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Dams Holdings Limited

Registered number: 10049656
Annual report and
 consolidated financial statements
For the period ended 30 September 2024

 
DAMS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
M Moore 
C Scott 
M Scott 




Company secretary
E Hibbs



Registered number
10049656



Registered office
Dams Furniture Limited
Charleywood Road

Knowsley Industrial Park

Liverpool

L33 7SG




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE









 
DAMS HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 7
Independent Auditor's Report
 
8 - 11
Consolidated Statement of Comprehensive Income
 
12
Consolidated Statement of Financial Position
 
13
Company Statement of Financial Position
 
14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Notes to the Financial Statements
 
19 - 42


 
DAMS HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present the Strategic Report for the period ended 30 September 2024.

Business review
 
The principal activity of the Company is that of a holding company.
The principal activity of the Group is the manufacture and wholesale of office and other furniture.
The Group retains its absolute focus on positioning itself as the default provider of office furniture in the UK and has again made significant progress in this its fifteenth year.
The Group includes ‘customer focus’ amongst its core values, developing and maintaining strong relationships across all business segments (dealers network, national resellers and public sector clients). The Group understands that product, service and marketing support requirements differ for each segment. The product portfolio and service offering are continuously reviewed, refreshed and enhanced to best serve all our customers. 
The Group constantly engages with customers and suppliers to understand market demands, changes and trends, introducing new and improved products and services in response.
Throughout the year, the Group enhanced its management team by recruiting new members or promoting existing employees. The aim being to ensure that skills, systems and processes are effectively managed across all areas and to optimise the use of its infrastructure and talent. Additionally, production, distribution, and operational process are reviewed regularly to maximise efficiencies throughout.

Principal risks and uncertainties
 
The Group is exposed to a financial risk associated with movements in the US Dollar exchange rate and shipping costs, impacting the cost of imported products and materials. Hedging policies and freight contracts are reviewed on a regular basis.
Local and global economies are influenced by the ongoing Russian-Ukrainian war, conflict in the Middle East, high inflation, interest rates, and cost of living pressures. Additionally, changes in governments in the UK and around the world also affect these economies. These external factors impact and shape the office furniture market. Purchase and overhead costs are tightly monitored and controlled.
The Group faces a risk posed by low cost and low quality imported products competing for market share.

Going concern
 
These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Group for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Group to continue as a going concern.
Accordingly the directors have a reasonable expectation that the Group will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.

- 1 -

 
DAMS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Employee, Social and Community Matters
 
DAMS Holdings Limited is an Equal Opportunities Employer and is committed to treating job applicants and employees equally, irrespective of colour, creed, race, nationality, ethnic origin, sex, marital status, disability or age. 
The Group maintains good health and safety standards and during the year successfully retained its certification for ISO45001:2018 (Health & Safety Management System) and achieved Elite membership status for the Contractors Health & Safety Assessment Scheme (CHAS), the company ensures compliance throughout its operation.
Security procedures and controls were further enhanced during the year through the implementation of ISO27001:2017 (Information Management Systems (ISMS)), the accreditation was achieved in July. This certification is in addition to retaining Cyber Essentials Plus which has been successfully awarded for another year.
The Group has successfully retained certification for both ISO9001:2015 (Quality Management System) and ISO14001:2015 (Environmental Management System): International recognised standards that ensure products and services meet the needs of customers through and effective quality management system and protecting the environment.
The Group is committed to high standards of Environmental, Social and Governance (ESG) and was awarded Gold Medal sustainability rating following a detailed Evovadis assessment.
The Group is committed to supporting government Net Zero targets, detailed in its Carbon Reduction Plan. A ‘Green Team’ committee has been established with members from across the business actioned with improvement targets. Whilst maintaining compliance with reporting emissions under Scope 1 and 2, the team made significant progress towards the voluntary reporting for Scope 3 emissions; to increase awareness of energy costs and emissions, with a view to adopting further energy efficiency measures aiming to reduce their impact on climate change. 
The DAMS Charity Committee continues to run activities, projects and fundraising to support the local community through partnerships with two local charities: Clatterbridge Cancer Charity and Knowsley Foodbank.

