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REGISTERED NUMBER: 12333251 (England and Wales)
























GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

DRYAD CREATIVE LIMITED

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 June 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


DRYAD CREATIVE LIMITED

COMPANY INFORMATION
For The Year Ended 30 June 2024







DIRECTORS: D W Edwards
S Khele
A P Skidmore





REGISTERED OFFICE: 21 Mountain Road
Leicester
LE4 9HQ





REGISTERED NUMBER: 12333251 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

GROUP STRATEGIC REPORT
For The Year Ended 30 June 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The Group delivered strong revenue growth for the 12 months to 30 June 2024, which was primarily driven
by strong UK customer retention and increased market share penetration in international markets.

Inflationary driven headwinds continued to put pressure on margins and overheads for the 12 months to 30
June 2024, however strong procurement effectiveness, operational efficiency gains and robust cost control
mitigated the impact on profitability from continued operations.

Strong cashflow growth for the period was achieved through further year on year working capital
enhancements and strong profitability, whilst at the same time significantly reducing the level of AR linked
short term borrowings.

Whilst the economic climate remains a challenge with continued pressure on customer budgets and
inflationary pressures on key overheads, the board of directors has accelerated investments in marketing,
technology developments and operational processes to further advance business prosperity.

KEY PERFORMANCE INDICATORS

The Group's performance during the period was as follows:

2024 (12 months ) 2023 (10 months ) 2022 (10 months )
£    £    £   
Turnover 17,225,041 12,239,678 11,149,504
EBITDA 1,921,132 1,008,575 318,806
Restructuring Costs - (137,000 ) -
EBT 1,336,997 342,093 (121,046 )
Headcount 74 77 79
Cash flow 220,140 941,772 -
Group debt 3,491,710 4,585,045 4,790,493

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the business continue to be the competitive nature of the market place in which the Group operates and the impact of Government spending cuts on the customer base.

Financial risk management objectives and policies
The Group uses financial instruments comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. The main risks arising from the financial instruments are interest rate risk, liquidity risk and foreign currency risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous periods.

Interest rate risk
The Group finances its operations through a mixture of retained profits, bank borrowings and other borrowings. The company's exposure to interest fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

Liquidity risk
The Group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and by investing cash assets safely and profitably. Short-term flexibility is achieved by overdraft facilities.

Currency risk
The Group is exposed to transaction foreign exchange risk. Transaction exposures are hedges when known, mainly using the forward hedge market.

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

GROUP STRATEGIC REPORT
For The Year Ended 30 June 2024


ON BEHALF OF THE BOARD:





D W Edwards - Director


19 December 2024

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

REPORT OF THE DIRECTORS
For The Year Ended 30 June 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the Group in the period under review was that of wholesaling of arts and crafts materials, by mail order and via the internet.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

FUTURE DEVELOPMENTS
The directors continue to innovate, building on the group's existing customer portfolio and product range.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

D W Edwards
S Khele

Other changes in directors holding office are as follows:

A P Skidmore - appointed 15 February 2024

FINANCIAL INSTRUMENTS
The group utilises various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

REPORT OF THE DIRECTORS
For The Year Ended 30 June 2024


AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D W Edwards - Director


19 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRYAD CREATIVE LIMITED


Opinion
We have audited the financial statements of Dryad Creative Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 June 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
DRYAD CREATIVE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

- We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

- We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

- Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

- We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRYAD CREATIVE LIMITED


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.




Emma Jones FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

19 December 2024

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 30 June 2024

Period
3.9.22
Year ended to
30.6.24 30.6.23
Notes £    £   

TURNOVER 3 17,225,041 12,239,678

Cost of sales 11,415,283 8,242,128
GROSS PROFIT 5,809,758 3,997,550

Administrative expenses 4,062,810 3,289,142
OPERATING PROFIT 5 1,746,948 708,408

Interest receivable and similar income 4,319 2,215
1,751,267 710,623

Interest payable and similar expenses 6 414,270 368,530
PROFIT BEFORE TAXATION 1,336,997 342,093

Tax on profit 7 244,186 91,577
PROFIT FOR THE FINANCIAL YEAR 1,092,811 250,516

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,092,811

250,516

Profit attributable to:
Owners of the parent 1,092,811 250,516

Total comprehensive income attributable to:
Owners of the parent 1,092,811 250,516

