IRIS Accounts Production v25.1.3.33 05087285 Board of Directors 1.10.23 30.9.24 30.9.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh050872852023-09-30050872852024-09-30050872852023-10-012024-09-30050872852022-09-30050872852022-10-012023-09-30050872852023-09-3005087285ns15:EnglandWales2023-10-012024-09-3005087285ns14:PoundSterling2023-10-012024-09-3005087285ns10:Director12023-10-012024-09-3005087285ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3005087285ns10:MediumEntities2023-10-012024-09-3005087285ns10:Audited2023-10-012024-09-3005087285ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3005087285ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3005087285ns10:FullAccounts2023-10-012024-09-3005087285ns10:OrdinaryShareClass12023-10-012024-09-3005087285ns10:Director22023-10-012024-09-3005087285ns10:RegisteredOffice2023-10-012024-09-3005087285ns5:CurrentFinancialInstruments2024-09-3005087285ns5:CurrentFinancialInstruments2023-09-3005087285ns5:Non-currentFinancialInstruments2024-09-3005087285ns5:Non-currentFinancialInstruments2023-09-3005087285ns5:ShareCapital2024-09-3005087285ns5:ShareCapital2023-09-3005087285ns5:RetainedEarningsAccumulatedLosses2024-09-3005087285ns5:RetainedEarningsAccumulatedLosses2023-09-3005087285ns5:ShareCapital2022-09-3005087285ns5:RetainedEarningsAccumulatedLosses2022-09-3005087285ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3005087285ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3005087285ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-10-012024-09-3005087285ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-10-012023-09-3005087285ns5:OwnedAssets2023-10-012024-09-3005087285ns5:OwnedAssets2022-10-012023-09-300508728512023-10-012024-09-300508728512022-10-012023-09-3005087285ns5:HirePurchaseContracts2023-10-012024-09-3005087285ns5:HirePurchaseContracts2022-10-012023-09-3005087285ns10:OrdinaryShareClass12022-10-012023-09-3005087285ns5:LongLeaseholdAssetsns5:LandBuildings2023-09-3005087285ns5:PlantMachinery2023-09-3005087285ns5:FurnitureFittings2023-09-3005087285ns5:MotorVehicles2023-09-3005087285ns5:LongLeaseholdAssetsns5:LandBuildings2023-10-012024-09-3005087285ns5:PlantMachinery2023-10-012024-09-3005087285ns5:FurnitureFittings2023-10-012024-09-3005087285ns5:MotorVehicles2023-10-012024-09-3005087285ns5:LongLeaseholdAssetsns5:LandBuildings2024-09-3005087285ns5:PlantMachinery2024-09-3005087285ns5:FurnitureFittings2024-09-3005087285ns5:MotorVehicles2024-09-3005087285ns5:LongLeaseholdAssetsns5:LandBuildings2023-09-3005087285ns5:PlantMachinery2023-09-3005087285ns5:FurnitureFittings2023-09-3005087285ns5:MotorVehicles2023-09-3005087285ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3005087285ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3005087285ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-09-3005087285ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-09-3005087285ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-3005087285ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-3005087285ns5:Secured2024-09-3005087285ns5:Secured2023-09-3005087285ns5:DeferredTaxation2023-09-3005087285ns5:DeferredTaxation2023-10-012024-09-3005087285ns5:DeferredTaxation2024-09-3005087285ns10:OrdinaryShareClass12024-09-3005087285ns5:RetainedEarningsAccumulatedLosses2023-09-30
REGISTERED NUMBER: 05087285 (England and Wales)











DPS DISTRIBUTION LIMITED

Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 30 September 2024






DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


DPS DISTRIBUTION LIMITED

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr D P Smith
Mrs R Smith





REGISTERED OFFICE: Octagon House Phoenix Business Park
John Nike Way
Bracknell
Berkshire
RG12 8TN





REGISTERED NUMBER: 05087285 (England and Wales)





AUDITORS: JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Strategic Report
for the Year Ended 30 September 2024

BUSINESS OVERVIEW

DPS Distribution Limited (the 'Company') is engaged in the online retail of furnishings and homeware. The Company is limited by shares, incorporated and domiciled in the United Kingdom, and was incorporated on 29th March 2004. The address of its registered office is Octagon House, Phoenix Business Park, John Nike Way, Bracknell, Berkshire, RG12 8TN.