Business performance

Turnover for the year was £60,821,679 (2023 :£63,365,956).
Material costs and overheads were tightly managed throughout the year. Efficiency gains enjoyed as a result of the ERP system, operational improvements were dampened by increased freight charges as a result of the conflict in the middle east and resultant restrictions on shipping.
Net profit before tax for the year was £4,844,153 (2023: £5,033,752).
Further investments were made into the Group’s infrastructure (people, plant and machinery, IT systems and distribution network) during the year as part of its program of continual investment. During the year the Group further strengthened its senior management team, adding skill, experience and expertise to key areas.
Expansion of the ERP system (launched May 2022) continued throughout the year providing significant service enhancements to our loyal customer base. Additional machinery was purchased for the seating factory further increasing production capacity and enhancing quality. Investment was made into a ‘mobile seating showroom’ during the year, giving the team the ability to showcase Dams products at our customers premises.
 
- 2 -

 
DAMS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Key Performance Indicators

The Group monitors a range of key performance indicators, both financial and non-financial on a regular basis. 
Financial Key Performance Indicators
We believe that the key financial performance indicator that communicates the financial performance and strength of the Group is EBITDA v Gross Sales.
EBITDA v Gross Sales for the year was 12.5% (2023: 12.3%). The directors are pleased with the performance of the Group overall and that the Group continues to be in a strong financial position, in line with expectation. 
Other Key Performance Indicators
The Group continues to monitor and review its stock holding, ensuring the balance across the portfolio of products is ‘right sized’. The management team continually review the stock holding and profile, making necessary adjustments to ensure service levels and lead times are met.
Service and distribution targets are monitored and improvements were made during the year.

Directors' statement of compliance with duty to promote the success of the Group
 
The board of directors of Dams Holdings Limited consider that both individually and together for the period ended 30 September 2024 they have acted in the way they consider, in good faith, would be the most likely to promote the  success of the Group for the benefit of its members as a whole and having regard to the matters set out in below:
•  The likely consequences of any decision in the long term;
• The interests of the Group’s employees;
• The need to foster the Group’s business relationships with suppliers, customers, and others;
• The impact of the Group’s operations on the community and environment;
• The desirability of the Group maintaining a reputation for high standards of business conduct; and
• The need to act fairly between members of the Group.

The directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders.
The likely consequences of any decision in the long term
The directors are mindful that its strategic decisions can have long term implications for the business and its stakeholders and these implications are carefully assessed. As part of the long term business planning process, budgets and capital investment are aligned to the overall business strategy, during this process the directors review the risks and opportunities to make informed decisions in line with our core values.
The interests of the Group’s employees
The Group benefits from having a Board of Directors who are actively involved in the daily running of the business. The Directors use various methods of communication with workforce, including regular business updates and newsletters. Communication routes are clear, employees’ suggestions, views and interests are carefully gathered and considered in decision making.
 
- 3 -

 
DAMS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

The need to foster the Group’s business relationships with suppliers, customers, and others
A positive customer experience is at the forefront of everything we do. We work closely with our loyal customers to best understand their product and service requirements. We carry out our business with similar-minded people and build on this to forge strong and lasting partnerships which is important to our long-term success.
The impact of the Group’s operations on the community and environment
We are proud to be part of the local and wider communities. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it. The DAMS Charity Committee work to pool resources and fundraise for a number of selected charities.
During the year, the Group successfully retained its ISO14001:2015 (Environmental Management System) accreditation. The Directors are committed to minimising the Group’s environmental impact and has a number of initiatives to reduce its carbon footprint over the coming years.
The desirability of the Group maintaining a reputation for high standards of business conduct
All new employees get a ‘new starter pack’ including an Employee Handbook which documents our history, standards, equal opportunities and details what we expect from them as an employee of DAMS, and what they should expect from DAMS as an employer. The Employee Handbook is refreshed and communicated to all employees annually. All employees have access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Group’s high standards of business conduct at all times. Our management team are trained to deal discretely with any issues of non-compliance with any of our policies.
The need to act fairly between members of the Group
The Group aims to act with integrity and courtesy in all of its business relationship and will consider all members and stakeholders when making decisions for the overall good of the Group.


This report was approved by the board on 27 March 2025 and signed on its behalf.



C Scott
Director

- 4 -

 
DAMS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the period ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Results and dividends

The profit for the period, after taxation, amounted to £3,578,601 (2023 - £3,418,110).