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

CONSOLIDATED BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,626,709 1,768,222
Tangible assets 10 147,134 205,770
Investments 11 - -
1,773,843 1,973,992

CURRENT ASSETS
Stocks 12 3,182,530 3,499,500
Debtors 13 2,659,321 2,448,360
Cash at bank 828,921 789,854
6,670,772 6,737,714
CREDITORS
Amounts falling due within one year 14 3,832,979 4,090,877
NET CURRENT ASSETS 2,837,793 2,646,837
TOTAL ASSETS LESS CURRENT LIABILITIES 4,611,636 4,620,829

CREDITORS
Amounts falling due after more than one
year

15

(2,840,021

)

(3,897,884

)

PROVISIONS FOR LIABILITIES 18 (37,496 ) (45,600 )
NET ASSETS 1,734,119 677,345

CAPITAL AND RESERVES
Called up share capital 19 100 100
Share premium 20 246,707 246,707
Retained earnings 20 1,487,312 430,538
SHAREHOLDERS' FUNDS 1,734,119 677,345

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:





D W Edwards - Director


DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

COMPANY BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 5,914,075 5,883,778
5,914,075 5,883,778

CURRENT ASSETS
Cash at bank 71 311

CREDITORS
Amounts falling due within one year 14 2,798,379 2,191,957
NET CURRENT LIABILITIES (2,798,308 ) (2,191,646 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,115,767 3,692,132

CREDITORS
Amounts falling due after more than one
year

15

2,620,300

3,206,537
NET ASSETS 495,467 485,595

CAPITAL AND RESERVES
Called up share capital 19 100 100
Share premium 20 246,707 246,707
Retained earnings 20 248,660 238,788
SHAREHOLDERS' FUNDS 495,467 485,595

Company's profit for the financial year 9,872 22,880

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:





D W Edwards - Director


DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 June 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 3 September 2022 100 160,985 246,707 407,792

Changes in equity
Total comprehensive income - 250,516 - 250,516
FX on consolidation - (13,917 ) - (13,917 )
Legal reserve - 32,954 - 32,954
Balance at 30 June 2023 100 430,538 246,707 677,345

Changes in equity
Total comprehensive income - 1,092,811 - 1,092,811
FX on consolidation - (36,037 ) - (36,037 )
Balance at 30 June 2024 100 1,487,312 246,707 1,734,119

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 June 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 3 September 2022 100 215,908 246,707 462,715

Changes in equity
Total comprehensive income - 22,880 - 22,880
Balance at 30 June 2023 100 238,788 246,707 485,595

Changes in equity
Total comprehensive income - 9,872 - 9,872
Balance at 30 June 2024 100 248,660 246,707 495,467

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 June 2024

Period
3.9.22
Year ended to
30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,739,844 2,346,478
Interest paid (414,270 ) (368,530 )
Tax paid (164,883 ) (242,540 )
Net cash from operating activities 1,160,691 1,735,408

Cash flows from investing activities
Purchase of intangible fixed assets (2,351 ) (44,170 )
Purchase of tangible fixed assets (30,257 ) (19,691 )
Interest received 4,319 2,215
Net cash from investing activities (28,289 ) (61,646 )

Cash flows from financing activities
Loan repayments in year (912,262 ) (731,990 )
Net cash from financing activities (912,262 ) (731,990 )

Increase in cash and cash equivalents 220,140 941,772
Cash and cash equivalents at beginning
of year

2

573,608

(368,164

)

Cash and cash equivalents at end of
year

2

793,748

573,608

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 June 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
Profit before taxation 1,336,997 342,093
Depreciation charges 174,238 163,407
(Profit)/loss on disposal of fixed assets (54 ) 4,471
FX on consolidation (35,634 ) 9,140
Finance costs 414,270 368,530
Finance income (4,319 ) (2,215 )
1,885,498 885,426
Decrease/(increase) in stocks 316,970 (687,943 )
(Increase)/decrease in trade and other debtors (210,961 ) 2,925,854
Decrease in trade and other creditors (251,663 ) (776,859 )
Cash generated from operations 1,739,844 2,346,478