The Company trades as Danetti, with a mission to inspire with stylish, modern and contemporary furniture and homeware. The brand represents design and function but also experiences, memories, families, comfort, the everyday and the unusual.

The Company sells its furniture and homeware products in the United Kingdom through its e-commerce platform and its showroom in Bracknell, Berkshire. The Company aims to create an easy, engaging and inspiring shopping experience for its customers.

The Group has continued to expand its product range to broaden its relationship with existing customers, and to provide appeal to attract new visitors to the brand.

The Company's business model is based on a flexible supply chain, high quality, responsibly made and sensibly priced products. The business model is capital light, through strong relationships with manufacturers, global shipping companies, warehousing and customer delivery providers. The Company is committed to continually improving the sustainability of its customer proposition.


PERFORMANCE HIGHLIGHTS

Weaker consumer demand continued during the year. This was partly due to interest rates falling at a slower pace than generally expected, with economic uncertainty, the pressure on customers' disposable incomes and subdued level of housing transactions, prolonging the challenging trading environment. The company also faced challenges with maintaining good availability of its product lines during the period.

In the context of this difficult economic landscape, the Company has continued to invest in the brand to strengthen its position in the market. There has been a significant increase in investment in new product ranges in the year which is contributing to an increase in current trading.

Enhancing the relationship with customers continues to be a priority, through the breadth of product offering and the quality of customer experience.


Key performance highlights are detailed below:

Unit 30 September 2024 30 September 2023

Turnover £ 10,714,320 16,017,484
(Loss) before tax £ (777,847) (251,831)
Equity shareholder's funds £ 132,706 883,101
Current assets as % of
current liabilities

%

102%

124%


STRATEGIC OUTLOOK

The Company has invested in software to enable it to use customer and operational data more effectively to improve business performance. Investment is being made in inventory demand and ordering software to facilitate more efficient and accurate stock ordering and to be able to react quickly to changes in individual product sales. Investment in newness will ensure that the Company maintains and enhances its competitive position.

The Company has continued to take steps to manage its overhead levels lower and at the same time improve the customer experience.


DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Strategic Report
for the Year Ended 30 September 2024

The Company has experienced strong levels of year-on-year growth subsequent to the reported year. The Company considers that, through its continued focus on its product range and customer experience and with investment in improving stock ordering and general operational efficiency, it is well placed for this growth to continue as demand recovers.


DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Strategic Report
for the Year Ended 30 September 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Brand risk

Awareness of, and engagement with, the danetti.com brand is an essential element of the Company's ability to attract new customers and retain existing ones.

The value of the danetti.com brand is impacted by the ability of the Company to provide the customer with attractive products and an excellent customer experience.

Any failure to continue to evolve the product range, to continually provide attractive offerings at the right price, ensure high levels of quality and low levels of faults and meet or exceed customers' expectations when we deliver products or have any other contact with them, could damage the brand value and impact on sales.

The Company continues to invest in evolving its product range and increasing its breadth to inspire new and existing customers. Metrics involving customer touch points are monitored to ensure continual improvement, including customer feedback indicators.

Cyber and data security risks

The Company constantly monitors how it captures, holds and uses customer data to ensure that it is protected to the highest standards.

The Company has implemented security policies to manage data security risk, including disaster recovery planning and implemented various security policies throughout the organisation such as password security, firewalls, scheduled back-ups, and antivirus protection.

The Company is clear on how it uses customer data in its published privacy policy and has implemented internal policies to ensure data is used appropriately and any breaches are addressed in a thorough and timely manner.



Supplier risk

The Company has several key suppliers, many of which are based overseas.

There is a risk that the performance of suppliers does not meet the expectations of the Company and that the consequent switching of suppliers may result in costs and disruption.

The Company addresses this risk by maintaining a range of suppliers and developing close relationships with them and, where appropriate, with a local presence in the overseas territory. It ensures there is cross operability between suppliers to provide agility and resilience in the supply chain. Supplier contractual and operational policies are maintained and updated regularly which detail the required standards relating to supplier performance.

