IRIS Accounts Production v24.3.0.553 13497052 Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. the manufacture of plastic and injection moulded products. true true true false true true false false false false false false false false true false A Ordinary 1.00000 B Ordinary 1.00000 C Ordinary 1.00000 D Ordinary 1.00000 E Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh134970522023-09-30134970522024-09-30134970522023-10-012024-09-30134970522022-09-30134970522022-10-012023-09-30134970522023-09-3013497052ns15:EnglandWales2023-10-012024-09-3013497052ns14:PoundSterling2023-10-012024-09-3013497052ns10:Director12023-10-012024-09-3013497052ns10:Consolidated2024-09-3013497052ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3013497052ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3013497052ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3013497052ns10:Consolidatedns10:Audited2023-10-012024-09-3013497052ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3013497052ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3013497052ns10:Consolidated2023-10-012024-09-3013497052ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3013497052ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3013497052ns10:FullAccounts2023-10-012024-09-3013497052ns5:Subsidiary12023-10-012024-09-3013497052ns5:Subsidiary22023-10-012024-09-3013497052ns5:Subsidiary32023-10-012024-09-3013497052ns5:Subsidiary42023-10-012024-09-3013497052ns5:Subsidiary52023-10-012024-09-301349705212023-10-012024-09-3013497052ns10:OrdinaryShareClass12023-10-012024-09-3013497052ns10:OrdinaryShareClass22023-10-012024-09-3013497052ns10:OrdinaryShareClass32023-10-012024-09-3013497052ns10:OrdinaryShareClass42023-10-012024-09-3013497052ns10:OrdinaryShareClass52023-10-012024-09-3013497052ns10:Director22023-10-012024-09-3013497052ns10:RegisteredOffice2023-10-012024-09-3013497052ns10:Consolidated2022-10-012023-09-3013497052ns5:CurrentFinancialInstruments2024-09-3013497052ns5:CurrentFinancialInstruments2023-09-3013497052ns5:ShareCapital2024-09-3013497052ns5:ShareCapital2023-09-3013497052ns5:SharePremium2024-09-3013497052ns5:SharePremium2023-09-3013497052ns5:RetainedEarningsAccumulatedLosses2024-09-3013497052ns5:RetainedEarningsAccumulatedLosses2023-09-3013497052ns5:ShareCapital2022-09-3013497052ns5:RetainedEarningsAccumulatedLosses2022-09-3013497052ns5:SharePremium2022-09-3013497052ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3013497052ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3013497052ns5:NetGoodwill2023-10-012024-09-3013497052ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3013497052ns5:CostValuation2023-09-30134970521ns5:Subsidiary12023-10-012024-09-3013497052ns5:Subsidiary232023-10-012024-09-30134970525ns5:Subsidiary32023-10-012024-09-30134970527ns5:Subsidiary42023-10-012024-09-3013497052ns5:Subsidiary592023-10-012024-09-3013497052ns10:OrdinaryShareClass12024-09-3013497052ns10:OrdinaryShareClass22024-09-3013497052ns10:OrdinaryShareClass32024-09-3013497052ns10:OrdinaryShareClass42024-09-3013497052ns10:OrdinaryShareClass52024-09-3013497052ns5:RetainedEarningsAccumulatedLosses2023-09-3013497052ns5:SharePremium2023-09-30
REGISTERED NUMBER: 13497052 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the year ended

30 September 2024

for

DLS Holdings (Grantham) Limited

DLS Holdings (Grantham) Limited (Registered number: 13497052)






Contents of the Consolidated Financial Statements
for the year ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other 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 16


DLS Holdings (Grantham) Limited

Company Information
for the year ended 30 September 2024







DIRECTORS: G W L Brewis
I A Partridge





REGISTERED OFFICE: Occupation Lane
Gonerby Moor
Grantham
NG32 2BP





REGISTERED NUMBER: 13497052 (England and Wales)





AUDITORS: Just Audit Limited
Chartered Accountants and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Group Strategic Report
for the year ended 30 September 2024

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

The directors recognise their duties under the Companies Act 2006 (Strategic Report and Directors' Report Regulations 2013). Having undertaken a review of the requirements of this legislation and on the basis that DLS Holdings (Grantham) Limited is an unquoted company with 3 shareholders a limited report is provided. This is to reduce the risk of a detailed report on group activity being seriously prejudicial to the interests of the group.