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 828,921 789,854
Bank overdrafts (35,173 ) (216,246 )
793,748 573,608
Period ended 30 June 2023
30.6.23 3.9.22
£    £   
Cash and cash equivalents 789,854 448,784
Bank overdrafts (216,246 ) (816,948 )
573,608 (368,164 )


DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 June 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 789,854 39,067 828,921
Bank overdrafts (216,246 ) 181,073 (35,173 )
573,608 220,140 793,748
Debt
Debts falling due within 1 year (562,262 ) (173,975 ) (736,237 )
Debts falling due after 1 year (3,806,537 ) 1,086,237 (2,720,300 )
(4,368,799 ) 912,262 (3,456,537 )
Total (3,795,191 ) 1,132,402 (2,662,789 )

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 June 2024


1. STATUTORY INFORMATION

Dryad Creative 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 General Information page.

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.

These financial statements have been prepared using GBP as the functional currency.

There are no changes to the accounting policies from the prior year.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

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.

Determining net realisable values of stocks - In determining the net realisable value of stocks, management takes into account the most reliable evidence available at the dates the estimates are made.

Trade debtors - The directors carefully consider the recoverability of trade debtors based on their experience of customers' payment history and the likelihood of recovery.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Intangible assets
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 - Straight line over 10 years
Plant and machinery - Straight line over 4 years and Straight line over 10 years
Fixtures and fittings - Straight line over 5 years and Straight line over 20 years
Computer equipment - Straight line over 5 years

Stocks
Stocks are valued at the lower of cost and net realisable value, being selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.


DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of the business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right., at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the
going concern assumption to still be appropriate.

The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
United Kingdom 6,759,748 7,629,520
Europe 1,545,987 1,120,065
Rest of the world 8,919,306 3,490,093
17,225,041 12,239,678

4. EMPLOYEES AND DIRECTORS
Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
Wages and salaries 2,570,402 1,941,993
Social security costs 227,122 164,990
Other pension costs 35,171 24,479
2,832,695 2,131,462

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
3.9.22
Year ended to
30.6.24 30.6.23

Directors 2 2
Other departments 72 75
74 77

Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
Directors' remuneration 287,587 207,046
Directors' pension contributions to money purchase schemes 1,871 1,835

Information regarding the highest paid director is as follows:
Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
Emoluments etc 123,000 123,058
Pension contributions to money purchase schemes 1,871 -

5. OPERATING PROFIT

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

Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
Other operating leases 21,937 23,078
Depreciation - owned assets 30,374 47,702
(Profit)/loss on disposal of fixed assets (54 ) 4,471
Goodwill amortisation 101,330 84,442
Computer software amortisation 42,534 31,023
Auditors' remuneration 21,805 14,653
Foreign exchange differences 153,092 39,094

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
Bank loan interest 94,402 91,613
Interest payable 319,868 276,917
414,270 368,530

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 252,290 83,601

Deferred tax (8,104 ) 7,976
Tax on profit 244,186 91,577

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
3.9.22
Year ended to
30.6.24 30.6.23
£    £   
Profit before tax 1,336,997 342,093
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 20.810 %)

334,249

71,190

Effects of:
Expenses not deductible for tax purposes 26,608 17,830
Capital allowances in excess of depreciation - (1,732 )
Depreciation in excess of capital allowances 6,861 -
Adjustments to tax charge in respect of previous periods - (19 )
Deferred tax (8,104 ) (541 )
Other tax effects - (6,355 )
Adjustment in respect of PY deferred tax - 11,204
Difference in overseas tax rates (115,428 ) -
Total tax charge 244,186 91,577

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 July 2023 5,578,404 132,745 5,711,149
Additions - 2,351 2,351
At 30 June 2024 5,578,404 135,096 5,713,500
AMORTISATION
At 1 July 2023 3,889,560 53,367 3,942,927
Amortisation for year 101,330 42,534 143,864
At 30 June 2024 3,990,890 95,901 4,086,791
NET BOOK VALUE
At 30 June 2024 1,587,514 39,195 1,626,709
At 30 June 2023 1,688,844 79,378 1,768,222