The Company relies on a small number of suppliers for warehousing and delivery of its products to customers. There is a risk that one of more of these suppliers may not meet the expected levels of service and this could damage the Company's brand.

The Company mitigates this risk by carefully selecting its logistics partners and continually monitoring their performance and providing feedback. It encourages a process of continual improvement with these suppliers to ensure they meet the required standard of service to customers.


Macroeconomic risk

The Company is affected by the level and pattern of consumer spending in the United Kingdom. This is in turn impacted by the general macro-economic environment including interest rates, inflation, the levels of disposable income, consumer confidence, housing transactions and working behaviors.

With the relative level of interest rates remaining high, the furniture sector may be impacted.

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Strategic Report
for the Year Ended 30 September 2024


The Company maintains cost agility, enabling rapid adjustment in the advent of macroeconomic challenges.
Additionally, the Company produces regular cash flow and trading scenario planning to ensure resilience in its financial position. The Company is investing in sophisticated stock demand and ordering software to ensure that it is responsive to changing demand patterns.


Currency risk

The Company is exposed to currency risk through its relationship with international suppliers.

The company manages this risk by utilising forward foreign exchange contracts to provide hedging for future currency exposure.


Liquidity risk

Liquidity risk for the Company arises from the management of working capital commitments and meeting its financial obligations as they fall due. The Company's policy is to review cash flow forecasts and projections regularly as well as information regarding cash balances to ensure that it has sufficient cash to allow it to meet its liabilities as they become due.

The Company reviews its long-term funding requirements in parallel with its long-term strategy, with the objective of aligning both in a timely manner. Natural mitigation to liquidity risk exposure are provided by the terms in place with suppliers.

ON BEHALF OF THE BOARD:





Mr D P Smith - Director


26 June 2025

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Report of the Directors
for the Year Ended 30 September 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of online retail of furnishings and homeware.

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

DIRECTORS
Mr D P Smith has held office during the whole of the period from 1 October 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mrs R Smith - appointed 28 August 2024

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen to set out in the Strategic Report information relating to financial instruments and future developments.

DIRECTORS' RESPONSIBILITIES STATEMENT
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial period. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the director is 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 director is 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. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr D P Smith - Director


26 June 2025

Report of the Independent Auditors to the Members of
DPS Distribution Limited

Opinion
We have audited the financial statements of DPS Distribution Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
DPS Distribution Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

. the financial statements are not in agreement with the accounting records and returns; or

. certain disclosures of director's remuneration specified by law are not made; or

. we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
DPS Distribution Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud;
- And considering the measures in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions
- Assessed whether judgements and assumptions made in determining the accounting estimates that were
indicative of potential bias.
- Performed substantive testing on management expenses and transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims
- And reviewing available correspondence with HMRC and the company's legal advisors.

Report of the Independent Auditors to the Members of
DPS Distribution Limited


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jeffrey Ian Lermer, FCA (Senior Statutory Auditor)
for and on behalf of JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

26 June 2025

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 10,714,320 16,017,484

Cost of sales 9,789,586 14,425,515
GROSS PROFIT 924,734 1,591,969

Administrative expenses 1,646,690 1,696,425
OPERATING LOSS 5 (721,956 ) (104,456 )

Interest receivable and similar income 149,049 154,698
(572,907 ) 50,242

Interest payable and similar expenses 6 204,940 302,073
LOSS BEFORE TAXATION (777,847 ) (251,831 )

Tax on loss 7 (27,452 ) 88,405
LOSS FOR THE FINANCIAL YEAR (750,395 ) (340,236 )

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Other Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

LOSS FOR THE YEAR (750,395 ) (340,236 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(750,395

)

(340,236

)

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 402,639 526,754

CURRENT ASSETS
Stocks 10 2,005,971 2,538,054
Debtors 11 2,898,274 3,471,904
Cash at bank and in hand 164,718 478,700
5,068,963 6,488,658
CREDITORS
Amounts falling due within one year 12 4,951,622 5,218,972
NET CURRENT ASSETS 117,341 1,269,686
TOTAL ASSETS LESS CURRENT
LIABILITIES

519,980

1,796,440

CREDITORS
Amounts falling due after more than one year 13 (312,551 ) (811,164 )