REVIEW OF BUSINESS
The principal activities of the group during the year were design, manufacture and supply of injection moulded products along with supplementary sales of products sourced from suppliers. The principal markets served are the leisure vehicle market and medical supplies. These activities have not changed materially during the year. The group's activities remain organised into three distinct areas;


Direct Leisure Supplies Ltd - DLS Plastics: The design, manufacture and supply of products to serve the leisure vehicle market.

Direct Leisure Supplies Ltd - DLS Medical: The manufacture and supply of products for the single use medical supplies market.

Daneplast Limited - The supply of trade moulding services to a variety of customers many involved in the supply of shop fittings and retail although increasingly diverse due to ongoing sales effort.

The group has continued to maintain a wide range of activities to support customers. The sales of the group have decreased due to a significant downturn in the leisure industry.

Trading during the year resulted in an operating profit for the year of £2,198,736 (2023: £3,285,376). This is seen as a reasonable result. Total comprehensive income for the year (profit after tax) was £1,820,165 (2023: £2,713,166).

The consolidated balance sheet on page 10 of the financial statements shows the net assets of the group at £9,005,144 (2023: £8,984,979).

A small number of key performance indicators are maintained to measure business performance. In addition to the usual ones such as sales and margins, as reported in the consolidated income statement, the group also monitors customers orders on time. This year the key performance indicators reflect the social and economic challenges we are facing in the current times. Overall the business has performed well maintaining a good level of service to customers.

During the year work has continued to develop the internal administration systems and other improvements aimed at increasing productivity and efficiency.

PRINCIPAL RISKS AND UNCERTAINTIES
The risks to the business are managed through the extensive use of ISO registered procedures and management thereof. The subsidiaries have a history of generating profit and business development is funded from cashflow. Debtor default is a concern but careful attention and constant customer communication help to ameliorate this The subsidiaries have a wide customer base although historic consolidation in the leisure vehicle market has eroded this over time. During the year there was little evidence that this trend is continuing although the threat remains. The subsidiaries have a small market share in the medical supplies area. Significant effort has been applied to improve trading margins rather than simply chase sales turnover. The group has sufficient reserves to shield it from the effects of adverse trading conditions. The group has a strong unencumbered asset base and a consequent opportunity to fund operations through borrowing should that be necessary.

Uncertainty over the UK domestic economy is a concern with the prospect of a disruptive government adding regulation and a higher tax burden to the business. In particular measures relating to employment of staff could lead to higher administration and further erosion of business competitiveness when compared with foreign competition. The folly of the UK's pursuit of "Net Zero" is a concern as ill thought out and illogical policies risk adding significant cost burdens to UK businesses when compared to foreign competitors.

Global unrest and political strife, the cost of living crisis, inflation are all concerns and risks to the business. The business is unable to directly affect any of these global phenomena. Consistent effort is put into evaluating external factors and managing the business accordingly.

Social media driven virtue signalling and ignorant political edicts are a threat to a business using high levels of energy and with the word "plastic" on its website. It is hoped that despite this some sense will prevail and the need for responsible, well managed UK manufacturing will remain. With the apparently feckless Labour Government now in power one is left wondering, "what's the point?"


DLS Holdings (Grantham) Limited (Registered number: 13497052)

Group Strategic Report
for the year ended 30 September 2024

DEVELOPMENT AND PERFORMANCE
Overall group performance demonstrates strong business resilience in adverse trading conditions. The management and staff continue to work hard to meet customer expectations, and ensure the business remains in a strong position and able to take advantage of new opportunities that emerge in the future.