Dividends paid during the year totalled £2,191,960 (2023: £1,561,957).

Directors

The directors who served during the period were:

M Moore 
C Scott 
M Scott 

Future developments

The Group continues to enhance and expand its product portfolio and service offer in line with market trends.  The program of continuous review, improvement and enhancement of the Group’s infrastructure continues, with further investments planned for the coming year.

Disabled employees

The Group has a commitment to providing opportunities and the correct working environment for disabled employees.

- 5 -

 
DAMS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (the 2019 Regulations) implement the government’s policy on Streamlined Energy and Carbon Reporting (SECR). The regulation came into effect on 1 April 2019 and the Company is required to report on the emissions and energy consumption for this period to 27 September 2020 to coincide with the financial reporting period.

The figures below cover Dams Holdings Limited and its subsidiary's energy consumption for scope 2 energy and scope 1 natural gas and fuel consumed in relation to the Company’s UK premises. Average emissions per unit produced for the year are shown below, and the company aims to lower this where possible.

Dams Holdings Limited and its subsidiary holds certification to show compliance to ISO standard 50001:2018 and are annually audited by an independent body to verify continued conformity. There are robust Environmental Management Systems in place and are committed to improving environmental performance. This is accomplished by reducing carbon footprint and energy consumption, alongside increasing recycling capacity, and limiting waste going to landfill. The Company’s environmental goals are set and achieved by continuous improvement of manufacturing processes and management of the supply chain.

2024
2023
       No.
       No.
Scope 1 kWh

3,384,188

3,230,375

Scope 2 kWh

3,147,775

3,584,262

Total kWh

6,531,963

6,814,637

kWh per unit produced

10

11

Total CO2e (tonnes)

502

557


Matters covered in the Group Strategic Report

Certain information not shown in the Directors' Report is shown in the Strategic Report on pages 1 & 2 instead in accordance with Section 414C(11) of the Companies Act 2006. This includes a business review, principal risks and uncertainties and engagement with suppliers, customers and other stakeholders. 

Disclosure of information to auditors

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

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

Post balance sheet events

There have been no other significant events affecting the Group since the period end.

- 6 -

 
DAMS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024


Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2025 and signed on its behalf.
 





C Scott
Director

- 7 -

 
DAMS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAMS HOLDINGS LIMITED
 

Opinion

We have audited the financial statements of Dams Holding Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company Statements of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.  
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 Parent Company’s affairs as at 30 September 2024 and of the Group's profit for the period 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 “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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 contained within the annual report.  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.
- 8 -

 
DAMS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAMS HOLDINGS LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 light of the knowledge and understanding of the Group and 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.

- 9 -

 
DAMS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAMS HOLDINGS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 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 intend either to liquidate the Group or 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 the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 
Based on our understanding of the Group and the Parent Company and their industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and the parent company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Group and the parent company which were contrary to applicable laws and regulations, including fraud.  
- 10 -

 
DAMS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAMS HOLDINGS LIMITED
 

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions. 
 
Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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.




Neil Barton (Senior Statutory Auditor)

  
for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

27 March 2025
- 11 -

 
DAMS HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2024
2023
Note
 £
£

  

Turnover
 4 
60,821,679
63,365,956

Cost of sales
  
(45,035,679)
(47,351,498)

Gross profit
  
15,786,000
16,014,458

Distribution costs
  
(3,096,100)
(2,820,447)

Administrative expenses
  
(7,808,720)
(8,042,500)

Operating profit
 5 
4,881,180
5,151,511

Interest receivable and similar income
 9 
120,775
31,088

Interest payable and similar expenses
 10 
(157,802)
(148,847)

Profit before taxation
  
4,844,153
5,033,752

Tax on profit
 11 
(1,265,552)
(1,615,642)

Profit for the financial period
  
3,578,601
3,418,110

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 19 to 42 form part of these financial statements.

