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COMPANY REGISTRATION NUMBER: 10326044
Dolphin Solutions (Holdings) Ltd
Financial Statements
31 December 2024
Dolphin Solutions (Holdings) Ltd
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
6
Independent auditor's report to the members
9
Consolidated statement of comprehensive income
13
Consolidated statement of financial position
14
Company statement of financial position
15
Consolidated statement of changes in equity
16
Company statement of changes in equity
17
Consolidated statement of cash flows
18
Notes to the financial statements
19
Dolphin Solutions (Holdings) Ltd
Officers and Professional Advisers
The board of directors
Mr J Beattie
Mr C J Beattie
K W Beattie
R J Beattie
R Beattie
C N Turner
D S Turner
Registered office
Southpoint
Compass Park
Junction Road
Bodiam
East Sussex
TN32 5BS
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
Bankers
HSBC
4 Robertson Street
Hastings
East Sussex
TB34 1HW
Lloyds
17 Wellington Place
Hastings
East Sussex
TN34 1NX
Dolphin Solutions (Holdings) Ltd
Strategic Report
Year ended 31 December 2024
Principal activity and group business review
Principal activity The Company's principal activity continued to be that of a holding company. The Group's principal activity continued to be the manufacturing and distribution of washroom products and accessories in the United Kingdom and internationally with a global distribution network in Europe, USA, Asia, Australasia, and the Middle East. The Group offers a comprehensive range of products designed for the commercial washroom. This allows the Group's to bring its experience and record of innovation into working with our clients to deliver world class commercial washrooms. The projects that we work on focus on corporate, transportation, institutional (healthcare) or other high traffic washrooms alongside servicing general washroom sales via our website and distribution network. As such our major clients comprise corporate customers, blue chip companies and SMEs, who own and / or operate these buildings. The report below concerns the trading performance of this subsidiary to allow the reader to understand the performance shown in the consolidated financial statements. Strategy The Company's strategy is to provide a team of people dedicated to creating the finest commercial washroom experience, supported by its world class products. The Shareholders and Directors are committed to investing in the best personnel, equipment, software and facilities to achieve this in a safe and equal working environment. Business review and KPI's The Directors are pleased to present the results for the year to 31 December 2024 which are in line with expectations, and delivered growth against a continuing uncertain macro-economic background. The results for the Group for the year ending December 2024 show turnover of £26.1m (2023:£21.4m) and profit before taxation of £5.5m (2023: £4.9m). Net assets as at 31 December 2024 were £13.4m (2023: £11.8m). The increase in revenue represented the benefits of the Company's continued investment into its sales function, both in an increase in staff alongside the full year operation and expansion of the appointment only London showroom, alongside continued progress within larger commercial contracts.
Key performance indicators
The Director's review performance of the business based upon key performance indicators. Turnover, Earnings Before Interest Tax and Depreciation (EBITDA) and operating cash flow.
2024 2023
£ £
Turnover (£'000) 26,138 21,426
Gross profit (£'000) 10,736 9,004
Gross margin (£'000) 41 42
EBITDA (£'000) 5,696 5,305
Operating cash flow 5,280 4,898
Net cash (£'000) 5,064 4,299
Net assets (£'000) 13,363 11,785
Average number of employees 83 73
The turnover and gross profit KPIs continued the positive progression from the prior year into 2024 due to the investment into the sales function noted above. The increased staff and premises costs associated with this investment accounted for EBITDA growth lagging that of Gross Profit.
Principal risks and uncertainties facing the group
The group's operations expose it to a variety of financial risks that include the effects of market risk (including currency risk and price risk), credit risk and liquidity risk. The group's overall risk management strategy seeks to minimise adverse effects from the unpredictability of financial markets on the group's financial performance. The group uses sound management principles to protect against certain financial risk exposure. The directors are responsible for setting the objectives and underlying principles of financial risk management for the group. The senior management then establishes the detailed policies such as authority levels, oversight responsibilities, risk identification and measurement, exposure limits and hedging strategies. The policies set by the board of directors are implemented by the group's finance department.