AFTER DATE MATTERS
Activity is taking place to consolidate the group onto two sites (from three). After the year end, the subsidiary Daneplast Limited moved its operations from its current premises into the premises of its parent company, Direct Leisure Supplies Limited. The directors have carried out an impairment review at the year end and consider the carrying value to be materially correct. This change will improve productivity and management effectiveness. The reduction in employee headcount and other costs (eg. business rates) will assist in ameliorating some of the punitive taxation and energy policies facing small businesses in the UK.

Otherwise, there were no material events to report.

Further information relating to future plans for the business is confidential.

ON BEHALF OF THE BOARD:





G W L Brewis - Director


26 March 2025

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Report of the Directors
for the year ended 30 September 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 was £1,800,000 (2023: £1,290,000).

Dividends paid after the consolidated balance sheet date, but before these financial statements were authorised for issue, totalled £780,000.

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

G W L Brewis
I A Partridge

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.

ON BEHALF OF THE BOARD:





G W L Brewis - Director


26 March 2025

Report of the Independent Auditors to the Members of
DLS Holdings (Grantham) Limited

Opinion
We have audited the financial statements of DLS Holdings (Grantham) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other 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's affairs as at 30 September 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
DLS Holdings (Grantham) 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.

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:

We gained an understanding of the legal and regulatory framework applicable to the parent company and the group and the industry in which it operates and considered the risk of acts by the parent company and the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
DLS Holdings (Grantham) 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.




David Fletcher BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Just Audit Limited
Chartered Accountants and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

26 March 2025

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Consolidated Income Statement
for the year ended 30 September 2024

2024 2023
Notes £ £

TURNOVER 3 10,559,241 12,173,366

Cost of sales 5,696,894 6,205,275
GROSS PROFIT 4,862,347 5,968,091

Administrative expenses 2,663,611 2,682,715
OPERATING PROFIT 5 2,198,736 3,285,376

Interest receivable and similar income 127,859 57,751
PROFIT BEFORE TAXATION 2,326,595 3,343,127

Tax on profit 6 506,430 629,961
PROFIT FOR THE FINANCIAL YEAR 1,820,165 2,713,166
Profit attributable to:
Owners of the parent 1,820,165 2,713,166

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Consolidated Other Comprehensive Income
for the year ended 30 September 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 1,820,165 2,713,166


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,820,165

2,713,166

Total comprehensive income attributable to:
Owners of the parent 1,820,165 2,713,166

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Consolidated Balance Sheet
30 September 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 (1,140,968 ) (1,521,290 )
Tangible assets 10 5,501,965 5,066,236
Investments 11 20 20
4,361,017 3,544,966

CURRENT ASSETS
Stocks 12 1,191,856 1,171,354
Debtors 13 1,735,219 2,054,069
Investments 14 1,135,009 532,692
Cash at bank and in hand 3,036,460 4,290,687
7,098,544 8,048,802
CREDITORS
Amounts falling due within one year 15 1,890,836 2,175,111
NET CURRENT ASSETS 5,207,708 5,873,691
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,568,725

9,418,657

PROVISIONS FOR LIABILITIES 17 563,581 433,678
NET ASSETS 9,005,144 8,984,979

CAPITAL AND RESERVES
Called up share capital 18 1,602 1,602
Merger relief reserve 19 6,200,000 6,200,000
Retained earnings 19 2,803,542 2,783,377
SHAREHOLDERS' FUNDS 9,005,144 8,984,979

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





G W L Brewis - Director


DLS Holdings (Grantham) Limited (Registered number: 13497052)

Company Balance Sheet
30 September 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 8,643,000 8,643,000
8,643,000 8,643,000