- 12 -

 
DAMS HOLDINGS LIMITED
REGISTERED NUMBER: 10049656

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
3,217,214
4,941,368

Tangible assets
 14 
12,972,849
13,674,076

  
16,190,063
18,615,444

Current assets
  

Stocks
 16 
6,817,753
6,900,379

Debtors: amounts falling due within one year
 17 
8,633,754
9,672,328

Cash at bank and in hand
 18 
8,438,882
5,785,617

  
23,890,389
22,358,324

Creditors: amounts falling due within one year
 19 
(9,876,947)
(10,847,528)

Net current assets
  
 
 
14,013,442
 
 
11,510,796

Total assets less current liabilities
  
30,203,505
30,126,240

Creditors: amounts falling due after more than one year
 20 
(1,030,748)
(1,947,483)

Provisions for liabilities
  

Deferred taxation
 24 
(1,840,736)
(2,233,377)

Net assets
  
27,332,021
25,945,380


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Share premium account
 26 
17,057,443
17,057,443

Profit and loss account
 26 
10,273,578
8,886,937

  
27,332,021
25,945,380


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




C Scott
Director

The notes on pages 19 to 42 form part of these financial statements.

- 13 -

 
DAMS HOLDINGS LIMITED
REGISTERED NUMBER: 10049656

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
21,058,444
21,058,444

  
21,058,444
21,058,444

  

Creditors: amounts falling due within one year
 19 
(1)
(1)

Net current liabilities
  
 
 
(1)
 
 
(1)

Total assets less current liabilities
  
21,058,443
21,058,443

  

  

Net assets
  
21,058,443
21,058,443


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Share premium account
 26 
17,057,443
17,057,443

Profit and loss account
 26 
4,000,000
4,000,000

  
21,058,443
21,058,443


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Company for the year was £2,191,960 (2023: £1,561,957).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.


C Scott
Director

The notes on pages 19 to 42 form part of these financial statements.

- 14 -

 
DAMS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
1,000
17,057,443
7,030,784
24,089,227


Comprehensive income for the period

Profit for the period
-
-
3,418,110
3,418,110
Total comprehensive income for the period
-
-
3,418,110
3,418,110


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,561,957)
(1,561,957)


Total transactions with owners
-
-
(1,561,957)
(1,561,957)


At 1 October 2023
1,000
17,057,443
8,886,937
25,945,380


Comprehensive income for the period

Profit for the period
-
-
3,578,601
3,578,601
Total comprehensive income for the period
-
-
3,578,601
3,578,601


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,191,960)
(2,191,960)


Total transactions with owners
-
-
(2,191,960)
(2,191,960)


At 30 September 2024
1,000
17,057,443
10,273,578
27,332,021


The notes on pages 19 to 42 form part of these financial statements.

- 15 -

 
DAMS HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
1,000
17,057,443
4,000,000
21,058,443


Comprehensive income for the period

Profit for the period
-
-
1,561,957
1,561,957
Total comprehensive income for the period
-
-
1,561,957
1,561,957


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,561,957)
(1,561,957)


Total transactions with owners
-
-
(1,561,957)
(1,561,957)


At 1 October 2023
1,000
17,057,443
4,000,000
21,058,443


Comprehensive income for the period

Profit for the period
-
-
2,191,960
2,191,960
Total comprehensive income for the period
-
-
2,191,960
2,191,960


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,191,960)
(2,191,960)


Total transactions with owners
-
-
(2,191,960)
(2,191,960)


At 30 September 2024
1,000
17,057,443
4,000,000
21,058,443


The notes on pages 19 to 42 form part of these financial statements.

- 16 -

 
DAMS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
3,578,601
3,418,110

Adjustments for:

Amortisation of intangible assets
1,831,154
1,786,590

Depreciation of tangible assets
940,004
961,432

(Profit)/loss on disposal of tangible assets
14,139
(20,307)

Interest paid
157,802
148,847

Interest received
(120,775)
(31,088)

Taxation charge
1,265,552
1,615,642

Decrease in stocks
82,626
1,902,094

Decrease in debtors
1,034,835
386,189

(Decrease) in creditors
(697,796)
(3,082,881)

Corporation tax (paid)
(1,490,174)
(778,000)

Fair value movement of derivatives
3,739
2,120

Net cash generated from operating activities

6,599,707
6,308,748


Cash flows from investing activities

Purchase of intangible fixed assets
(107,000)
(456,701)

Sale of intangible assets
-
2,676

Purchase of tangible fixed assets
(287,184)
(825,702)

Sale of tangible fixed assets
34,268
41,039

Interest received
120,775
31,088

HP interest paid
(92,848)
(104,575)