Currency risk
Currency risk arises when transactions are denominated in foreign currencies. To manage the currency risk, the directors periodically will authorise limited foreign currency planning to mitigate the relevant foreign exchange exposure.
Price risk
The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the cost of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size and nature.
Credit risk
Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the group. With regards to trade receivables, the group performs ongoing credit valuations of its customers and the group maintains an allowance for doubtful debt account which, when realised, has been within the range of management's expectations. For other financial assets the company adopts the policy of dealing only with high credit quality counterparts. Credit exposure to an individual counterparty is restricted by credit limits that are approved based on ongoing credit evaluation. The counterparty's payment profile and credit exposure are continuously monitored by management.
Liquidity risk
The liquidity risk is usually assessed by comparing liquid assets and short term liabilities. The group manages the liquidity risk by using cash flow forecasts which enables the group to monitor its working capital and take remedial action when necessary.
Research and development
The group operates a continual R&D development policy that proactively seeks to meet or exceed market demand for both product quality and unique solutions. This is and will be an ongoing investment focus by the company which has and will continue to assist with business growth.
Disabled and handicapped employees
The parent company and the group give full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled or handicapped, it is the parent company and group's policy wherever practicable to provide continuing employment under normal terms and conditions and provide training and career development and promotion to disabled and handicapped employees wherever appropriate.
Future developments
The business continues to invest in its people, systems and operations with the Company intending to grow organically by further capitalising on its innovative product range and sales function alongside continuing to develop strategic relationships in markets outside of the UK. The acquisition of a controlling stake in Dolphin Solutions (AUS) Pty Ltd, the Company's Australian operation, on 21 March 2025 further consolidated the Group's position in the Australian market and extends its ability to leverage strategic client relationships across global accounts. The demerger of Forge Farm Investments Ltd on 5 March 2025 along with its property interests into a corporate structure outside of Dolphin Solutions allows the Dolphin Group to focus on the commercial washroom market whilst retaining a sound financial position.
This report was approved by the board of directors on 21 May 2025 and signed on behalf of the board by:
Mr J Beattie
Director
Registered office:
Southpoint
Compass Park
Junction Road
Bodiam
East Sussex
TN32 5BS
Dolphin Solutions (Holdings) Ltd
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr J Beattie
Mr C J Beattie
K W Beattie
R J Beattie
R Beattie
C N Turner
D S Turner
Dividends
Particulars of recommended dividends are detailed in note 14 to the financial statements.
Events after the end of the reporting period
On 5 March 2025 Dolphin Solutions (Holdings) Ltd demerged its holding in Forge Farm Investments Ltd, into a separate corporate structure under Forge Farm Holdings Ltd. This activity leaves the Group focussed on the commercial washroom market with the property interests held within Forge Farm Investments Ltd now held within a separate corporate structure. On 21 March 2025 Dolphin Solutions (Holdings) Ltd acquired a controlling interest in Dolphin Solutions (AUS) Pty Ltd (Australian Company Number 622 578 607), taking its holding to 51% of the issued and voting equity share capital from 20% as at 31 December 2024.