CURRENT ASSETS
Investments 14 1,120,880 510,000
Cash at bank 41,472 260,679
1,162,352 770,679
CREDITORS
Amounts falling due within one year 15 3,164,987 3,188,350
NET CURRENT LIABILITIES (2,002,635 ) (2,417,671 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,640,365

6,225,329

CAPITAL AND RESERVES
Called up share capital 18 1,602 1,602
Merger relief reserve 19 6,200,000 6,200,000
Retained earnings 19 438,763 23,727
SHAREHOLDERS' FUNDS 6,640,365 6,225,329

Company's profit for the financial year 2,215,036 1,266,227

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





G W L Brewis - Director


DLS Holdings (Grantham) Limited (Registered number: 13497052)

Consolidated Statement of Changes in Equity
for the year ended 30 September 2024

Called up Merger
share Retained relief Total
capital earnings reserve equity
£ £ £ £
Balance at 1 October 2022 1,602 1,360,211 6,200,000 7,561,813

Changes in equity
Dividends - (1,290,000 ) - (1,290,000 )
Total comprehensive income - 2,713,166 - 2,713,166
Balance at 30 September 2023 1,602 2,783,377 6,200,000 8,984,979

Changes in equity
Dividends - (1,800,000 ) - (1,800,000 )
Total comprehensive income - 1,820,165 - 1,820,165
Balance at 30 September 2024 1,602 2,803,542 6,200,000 9,005,144

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Company Statement of Changes in Equity
for the year ended 30 September 2024

Called up Merger
share Retained relief Total
capital earnings reserve equity
£ £ £ £
Balance at 1 October 2022 1,602 47,500 6,200,000 6,249,102

Changes in equity
Dividends - (1,290,000 ) - (1,290,000 )
Total comprehensive income - 1,266,227 - 1,266,227
Balance at 30 September 2023 1,602 23,727 6,200,000 6,225,329

Changes in equity
Dividends - (1,800,000 ) - (1,800,000 )
Total comprehensive income - 2,215,036 - 2,215,036
Balance at 30 September 2024 1,602 438,763 6,200,000 6,640,365

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Consolidated Cash Flow Statement
for the year ended 30 September 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,415,032 3,132,613
Tax paid (611,192 ) (481,120 )
Net cash from operating activities 1,803,840 2,651,493

Cash flows from investing activities
Purchase of tangible fixed assets (829,544 ) (364,682 )
Purchase of current asset investments (555,917 ) (510,000 )
Sale of tangible fixed assets 11,892 12,000
Interest received 127,859 57,751
Net cash from investing activities (1,245,710 ) (804,931 )

Cash flows from financing activities
Amount withdrawn by directors (12,357 ) -
Equity dividends paid (1,800,000 ) (715,000 )
Net cash from financing activities (1,812,357 ) (715,000 )

(Decrease)/increase in cash and cash equivalents (1,254,227 ) 1,131,562
Cash and cash equivalents at beginning
of year

2

4,290,687

3,159,125

Cash and cash equivalents at end of year 2 3,036,460 4,290,687

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 September 2024

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

2024 2023
£ £
Profit before taxation 2,326,595 3,343,127
Depreciation charges (1,408 ) (121,232 )
Loss/(profit) on disposal of fixed assets 3,009 (2,943 )
(Gain)/Loss on fair value of investment (46,399 ) 5,194
Finance income (127,859 ) (57,751 )
2,153,938 3,166,395
(Increase)/decrease in stocks (20,502 ) 261,463
Decrease/(increase) in trade and other debtors 318,813 (21,233 )
Decrease in trade and other creditors (37,217 ) (274,012 )
Cash generated from operations 2,415,032 3,132,613

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 September 2024
30/9/24 1/10/23
£ £
Cash and cash equivalents 3,036,460 4,290,687
Year ended 30 September 2023
30/9/23 1/10/22
£ £
Cash and cash equivalents 4,290,687 3,159,125


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£ £ £
Net cash
Cash at bank and in hand 4,290,687 (1,254,227 ) 3,036,460
4,290,687 (1,254,227 ) 3,036,460

Liquid resources
Current asset investments 532,692 602,317 1,135,009
532,692 602,317 1,135,009
Total 4,823,379 (651,910 ) 4,171,469

4. MAJOR NON-CASH TRANSACTIONS

Of the total dividends declared in the prior year of £1,290,000, amounts totalling £575,000 were credited to the Directors' and Shareholders' loan accounts and these were not paid.