Net cash from investing activities

(331,989)
(1,312,175)
- 17 -

 
DAMS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(637,500)
(650,000)

Repayment of/new finance leases
(720,039)
(507,233)

Dividends paid
(2,191,960)
(1,561,957)

Interest paid
(64,954)
(44,272)

Net cash used in financing activities
(3,614,453)
(2,763,462)

Net increase in cash and cash equivalents
2,653,265
2,233,111

Cash and cash equivalents at beginning of period
5,785,617
3,552,506

Cash and cash equivalents at the end of period
8,438,882
5,785,617


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
8,438,882
5,785,617

8,438,882
5,785,617


- 18 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

1.


General information

Dams Holdings Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom registered in England and Wales with registration number 10049656. The address of its registered office and principal place of business is Charleywood Road, Knowsley Industrial Park, Knowsley, Liverpool, L33 7SG.
The principal activity of the Group is the manufacture and wholesale of office and other furniture.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

The financial reporting standard 102 - reduced disclosure exemptions

The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

- 19 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Group for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Group to continue as a going concern.
Accordingly the directors have a reasonable expectation that the Group will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.

 
2.5

Foreign currency translation

Functional and presentation currency

These financial statements have been presented in pound sterling which is the functional currency of
the Company, and rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

- 20 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

 
2.9

Finance costs

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

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

- 21 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill is considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Intellectual property
-
10
years
Website & computer software
-
5
years
Goodwill
-
10
years
Brand
-
10
years

 
2.14

Tangible fixed assets

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

- 22 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Land & Buildings
-
2%
Plant & machinery
-
10% and 25%
Motor vehicles
-
25%
Fixtures & fittings
-
10%, 25%, 33% and 50%

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

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

Land is held within land and buildings with a value of £200,000 that will not be depreciated.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

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

 
2.17

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

- 23 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
 
 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

- 24 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
 
- 25 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. 

- 26 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Group’s accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgments, estimates and assumptions are based on the most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Critical judgments in applying the accounting policies
The critical judgments that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are discussed below:
(
i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment associated with intangible assets and  property, plant and equipment, the directors have considered both external and internal sources of information such as market values, changes in technological, economic and legal environments and economic performance.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key 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 discussed below:
(i) Determining residual values and useful economic lives of plant and equipment
The Group depreciates tangible 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 programmes.
Judgment is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected.
(ii) Recoverability of receivables
The Group establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of receivables, past experience of recoverability, and the credit profile of individual or groups of customers.
(
iii) Stock provisions
Judgment is also applied when determining an appropriate provision against the value of stock. When considering if a provision should be made against the items of stock the directors consider factors such as the aging of stock, recent stock movements and the likelihood of future demand for that item.

- 27 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the Group's principal activity being the production and sale of  furniture.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
58,412,217
60,653,609

Rest of Europe
2,279,837
2,554,470

Rest of the world
129,625
157,877

60,821,679
63,365,956



5.


Operating profit

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

2024
2023
£
£

Research & development charged as an expense
58,462
52,317

Exchange differences
27,189
36,759

Other operating lease rentals
316,780
316,780

Defined contribution pension cost
234,467
216,113

Depreciation of tangible fixed assets
940,004
961,432

Amortisation of intangible assets, including goodwill
1,831,154
1,786,590

Loss/(profit) on disposal of tangible fixed assets
14,139
(20,307)

- 28 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

6.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditor for the audit of the Group's financial statements

37,500
37,500

Fees payable to the Group's auditor in respect of:

Preparation of financial statements and iXBRL tagging services
7,200
7,200

Taxation compliance services
7,000
7,000


7.


Employees

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


2024
2023
£
£


Wages and salaries
10,624,992
10,143,319

Social security costs
989,457
906,505

Cost of defined contribution scheme
234,467
216,113

11,848,916
11,265,937

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


        2024
        2023
            No.
            No.







Administration
52
56



Distribution
67
73



Management
28
24



Production
160
165



Sales
49
46

356
364

- 29 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
115,846
62,465

Group contributions to defined contribution pension schemes
1,525
1,283

117,371
63,748



9.