Disclosure of information in the strategic report
As permitted in paragraph 1A of Schedule 7 to Large and Medium-sized Companies and Groups (accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the Strategic Report. These matters relate to the review of the group's business, principal risks and uncertainties facing the group, the position of the company's business at the end of the year, future developments and employee matters.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 21 May 2025 and signed on behalf of the board by:
Mr J Beattie
Director
Registered office:
Southpoint
Compass Park
Junction Road
Bodiam
East Sussex
TN32 5BS
Dolphin Solutions (Holdings) Ltd
Independent Auditor's Report to the Members of Dolphin Solutions (Holdings) Ltd
Year ended 31 December 2024
Opinion
We have audited the financial statements of Dolphin Solutions (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 31 December 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; - 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 auditor's 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Review of directors' minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that the group and company must follow in the year and to the date of signing the financial statements. The assessment of fraud was considered as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the group and company to its shareholders. A review of journal entries and consideration of their appropriateness was carried out through the audit. During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair. Challenging assumptions made by management in making their significant accounting estimates. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. In respect of stock we attended a stock take to test physical evidence of stock held, reviewed stock lines for slow movement to ensure adequate provisions were in place. Physical verification of fixed assets was carried out which aided us to assess for any potential impairment required. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: -Identify and assess the risks of material misstatement of the group's or the parent company's financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. -Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's or the parent company's internal control. -Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. -Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. -Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). -Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Lyndsay Nicholson FCA
(Senior Statutory Auditor)
For and on behalf of
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
21 May 2025
Dolphin Solutions (Holdings) Ltd
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
26,137,811
21,425,638
Cost of sales
15,402,099
12,421,863
-------------
-------------
Gross profit
10,735,712
9,003,775
Administrative expenses
5,647,122
4,244,241
Other operating income
5
191,263
138,663
-------------
------------
Operating profit
6
5,279,853
4,898,197
Income from other fixed asset investments
10
297,277
30,520
Other interest receivable and similar income
11
47,496
30,525
Interest payable and similar expenses
12
94,792
85,085
-------------
------------
Profit before taxation
5,529,834
4,874,157
Tax on profit
13
1,095,343
852,377
------------
------------
Profit for the financial year and total comprehensive income
4,434,491
4,021,780
------------
------------
All the activities of the group are from continuing operations.
Dolphin Solutions (Holdings) Ltd
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
15
241,253
378,605
Tangible assets
16
3,936,478
3,797,347
Investments
17
117
117
------------
------------
4,177,848
4,176,069
Current assets
Stocks
18
1,960,385
1,973,649
Debtors
19
7,456,442
5,190,485
Cash at bank and in hand
5,064,175
4,298,773
-------------
-------------
14,481,002
11,462,907
Creditors: amounts falling due within one year
21
4,866,717
3,476,971
-------------
-------------
Net current assets
9,614,285
7,985,936
-------------
-------------
Total assets less current liabilities
13,792,133
12,162,005
Provisions
23
428,858
376,580
-------------
-------------
Net assets
13,363,275
11,785,425
-------------
-------------
Capital and reserves
Called up share capital
27
89,700
89,700
Revaluation reserve
28
43,870
43,870
Merger reserve
28
( 2,700)
( 2,700)
Profit and loss account
28
13,232,405
11,654,555
-------------
-------------
Shareholders funds
13,363,275
11,785,425
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
Mr J Beattie
Director
Company registration number: 10326044
Dolphin Solutions (Holdings) Ltd
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
17
117
117
Current assets
Debtors
19
1,980,000
1,880,000
Investments
20
90,439
89,700
Cash at bank and in hand
10,765
16,093
------------
------------
2,081,204
1,985,793
Creditors: amounts falling due within one year
21
122,381
81,117
------------
------------
Net current assets
1,958,823
1,904,676
------------
------------
Total assets less current liabilities
1,958,940
1,904,793
------------
------------
Net assets
1,958,940
1,904,793
------------
------------
Capital and reserves
Called up share capital
27
89,700
89,700
Profit and loss account
28
1,869,240
1,815,093
------------
------------
Shareholders funds
1,958,940
1,904,793
------------
------------
The profit for the financial year of the parent company was £ 2,910,788 (2023: £ 4,174,001 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
Mr J Beattie
Director
Company registration number: 10326044
Dolphin Solutions (Holdings) Ltd
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Total