There have been no major non-cash transactions in the current year.

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements
for the year ended 30 September 2024

1. STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Occupation Lane, Gonerby Moor, Grantham, NG32 2BP.

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 as modified by the fair value of certain assets.

The financial statements are prepared in Pound Sterling, which is the functional currency of the group.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings.

These are adjusted, where appropriate, to conform to group accounting policies. Profits or losses on intra-group transactions are eliminated in full. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at the time. The results of companies acquired or disposed of are included in the consolidated income statement after or up to the date that control passes respectively.

Parent company disclosure exemption
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemption, available in FRS 102:

- no cash flow statement has been presented for the company

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

-Estimated in respect of the freehold property the cost of the land element of the properties as at the
date of purchase, estimated the useful economic life of the buildings, and estimated the residual value
of the buildings (excluding land).
-Estimated the cost of the labour and overheads which have been incurred in manufactured stock in
order to correctly reflect the value of stock as at the year end;
-Determined whether there are indicators of impairment of the group's tangible and intangible assets,
including goodwill. Factors taken into consideration in reaching such a decision include the economic
conditions and estimated market value of the assets.

Other key sources of estimation uncertainty
Tangible fixed assets are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and product life cycles are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial
statements.

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill on acquisition 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount
being estimated where such indicators exist. Where the carrying value exceeds the recoverable
amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at
each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made
of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating
unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that
are largely independent of the cash inflows from other assets or groups of assets.

Current asset investments
Current asset investments are initially recorded at fair value, with changes in fair value being recognised in profit or loss. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:

Freehold Property 2.5% straight line
Plant & Machinery 20% reducing balance
Fixtures & Fittings 15% reducing balance and 20% straight line
Motor Vehicles 20% reducing balance and 25% straight line
Moulds & Tools33% straight line

Freehold land is not depreciated

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase on a first in first out basis, costs of conversion and other costs incurred in bringing the stock to its present location and condition.


DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

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.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
£ £
Sale of goods 10,559,241 12,173,366
10,559,241 12,173,366

An analysis of turnover by geographical market is given below:

2024 2023
£ £
United Kingdom 9,063,456 10,941,451
Europe 1,431,940 1,163,122
Rest of the world 63,845 68,793
10,559,241 12,173,366

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 2,980,941 2,916,572
Other pension costs 82,648 62,210
3,063,589 2,978,782

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Production staff 50 58
Administrative staff 18 14
Management staff 3 3
71 75

The average number of employees by undertakings that were proportionately consolidated during the year was 71 (2023 - 75 ) .

2024 2023
£ £
Directors' remuneration 424,122 546,690
Directors' pension contributions to money purchase schemes 40,666 24,666

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 266,000 285,000

5. OPERATING PROFIT

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

2024 2023
£ £
Other operating leases 95,600 91,422
Depreciation - owned assets 378,914 259,088
Loss/(profit) on disposal of fixed assets 3,009 (2,943 )
Goodwill amortisation (380,322 ) (380,321 )
Audit work 39,900 37,672

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 372,795 639,000
Under/(Over) provision in prior period 3,732 (86,631 )
Total current tax 376,527 552,369

Deferred tax 129,903 77,592
Tax on profit 506,430 629,961

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

6. TAXATION - continued

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:

2024 2023
£ £
Profit before tax 2,326,595 3,343,127
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22 %)

