or over the term of the lease - 15 years
Plant and machinery
-
7%
straight line
Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of comprehensive income.

 
1.12

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less.

Page 16

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
1.14

Short term debtors and creditors

Debtors and creditors with no stated interest rate or that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 
1.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

 
1.16

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
- at fair value with changes recognised in the Profit and loss account if the shares are publicly traded   or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.


 
Page 17

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.16
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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 the liability simultaneously.

 
1.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that the actual outcomes could differ from those estimates. There are no significant judgments which have had and effect on the amounts recognised in the financial statements.


3.


Analysis of turnover

2023
2022
£
£



Sale of goods
14,316,956
14,084,601

Ticket and event income
17,338,570
14,591,017

Rendering of services, commissions, and sponsorships
1,699,937
1,358,968

Other income
629,345
612,519

33,984,808
30,647,105

All turnover arose within the United Kingdom.

Page 18

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
601,025
536,804

Other operating lease rentals
560,426
567,220


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
17,000
15,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
7,046,365
6,388,571

Social security costs
422,722
398,937

Cost of defined contribution scheme
189,133
107,865

7,658,220
6,895,373


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Entertainment staff
388
405



Management
4
2

392
407

Page 19

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
456,926
363,389

Company contributions to defined contribution pension schemes
98,472
15,004

555,398
378,393


During the year retirement benefits were accruing to 4 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £242,928 (2022 - £256,084).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £19,532 (2022 - £2,592).


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
25,692

Other loan interest payable
181,407
181,407

Other interest payable
175
1,848

181,582
208,947

Page 20

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
521,594
498,554

Adjustments in respect of previous periods
(25,044)
2,621


Total current tax
496,550
501,175

Deferred tax


Origination and reversal of timing differences
30,892
41,192

Total deferred tax
30,892
41,192


Taxation on profit on ordinary activities
527,442
542,367

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,970,579
2,582,412


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
698,696
490,658

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
49,691
48,116

Capital allowances for year in excess of depreciation
19,118
(22,428)

Adjustments to tax charge in respect of prior periods
(25,044)
2,621

Deferred tax - origination and reversal of temporary timing differences
-
41,192

Movement in deferred tax not recognised
4,713
-

Remeasurement of deferred tax for changes in tax rates
1,549
-

Group relief
(221,281)
(17,792)

Total tax charge for the year
527,442
542,367

Page 21

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Dividends

2023
2022
£
£


Dividends paid
2,450,000
1,900,000


11.


Tangible fixed assets





Freehold property
Freehold refurbs
Leasehold improvements
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£
£



Cost


At 1 January 2023
618,108
1,283,764
2,515,660
730,056
3,710,800
8,858,388


Additions
-
-
155,766
-
408,179
563,945


Disposals
(173,500)
-
-
-
-
(173,500)



At 31 December 2023

444,608
1,283,764
2,671,426
730,056
4,118,979
9,248,833



Depreciation


At 1 January 2023
315,873
583,271
1,058,873
499,336
2,999,964
5,457,317


Charge for the year on owned assets
8,892
128,376
154,571
38,174
271,012
601,025


Disposals
(173,500)
-
-
-
-
(173,500)



At 31 December 2023

151,265
711,647
1,213,444
537,510
3,270,976
5,884,842



Net book value



At 31 December 2023
293,343
572,117
1,457,982
192,546
848,003
3,363,991



At 31 December 2022
302,235
700,493
1,456,787
230,720
710,836
3,401,071

Page 22

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
1,538,641


Revaluations
(35,000)



At 31 December 2023
1,503,641





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Rock City Limited (dormant)
2 Lace Market Square, Nottingham, United Kingdom, NG1 1PB
Ordinary
100%
DHP Family Live Limited
2 Lace Market Square, Nottingham, United Kingdom, NG1 1PB
Ordinary
100%
Spring Music Group Limited
2 Lace Market Square, Nottingham, United Kingdom, NG1 1PB
Ordinary
100%
Spring Markets Limited
2 Lace Market Square, Nottingham, United Kingdom, NG1 1PB
Ordinary
100%
Bearded Theory Ltd
2 Lace Market Square, Nottingham, United Kingdom, NG1 1PB
Ordinary
100%


13.


Stocks

2023
2022
£
£

Finished goods and goods for resale
353,129
285,149


Page 23

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
700,302
485,970

Amounts owed by group undertakings
6,966,318
7,159,523

Other debtors
582,196
721,811

Prepayments and accrued income
278,691
254,886

8,527,507
8,622,190



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,890,962
7,647,683



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,559,498
1,271,376

Amounts owed to group undertakings
23,671
100

Corporation tax
-
278,586

Other taxation and social security
1,009,272
994,483

Other creditors
6,950,096
5,225,762

Accruals and deferred income
2,236,343
1,888,106

Share capital treated as debt
2,267,583
2,267,583

14,046,463
11,925,996


Page 24

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
8,248,816
8,367,304


Financial liabilities


Financial liabilities measured at amortised cost
(1,583,169)
(1,271,476)


Financial assets measured at amortised cost comprise of trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise bank loans, amounts owed to group undertakings and trade creditors.


18.


Deferred taxation




2023


£






At beginning of year
(152,741)


Charged to profit or loss
(30,892)



At end of year
(183,633)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(217,657)
(167,415)

Other timing differences
34,024
14,674

(183,633)
(152,741)

Page 25

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



72,826 (2022 - 72,826) Ordinary shares of £1.00 each
72,826
72,826

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



2,267,583 (2022 - 2,267,583) Preference shares of £1.00 each
2,267,583
2,267,583



20.


Reserves

Profit and loss account

This reserve records the retained earnings from the current and prior years. 


21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £189,133 (2022: £107,865).
Contributions totalling £20,866 (2022: £17,324) were payable to the fund at the balance sheet date and are included in other creditors.


22.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
586,800
505,550

Later than 1 year and not later than 5 years
1,234,500
1,361,300

Later than 5 years
75,000
222,500

1,896,300
2,089,350

Page 26

 
DHP FAMILY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Transactions with directors

An amount of £894,822 (2022: £713,416) is included in accruals in respect of preference share interest due to a director.
Included within creditors are directors' preference shares of £2,267,583 (2022: £2,267,583).
There is an amount of £973,345 (2022: £213,465) owing to a director within other creditors. During the year, the company accrued interest of £Nil (2022: £Nil) in respect of these loans.


24.


Related party transactions

The company has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other members of the group.
The company has taken advantage of the exemption under FRS 102 Section 1.12 Reduced Disclosures For Subsidiaries from disclosing key management personnel compensation in total.


25.


Controlling party

The company's parent undertaking in Geo.Akins(Holdings)Limited. Geo.Akins(Holdings)Limited is a subsidiary of the ultimate parent undertaking SJC 15 Limited.
The largest group in which the results of the company are consolidated is SJC 15 Limited. Consolidated financial statements are available from 2 Lace Market Square, Nottingham, NG1 1PB.
The company is ultimately controlled by GH Akins (Jnr) and SPD Akins by virtue of their joint shareholding in SJC 15 Limited.
The company is exempt from preparing group accounts as the results are included within the consolidated financial statements of SJC 15 Limited.


Page 27