Interest receivable

2024
2023
£
£


Other interest receivable
120,775
31,088


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
64,954
44,272

Finance leases and hire purchase contracts
92,848
104,575

157,802
148,847

- 30 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,770,480
1,399,461

Adjustments in respect of previous periods
(112,287)
(24,281)


1,658,193
1,375,180


Total current tax
1,658,193
1,375,180

Deferred tax


Origination and reversal of timing differences
(157,653)
163,102

Adjustments in respect of prior periods
(234,988)
77,360

Total deferred tax
(392,641)
240,462


Taxation on profit on ordinary activities
1,265,552
1,615,642

Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 -22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,844,153
5,033,752


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
1,211,038
1,107,425

Effects of:


Non-tax deductible amortisation of goodwill and impairment
352,964
310,609

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,075
7,700

Fixed asset differences
43,750
116,782

Adjustments to tax charge in respect of prior periods
(112,287)
(24,281)

Remeasurement of deferred tax for changes to tax rates
-
20,047

Adjustment to tax charge in respect of prior periods - deferred tax
(234,988)
77,360

Total tax charge for the period/year
1,265,552
1,615,642

- 31 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Ordinary 'A'
735,509
525,509


Ordinary 'B'
735,509
525,509


Ordinary 'C'
720,942
510,939

2,191,960
1,561,957



- 32 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

13.


Intangible assets

Group





Intellectual property
Website & Computer Software
Brand
Goodwill
Total

£
£
£
£
£



Cost


At 1 October 2023
10,000
2,367,321
6,380,000
7,268,564
16,025,885


Additions
4,218
102,782
-
-
107,000



At 30 September 2024

14,218
2,470,103
6,380,000
7,268,564
16,132,885



Amortisation


At 1 October 2023
5,417
728,941
4,838,167
5,511,992
11,084,517


Charge for the period
1,035
465,263
638,000
726,856
1,831,154



At 30 September 2024

6,452
1,194,204
5,476,167
6,238,848
12,915,671



Net book value



At 30 September 2024
7,766
1,275,899
903,833
1,029,716
3,217,214



At 30 September 2023
4,583
1,638,380
1,541,833
1,756,572
4,941,368



- 33 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets

Group






Land and buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost


At 1 October 2023
9,486,228
5,996,961
34,746
1,778,355
17,296,290


Additions
15,106
56,695
107,305
108,078
287,184


Disposals
-
(23,222)
(32,991)
(9,144)
(65,357)



At 30 September 2024

9,501,334
6,030,434
109,060
1,877,289
17,518,117



Depreciation


At 1 October 2023
543,346
2,106,580
1,448
970,840
3,622,214


Charge for the period
185,700
584,014
14,879
155,411
940,004


Disposals
-
(8,904)
-
(8,046)
(16,950)



At 30 September 2024

729,046
2,681,690
16,327
1,118,205
4,545,268



Net book value



At 30 September 2024
8,772,288
3,348,744
92,733
759,084
12,972,849



At 30 September 2023
8,942,882
3,890,381
33,298
807,515
13,674,076

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
2,351,827
3,001,305

Motor vehicles
24,612
33,298

Fixtures and fittings
-
45,202

Computer software
134,783
186,959

2,511,222
3,266,764

The depreciation charge in the period on assets under hire purchase agreements totalled £447,350 (2023: £497,614).
Land is held within Land and buildings with a value of £200,000 that will not be depreciated.



- 34 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost and net book value


At 1 October 2023
21,058,444



At 30 September 2024
21,058,444






Net book value



At 30 September 2024
21,058,444



At 30 September 2023
21,058,444


Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Dams Furniture Limited
Gores Road, Knowsley, Liverpool, L33 7XS
Ordinary
100%
Rethink Sustainable Solutions Ltd
Gores Road, Knowsley, Liverpool, L33 7XS
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
1,710,484
1,459,251

Work in progress (goods to be sold)
151,174
145,880

Finished goods and goods for resale
4,956,095
5,295,248

6,817,753
6,900,379


- 35 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
8,383,006
9,289,346

Other debtors
-
126

Prepayments and accrued income
250,748
379,117

Financial instruments
-
3,739

8,633,754
9,672,328



18.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
8,438,882
5,785,617


- 36 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
170,424
-
-

Trade creditors
6,047,923
6,135,029
-
-

Amounts owed to group undertakings
-
-
1
1

Corporation tax
870,480
702,461
-
-

Other taxation and social security
1,465,894
1,605,014
-
-

Obligations under finance lease and hire purchase contracts
449,659
720,039
-
-

Other creditors
644,591
680,075
-
-

Accruals and deferred income
398,400
834,486
-
-

9,876,947
10,847,528
1
1


The following liabilities were secured:
The hire purchase creditor is secured over the assets to which it relates.
Bank loans are secured upon the assets to which they relate. The bank loan is also secured by way of fixed charge and negative pledge over the assets of the Company and a first legal charge over the Company's freehold property.
Other creditors included currency revaluation provision, payroll control and goods recieved not invoiced as at the year end. 