£
£
£
£
£
At 1 January 2023
89,700
43,870
( 2,700)
10,668,181
10,799,051
Profit for the year
4,021,780
4,021,780
--------
--------
-------
-------------
-------------
Total comprehensive income for the year
4,021,780
4,021,780
Dividends paid and payable
14
( 3,035,406)
( 3,035,406)
--------
--------
-------
-------------
-------------
Total investments by and distributions to owners
( 3,035,406)
( 3,035,406)
At 31 December 2023
89,700
43,870
( 2,700)
11,654,555
11,785,425
Profit for the year
4,434,491
4,434,491
--------
--------
-------
-------------
-------------
Total comprehensive income for the year
4,434,491
4,434,491
Dividends paid and payable
14
( 2,856,641)
( 2,856,641)
----
----
----
------------
------------
Total investments by and distributions to owners
( 2,856,641)
( 2,856,641)
--------
--------
-------
-------------
-------------
At 31 December 2024
89,700
43,870
( 2,700)
13,232,405
13,363,275
--------
--------
-------
-------------
-------------
Dolphin Solutions (Holdings) Ltd
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
89,700
676,498
766,198
Profit for the year
4,174,001
4,174,001
--------
------------
------------
Total comprehensive income for the year
4,174,001
4,174,001
Dividends paid and payable
14
( 3,035,406)
( 3,035,406)
--------
------------
------------
Total investments by and distributions to owners
( 3,035,406)
( 3,035,406)
At 31 December 2023
89,700
1,815,093
1,904,793
Profit for the year
2,910,788
2,910,788
--------
------------
------------
Total comprehensive income for the year
2,910,788
2,910,788
Dividends paid and payable
14
( 2,856,641)
( 2,856,641)
----
------------
------------
Total investments by and distributions to owners
( 2,856,641)
( 2,856,641)
--------
------------
------------
At 31 December 2024
89,700
1,869,240
1,958,940
--------
------------
------------
Dolphin Solutions (Holdings) Ltd
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
4,434,491
4,021,780
Adjustments for:
Depreciation of tangible assets
262,326
234,878
Amortisation of intangible assets
142,136
141,976
Impairment of intangible assets
11,311
Income from other fixed asset investments
( 297,277)
( 30,520)
Other interest receivable and similar income
( 47,496)
( 30,525)
Interest payable and similar expenses
94,792
85,085
Loss on disposal of tangible assets
330
29,996
Tax on profit
1,095,343
852,377
Accrued (income)/expenses
( 189,357)
36,671
Changes in:
Stocks
13,264
365,002
Trade and other debtors
( 2,045,876)
( 665,601)
Trade and other creditors
1,236,593
( 873,094)
------------
------------
Cash generated from operations
4,710,580
4,168,025
Interest paid
( 94,792)
( 85,085)
Interest received
39,867
30,525
Tax paid
( 1,043,065)
( 791,613)
------------
------------
Net cash from operating activities
3,612,590
3,321,852
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 207,138)
( 323,098)
Proceeds from sale of tangible assets
398
33,500
Purchase of intangible assets
( 16,095)
Purchases of other investments
117
Dividends received
102,232
30,520
------------
------------
Net cash used in investing activities
( 120,603)
( 258,961)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
130,739
128,147
Payments of finance lease liabilities
( 683)
( 87,882)
Dividends paid
( 2,856,641)
( 3,035,406)
------------
------------
Net cash used in financing activities
( 2,726,585)
( 2,995,141)
------------
------------
Net increase in cash and cash equivalents
765,402
67,750
Cash and cash equivalents at beginning of year
4,298,773
4,231,023
------------
------------
Cash and cash equivalents at end of year
5,064,175
4,298,773
------------
------------
Dolphin Solutions (Holdings) Ltd
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Southpoint, Compass Park, Junction Road, Bodiam, East Sussex, TN32 5BS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Going concern
In considering going concern the directors review cash flow and profitability forecasts for a period of 12 months from the date of signing the accounts. The company and the group are funded by shareholder equity and has sufficient financial resources to meet their obligations as they fall due. The business is also under pinned by long-term contracts with a number of customers and suppliers across different geographic areas and industries. As a consequence, the directors believe that the company and the group are well placed to manage their business risk successfully despite the current economic outlook. Accordingly the directors continued to prepare the financial statements on the going concern basis.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Dolphin Solutions (Holdings) Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
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. Significant judgements There have been no critical judgements made by the directors in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the statutory financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Recoverability of debtors The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual groups of customers. (ii) Determining the residual values and useful economic lives of property plant and equipment and intangible assets The company depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmers. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to asses the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. (iii) Impairment of intangible assets Intangible assets are tested for impairment where there is an indication that the asset may be impaired. Existence of impairment indicators is assessed at each reporting date, and the director deemed there to be no indicators at the end of the year .