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 118,553 79,997 825,709 70,397 1,094,656
Additions - 12,310 17,332 615 30,257
Disposals - - (66,144 ) - (66,144 )
Exchange differences (2,158 ) - 1,755 - (403 )
At 30 June 2024 116,395 92,307 778,652 71,012 1,058,366
DEPRECIATION
At 1 July 2023 55,283 74,592 692,099 66,912 888,886
Charge for year (5,758 ) 1,408 33,821 903 30,374
Eliminated on disposal - - (8,028 ) - (8,028 )
At 30 June 2024 49,525 76,000 717,892 67,815 911,232
NET BOOK VALUE
At 30 June 2024 66,870 16,307 60,760 3,197 147,134
At 30 June 2023 63,270 5,405 133,610 3,485 205,770

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023 5,883,778
Additions 30,297
At 30 June 2024 5,914,075
NET BOOK VALUE
At 30 June 2024 5,914,075
At 30 June 2023 5,883,778

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Dryad Leicester Limited
Registered office: 21 Mountain Road, Leicester, LE4 9HQ
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 100.00

Dryad General Trading LLC
Registered office: DREC Warehouses Unit 9a, Jebel Ali Industrial Area 1, Dubai
Nature of business: Supply of arts and crafts
%
Class of shares: holding
Ordinary 49.00

Dryad Creative Limited has full control and 100% allocation of any profits and distributions from Dryad General Trading LLC.

Specialist Crafts Limited
Registered office: Hamilton House, 21 Mountain Road, Leicester, LE4 9HQ.
Nature of business: Sale of arts and crafts materials
%
Class of shares: holding
Ordinary 100.00

Specialist Crafts Leicester Limited
Registered office: Hamilton House, 21 Mountain Road, Leicester, LE4 9HQ.
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


12. STOCKS

Group
2024 2023
£    £   
Stocks 2,399,917 2,453,962
Goods In Transit 782,613 1,045,538
3,182,530 3,499,500

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 2,012,676 1,747,597
Other debtors 149,782 214,591
VAT 23,802 59,815
Prepayments and accrued income 473,061 426,357
2,659,321 2,448,360

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 35,173 216,246 - -
Other loans (see note 16) 736,237 562,262 436,237 262,262
Trade creditors 2,028,655 2,520,154 - -
Amounts owed to group undertakings - - 2,349,806 1,915,458
Corporation tax 134,368 46,961 - -
Social security and other taxes 102,404 74,189 - -
Other creditors 277,989 308,042 - -
Accrued expenses 518,153 363,023 12,336 14,237
3,832,979 4,090,877 2,798,379 2,191,957

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans (see note 16) 2,720,300 3,806,537 2,620,300 3,206,537
Employee end of service
benefit 119,721 91,347 - -
2,840,021 3,897,884 2,620,300 3,206,537

Loans are secured on all the property and undertaking of the Group.

Employee end of service benefits are attributable to subsidiary company Dubai General Trading LLC.

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 35,173 216,246 - -
Other loans 736,237 562,262 436,237 262,262
771,410 778,508 436,237 262,262
Amounts falling due between one and two years:
Other loans - 1-2 years 562,881 586,237 462,881 286,237
Amounts falling due between two and five years:
Other loans - 2-5 years 1,069,096 1,231,977 1,069,096 931,977
Amounts falling due in more than five years:
Repayable by instalments
Other loans more 5yrs instal 1,088,323 1,988,323 1,088,323 1,988,323

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 416,270 358,784
Between one and five years 1,432,384 1,655,075
In more than five years 55,000 55,000
1,903,654 2,068,859

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 37,496 45,600

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 July 2023 45,600
Credit to Statement of Comprehensive Income during year (8,104 )
Balance at 30 June 2024 37,496

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary 0.01 100 100

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 430,538 246,707 677,245
Profit for the year 1,092,811 1,092,811
FX on consolidation (36,037 ) - (36,037 )
At 30 June 2024 1,487,312 246,707 1,734,019

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 238,788 246,707 485,495
Profit for the year 9,872 9,872
At 30 June 2024 248,660 246,707 495,367


21. PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £35,171 (2023: £24,479).

Contributions totalling £15,387 (2023: £12,962) were payable to the fund balance sheet date.

DRYAD CREATIVE LIMITED (REGISTERED NUMBER: 12333251)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year, a total of key management personnel compensation of £ 331,823 (2023 - £ 213,840 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The group is owned and controlled by the directors of Dryad Creative Limited.