581,649

735,488

Effects of:
Expenses not deductible (78,951 ) (49,222 )
Adjustments to tax charge in respect of previous period 3,732 (50,311 )
Tax reduction in respect of super deduction - (5,994 )
Total tax charge 506,430 629,961

7. INDIVIDUAL INCOME STATEMENT

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


8. DIVIDENDS
2024 2023
£ £
A Ordinary shares of £1 each
Interim 600,000 430,000
B Ordinary shares of £1 each
Interim 600,000 430,000
C Ordinary shares of £1 each
Interim 600,000 430,000
1,800,000 1,290,000

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 October 2023
and 30 September 2024 (2,281,933 )
AMORTISATION
At 1 October 2023 (760,643 )
Amortisation for year (380,322 )
At 30 September 2024 (1,140,965 )
NET BOOK VALUE
At 30 September 2024 (1,140,968 )
At 30 September 2023 (1,521,290 )

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£ £ £ £
COST
At 1 October 2023 3,950,099 1,391,901 230,860 5,572,860
Additions - 799,752 29,792 829,544
Disposals - - (29,104 ) (29,104 )
At 30 September 2024 3,950,099 2,191,653 231,548 6,373,300
DEPRECIATION
At 1 October 2023 95,663 367,176 43,785 506,624
Charge for year 44,387 307,903 26,624 378,914
Eliminated on disposal - - (14,203 ) (14,203 )
At 30 September 2024 140,050 675,079 56,206 871,335
NET BOOK VALUE
At 30 September 2024 3,810,049 1,516,574 175,342 5,501,965
At 30 September 2023 3,854,436 1,024,725 187,075 5,066,236

Included in cost of land and buildings is freehold land of £750,000 (2023 - £750,000) which is not depreciated.

11. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£
COST
At 1 October 2023
and 30 September 2024 20
NET BOOK VALUE
At 30 September 2024 20
At 30 September 2023 20
Company
Shares in
group
undertakings
£
COST OR VALUATION
At 1 October 2023
and 30 September 2024 8,643,000
NET BOOK VALUE
At 30 September 2024 8,643,000
At 30 September 2023 8,643,000


DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

Company

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

Subsidiaries

DLS Investments Limited
Registered office: Occupation Lane, Gonerby Moor, Grantham, NG32 2BP
Nature of business: Property rental to group company
%
Class of shares: holding
Ordinary Shares 100.00

Shares are held by a subsidiary undertaking, Direct Leisure Supplies Limited.
The company is included in the consolidation.

Daneplast Limited
Registered office: Unit 6b, Section 1, Sewstern Industrial Estate, Gunby Road, Sewstern, Grantham, NG33 5RD
Nature of business: Manufacture of plastic products
%
Class of shares: holding
Ordinary 100.00

Shares are held by a subsidiary undertaking, Direct Leisure Supplies Limited.
The company is included in the consolidation.

Direct Leisure Supplies Limited
Registered office: Occupation Lane, Gonerby Moor, Grantham, NG32 2BP
Nature of business: Manufacture & supply of i njection moulded products
%
Class of shares: holding
Ordinary 100.00

DLS Plastics Limited
Registered office: Occupation Lane, Gonerby Moor, Grantham, Lincolnshire, NG32 2BP
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Shares are held by a subsidiary undertaking, Direct Leisure Supplies Limited.
The company is not included in the consolidation.

DLS Medical Limited
Registered office: Occupation Lane, Gonerby Moor, Grantham, Lincolnshire, NG32 2BP
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Shares are held by a subsidiary undertaking, Direct Leisure Supplies Limited.
The company is not included in the consolidation.


After the year end, the subsidiary Daneplast Limited moved its operations from its current premises into the premises of its parent company, Direct Leisure Supplies Limited. The directors have carried out an impairment review at the year end and consider the carrying value to be materially correct.