20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
-
467,076

Net obligations under finance leases and hire purchase contracts
1,030,748
1,480,407

1,030,748
1,947,483


The following liabilities were secured:
The hire purchase creditor is secured over the assets to which it relates.
Bank loans are secured upon the assets to which they relate. The bank loan is also secured by way of fixed charge and negative pledge over the assets of the Company and a first legal charge over the Company's freehold property.



- 37 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
-
170,424

Amounts falling due 2-5 years

Bank loans
-
467,076

-
637,500



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
449,659
720,039

Between 1-5 years
1,030,748
1,480,407

1,480,407
2,200,446

- 38 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

23.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Cash and cash equivalents
8,438,882
5,785,617

Financial assets that are debt instruments measured at amortised cost
8,383,006
9,289,472

Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio
-
3,739


Financial liabilities

Financial liabilities measured at amortised cost
(8,571,321)
(10,487,536)


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors excluding prepayments.


Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise foreign exchange contracts.


Financial liabilities measured at amortised cost comprise trade and other creditors, obligations under finance leases and hire purchase contracts, bank loans and other loans and accruals, excluding amounts relating to corporation tax and other taxation and social security.

- 39 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

24.


Deferred taxation


Group



2024
2023


£

£






At beginning of period
(2,233,377)
(1,992,915)


Charged to the profit or loss
392,641
(240,462)



At end of period
(1,840,736)
(2,233,377)

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
(1,845,738)
(2,239,292)

Short term timing differences
5,002
5,915

(1,840,736)
(2,233,377)


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



34,000 (2023 - 34,000) Ordinary A shares of £0.01 each
340
340
33,000 (2023 - 33,000) Ordinary B shares of £0.01 each
330
330
33,000 (2023 - 33,000) Ordinary C shares of £0.01 each
330
330

1,000

1,000


All shares rank pari passu. All shares have full rights to voting, dividend and capital distribution (including on winding up) and are not redeemable.
The directors have granted certain employees options over the shares of the Company that vest in the event of an exit.

- 40 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

26.


Reserves

Share premium account

The share premium account has arisen through premium on share issues, less applicable expenses.

Profit & loss account

This reserve represents cumulative profits and losses less dividends paid.

27.


Analysis of net debt





At 30 September 2023
Cash flows
Other non-cash changes
At 30 September 2024
£

£

£

£

Cash at bank and in hand

5,785,617

2,653,265

-

8,438,882

Debt due after 1 year

(467,076)

467,076

-

-

Debt due within 1 year

(170,424)

170,424

-

-

Finance leases

(2,200,446)

720,039

-

(1,480,407)

Financial Instruments

3,739

-

(3,739)

-


2,951,410
4,010,804
(3,739)
6,958,475


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £234,467 (2023: £216,113). Contributions totalling £8,435 (2023: £7,308) were payable to the fund at the balance sheet date.

- 41 -

 
DAMS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

29.


Commitments under operating leases

At 30 September 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
461,192
316,780

Later than 1 year and not later than 5 years
1,142,820
566,197

Later than 5 years
22,023
88,074

1,626,035
971,051

The Company had no commitments under the non-cancellable operating leases as at the balance sheet date.


30.


Related party transactions

The Group has taken the exemption permitted by Section 33 Related Party Disclosures, not to disclose transactions made with other wholly owned group companies of Dams Holdings Limited Group.
Dividends totalling £2,191,960 were paid to the shareholders in the year (2023: £1,561,957).


31.


Post balance sheet events

There have been no other significant events affecting the Group since the period end.


32.


Controlling party

There is no single ultimate controlling party, the Group is under the control of its directors.

 
- 42 -