Revenue recognition
Revenue is recognised to the extent that it is probably that the economic benefits will flow to the company and revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the company has transferred the significant risks and rewards of ownership to the buyer;- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract;- the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
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
-
20% straight line
Intellectual property
-
20% straight line
Domains
-
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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
47 years straight line
Plant and machinery
-
25% reducing balance, 25% straight line on assets purchased 2021 onwards
Fixtures and fittings
-
25% reducing balance, 25% straight line on assets purchased 2021 onwards
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance, 25% straight line on assets purchased 2021 onwards
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
25,293,841
20,711,341
Rendering of services
843,970
714,297
-------------
-------------
26,137,811
21,425,638
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
21,674,990
18,124,921
Overseas
4,462,821
3,300,717
-------------
-------------
26,137,811
21,425,638
-------------
-------------
5. Other operating income
2024
2023
£
£
Other operating income
191,263
138,663
---------
---------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
142,136
141,976
Depreciation of tangible assets
262,326
234,878
Impairment of intangible assets recognised in:
Administrative expenses
11,311
Loss on disposal of tangible assets
330
29,996
Impairment of trade debtors
37,518
90,495
Research and development expenditure written off
233,007
249,415
Foreign exchange differences
( 7,420)
322
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
23,897
27,350
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
48
41
Administrative staff
35
32
----
----
83
73
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
5,098,346
4,022,649
Social security costs
599,803
443,426
Other pension costs
81,265
51,329
------------
------------
5,779,414
4,517,404
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
82,186
95,751
--------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
4
1
----
----
10. Income from other fixed asset investments
2024
2023
£
£
Dividends from other fixed asset investments
102,232
30,520
(Gain)/loss on disposal of other fixed asset investments
195,045
---------
--------
297,277
30,520
---------
--------
11. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
28,475
18,594
Other interest receivable and similar income
19,021
11,931
--------
--------
47,496
30,525
--------
--------
12. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
8,320
Interest payable
94,315
75,788
Other interest payable and similar charges
477
977
--------
--------
94,792
85,085
--------
--------
13. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
1,310,378
1,174,581
Adjustments in respect of prior periods
( 267,313)
( 382,968)
------------
------------
Total current tax
1,043,065
791,613
------------
------------
Deferred tax:
Origination and reversal of timing differences
52,278
60,764
------------
---------
Tax on profit
1,095,343
852,377
------------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 44 %).
2024
2023
£
£
Profit on ordinary activities before taxation
5,529,834
4,874,157
------------
------------
Profit on ordinary activities by rate of tax
1,382,458
1,146,402
Adjustment to tax charge in respect of prior periods
( 267,313)
( 382,968)
Effect of expenses not deductible for tax purposes
19,067
11,942
Effect of capital allowances and depreciation
106,858
77,001
Effect of revenue exempt from tax
( 25,558)
Unused tax losses
1,890
Patent box deductions
( 122,059)
------------
------------
Tax on profit
1,095,343
852,377
------------
------------
14. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,856,641
3,035,406
Dividends proposed after the year end and not recognised as a liability
1,772,806
2,058,900
------------
------------
15. Intangible assets
Group
Goodwill
Intellectual property
Domains
Total
£
£
£
£
Cost
At 1 January 2024
236,500
709,883
946,383
Additions
16,095
16,095
---------
---------
--------
---------
At 31 December 2024
236,500
709,883
16,095
962,478
---------
---------
--------
---------
Amortisation
At 1 January 2024
236,500
331,278
567,778
Charge for the year
141,977
159
142,136
Impairment losses
11,311
11,311
---------
---------
--------
---------
At 31 December 2024
236,500
473,255
11,470
721,225
---------
---------
--------
---------
Carrying amount
At 31 December 2024
236,628
4,625
241,253
---------
---------
--------
---------
At 31 December 2023
378,605
378,605
---------
---------
--------
---------
The company has no intangible assets.
16. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
3,504,955
280,344
973,082
72,174
414,080
5,244,635
Additions
3,486
130,388
73,266
207,140
Disposals
( 3,438)
( 3,438)
Revaluations
195,045
195,045
------------
---------
------------
--------
---------
------------
At 31 Dec 2024
3,700,000
283,830
1,103,470
72,174
483,908
5,643,382
------------
---------
------------
--------
---------
------------
Depreciation
At 1 Jan 2024
336,792
154,265
733,007
36,289
186,935
1,447,288
Charge for the year
56,132
38,990
114,987
12,272
39,945
262,326
Disposals
( 2,710)
( 2,710)
------------
---------
------------
--------
---------
------------
At 31 Dec 2024
392,924
193,255
847,994
48,561
224,170
1,706,904
------------
---------
------------
--------
---------
------------
Carrying amount
At 31 Dec 2024
3,307,076
90,575
255,476
23,613
259,738
3,936,478
------------
---------
------------
--------
---------
------------
At 31 Dec 2023
3,168,163
126,079
240,075
35,885
227,145
3,797,347
------------
---------
------------
--------
---------
------------
The company has no tangible assets.
The investment properties were valued by Dyer & Hobbis on 12 December 24 for company accounting purposes.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
£
At 31 December 2024
----
At 31 December 2023
4,228
-------
17. Investments
Group
Other investments other than loans
£
Cost
At 1 January 2024 and 31 December 2024
117
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 1 January 2024 and 31 December 2024
117
----
At 31 December 2023
117
----
Company
Other investments other than loans
£
Cost
At 1 January 2024 and 31 December 2024
117
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 1 January 2024 and 31 December 2024
117
----
At 31 December 2023
117
----
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Forge Farm Investments Ltd : Southpoint, Compass Park, Bodiam, Robertsbridge, East Sussex, TN32 5BS
Ordinary Shares
100
Dolphin Solutions Ltd : Southpoint, Compass Park, Bodiam, Robertsbridge, East Sussex, TN32 5BS
Ordinary Shares
100
Dolphin Solutions USA Inc : 3905 National Drive, Suite 100, Burtonsville, MD 20866, USA
Ordinary Shares
100
Other significant holdings
Dolphin Solutions (Aus) PTY Ltd - 62 Enterprise Drive, Beresfield, NSW 2322, Australia
Ordinary shares
20
18. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
90,554
102,736
Finished goods and goods for resale
1,869,831
1,870,913
------------
------------
----
----
1,960,385
1,973,649
------------
------------
----
----
19. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
4,635,338
3,446,362
Amounts owed by group undertakings
1,980,000
1,880,000
Prepayments and accrued income
592,733
213,248
Other debtors
2,228,371
1,530,875
------------
------------
------------
------------
7,456,442
5,190,485
1,980,000
1,880,000
------------
------------
------------
------------
20. Investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments in group undertakings
90,439
89,700
----
----
--------
--------
21. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,740,835
1,118,795
Amounts owed to group undertakings
115,525
75,000
Accruals and deferred income
126,008
102,913
6,000
6,000
Social security and other taxes
1,102,925
860,900
Obligations under finance leases and hire purchase contracts
683
Director loan accounts
600,856
470,117
856
117
Other creditors
1,296,093
923,563
------------
------------
---------
--------
4,866,717
3,476,971
122,381
81,117
------------
------------
---------
--------
22. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
683
----
----
----
----
23. Provisions
Group
Warranties
Deferred tax (note 24)
Total
£
£
£
At 1 January 2024
40,000
336,580
376,580
Charge against provision
52,278
52,278
--------
---------
---------
At 31 December 2024
40,000
388,858
428,858
--------
---------
---------
The company does not have any provisions.
24. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 23)
388,858
336,580
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
124,659
122,903
( 336,580)
Fair value adjustment of investment property
264,199
213,677
---------
---------
----
---------
388,858
336,580
(336,580)
---------
---------
----
---------
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 81,265 (2023: £ 51,329 ).
26. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Group
Company
2024
2023
2024
2023
£
£
£
£
Financial assets measured at fair value through profit or loss
5,516,433
3,746,603
89,700
89,700
------------
------------
--------
--------
Financial liabilities measured at fair value through profit or loss
Group
Company
2024
2023
2024
2023
£
£
£
£
Financial liabilities measured at fair value through profit or loss
3,805,903
2,672,595
------------
------------
----
----
27. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.50 each
9,900
4,950
9,900
4,950
Ordinary B shares of £ 0.50 each
29,900
14,950
29,900
14,950
Ordinary C shares of £ 0.50 each
29,900
14,950
29,900
14,950
Ordinary D shares of £ 0.50 each
200
100
200
100
Ordinary E shares of £ 0.50 each
9,900
4,950
9,900
4,950
Ordinary F shares of £0.50 each
9,900
4,950
9,900
4,950
Ordinary H shares of £0.50 each
9,900
4,950
9,900
4,950
Ordinary I shares of £0.50 each
29,900
14,950
29,900
14,950
Ordinary J shares of £0.50 each
29,900
14,950
29,900
14,950
Ordinary K, L, M shares of £0.50 each
20,000
10,000
20,000
10,000
---------
--------
---------
--------
179,400
89,700
179,400
89,700
---------
--------
---------
--------
28. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income . Merger reserve - This is a non-statutory reserve as a result of using the merger accounting method. It is non-distributable . Profit and loss account - This reserve records retained earnings and accumulated losses .
29. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
4,298,773
765,402
5,064,175
Debt due within one year
(470,800)
(130,056)
(600,856)
------------
---------
------------
3,827,973
635,346
4,463,319
------------
---------
------------
30. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
447,210
378,583
Later than 1 year and not later than 5 years
1,777,279
1,293,100
Later than 5 years
1,950,000
2,500,000
------------
------------
----
----
4,174,489
4,171,683
------------
------------
----
----
Dolphin Solutions (Holdings) Ltd
Notes to the Financial Statements (continued)
Year ended 31 December 2024
30. Operating leases (continued)
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
364,800
304,800
Later than 1 year and not later than 5 years
1,440,000
1,200,000
Later than 5 years
2,520,000
2,400,000
------------
------------
----
----
4,324,800
3,904,800
------------
------------
----
----
31. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Beattie
( 58)
( 739)
( 797)
Mr C J Beattie
( 470,059)
( 130,000)
( 600,059)
---------
---------
----
---------
( 470,117)
( 130,739)
( 600,856)
---------
---------
----
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Beattie
( 126,823)
( 58)
126,823
( 58)
Mr C J Beattie
( 215,030)
( 470,059)
215,030
( 470,059)
---------
---------
---------
---------
( 341,853)
( 470,117)
341,853
( 470,117)
---------
---------
---------
---------
Interest is being charged on Directors loans within Forge Farm Investments Ltd of base plus 2%.
32. Related party transactions
Company
The group has common ownership and directors with a wider group of companies that provide sales to other companies within the group. For the year ended 31 December 2024 total services supplied to related parties were £360,000 (2023 - £300,000).
33. Controlling party
At the balance sheet date there was no ultimate controlling party.