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

12. STOCKS

Group
2024 2023
£ £
Raw materials and consumables 606,477 594,104
Work-in-progress 48,938 -
Finished goods 536,441 577,250
1,191,856 1,171,354

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£ £
Trade debtors 1,598,183 1,930,263
Other debtors 47,600 47,600
Tax - 37
Prepayments and accrued income 89,436 76,169
1,735,219 2,054,069

14. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£ £ £ £
Listed investments 1,135,009 532,692 1,120,880 510,000

Market value of listed investments at 30 September 2024 held by the group - £1,135,009 (2023 - £532,692). and by the company - £ (1,120,880) (2023 - £ (510,000) ).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 700,827 524,717 - -
Amounts owed to group undertakings - - 2,443,000 2,443,000
Tax 106,704 341,406 - -
Social security and other taxes 170,700 359,275 - -
Other creditors 329,342 346,670 239,994 251,431
Directors' current accounts 463,682 476,039 463,682 476,039
Accruals and deferred income 119,581 127,004 18,311 17,880
1,890,836 2,175,111 3,164,987 3,188,350

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 47,250 47,250

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax 563,581 433,678

Group
Deferred tax
£
Balance at 1 October 2023 433,678
Charge to Income Statement during year 129,903
Balance at 30 September 2024 563,581

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 A Ordinary £1 100 100
100 B Ordinary £1 100 100
100 C Ordinary £1 100 100
1,000 D Ordinary £1 1,000 1,000
300 E Ordinary £1 300 300
2 Preference £1 2 2
1,602 1,602

The holders of the A Ordinary shares, B Ordinary shares, and C Ordinary shares, have full voting rights, are entitled to dividends, and on a liquidation or capital reduction, a share of the balance of surplus assets after the preference shareholders have been paid £1,800,000 per share (up to a maximum of £3,600,000 for the share class). This distribution is limited to a total of £4,900,000.

The holders of the D Ordinary shares have no voting rights, but are entitled to dividends and on a liquidation or capital reduction, a share of the balance of surplus assets after the payments described above, up to a maximum of £3,500,000.

The holders of the E Ordinary shares have no voting rights, but are entitled to dividends and on a liquidation or capital reduction, a share of the balance of surplus assets, along with holders of other classes, after the payments described above.

The Preference share holders have no voting rights and no entitlement to dividends. However, on redemption (which can be triggered by a share sale, listing, or at the discretion of the directors), the holders are entitled to receive £1,800,000 per share, up to a maximum of £3,600,000 for the share class.

19. RESERVES

Group
Merger
Retained relief
earnings reserve Totals
£ £ £

At 1 October 2023 2,783,377 6,200,000 8,983,377
Profit for the year 1,820,165 1,820,165
Dividends (1,800,000 ) (1,800,000 )
At 30 September 2024 2,803,542 6,200,000 9,003,542

DLS Holdings (Grantham) Limited (Registered number: 13497052)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

19. RESERVES - continued

Company
Merger
Retained relief
earnings reserve Totals
£ £ £

At 1 October 2023 23,727 6,200,000 6,223,727
Profit for the year 2,215,036 2,215,036
Dividends (1,800,000 ) (1,800,000 )
At 30 September 2024 438,763 6,200,000 6,638,763

On 30 November 2021, 299 Ordinary shares with a nominal value of £1 each were issued as part of a share for share exchange on the acquisition of Direct Leisure Supplies Limited. The cost of investment was recognised at fair value, and the surplus of fair value above nominal value of the shares issued was credited to the merger relief reserve.







20. RELATED PARTY DISCLOSURES

Directors and related parties

The directors' and related party loan accounts are payable on demand and attract no interest. The
balances on the directors' loan accounts and other related party loans were £703,677 (2023: £727,472) as at the year end.

The movements in the loan accounts consisted principally of dividends voted by the company less payments to or on behalf of the related parties.

During the year, dividends totalling £1,200,000 (2023:£860,000) were paid to directors.

21. CONTROLLING PARTY

The directors consider there to be no controlling party.