PROVISIONS FOR LIABILITIES 17 (74,723 ) (102,175 )
NET ASSETS 132,706 883,101

CAPITAL AND RESERVES
Called up share capital 18 1 1
Retained earnings 19 132,705 883,100
SHAREHOLDERS' FUNDS 132,706 883,101

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





Mr D P Smith - Director


DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 1 1,305,336 1,305,337

Changes in equity
Dividends - (82,000 ) (82,000 )
Total comprehensive income - (340,236 ) (340,236 )
Balance at 30 September 2023 1 883,100 883,101

Changes in equity
Total comprehensive income - (750,395 ) (750,395 )
Balance at 30 September 2024 1 132,705 132,706

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 13,599 2,275,054
Interest paid (204,253 ) (298,060 )
Interest element of hire purchase payments
paid

(687

)

(4,013

)
Net cash from operating activities (191,341 ) 1,972,981

Cash flows from investing activities
Sale of tangible fixed assets 22,954 -
Interest received 149,049 154,698
Net cash from investing activities 172,003 154,698

Cash flows from financing activities
Loan repayments in year (149,411 ) (1,890,475 )
Capital repayments in year (36,101 ) (26,285 )
Equity dividends paid - (82,000 )
Net cash from financing activities (185,512 ) (1,998,760 )

(Decrease)/increase in cash and cash equivalents (204,850 ) 128,919
Cash and cash equivalents at beginning
of year

2

369,568

240,649

Cash and cash equivalents at end of year 2 164,718 369,568

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF OPERATING LOSS TO CASH GENERATED FROM OPERATIONS

30.9.24 30.9.23
£    £   
Operating loss (721,956 ) (104,456 )
Depreciation charges 105,124 109,520
Profit on disposal of fixed assets (3,963 ) -
(620,795 ) 5,064
Decrease in stocks 532,083 2,995,820
Decrease in trade and other debtors 573,630 9,376
Decrease in trade and other creditors (471,319 ) (735,206 )
Cash generated from operations 13,599 2,275,054

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 164,718 478,700
Bank overdrafts - (109,132 )
164,718 369,568
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 478,700 240,649
Bank overdrafts (109,132 ) -
369,568 240,649


DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 478,700 (313,982 ) 164,718
Bank overdrafts (109,132 ) 109,132 -
369,568 (204,850 ) 164,718
Debt
Finance leases (36,101 ) 36,101 -
Debts falling due within 1 year (1,998,328 ) (349,202 ) (2,347,530 )
Debts falling due after 1 year (811,164 ) 498,613 (312,551 )
(2,845,593 ) 185,512 (2,660,081 )
Total (2,476,025 ) (19,338 ) (2,495,363 )

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

DPS Distribution Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is Pound Sterling (£).

The financial statements are prepared to the nearest £ pound.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.

Tangible fixed 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.

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:

Leasehold Improvements - 10% straight line
Plant & Machinery - 10% straight line
Fixtures & Fittings - 20% straight line
Equipment - 25% straight line
Motor Vehicle - 20% straight line

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.

Financial instruments
A financial asset or 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.


DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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 indirect costs of the lease are added to the amount recognised as an asset.

Finance leases
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.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis. The aggregate benefit of the lease incentives is recognised as a reduction to expense over the term of the lease on a straight line basis.

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 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 the profit or loss in the period in which it arises.

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

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 the 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 the 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.

4. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 1,752,871 2,180,185
Social security costs 168,703 217,653
Other pension costs 33,150 45,072
1,954,724 2,442,910

The average number of employees during the year was as follows:
30.9.24 30.9.23

Employees 44 61

30.9.24 30.9.23
£    £   
Directors' remuneration 7,500 7,500

5. OPERATING LOSS

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

30.9.24 30.9.23
£    £   
Hire of plant and machinery 631 679
Depreciation - owned assets 105,124 109,520
Profit on disposal of fixed assets (3,963 ) -
Auditors' remuneration 25,400 30,000
Foreign exchange differences (101,746 ) (282,704 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank loan interest 201,752 291,901
Bank interest 2,501 6,159
Hire purchase 687 4,013
204,940 302,073

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
30.9.24 30.9.23
£    £   
Deferred tax (27,452 ) 88,405
Tax on loss (27,452 ) 88,405

8. DIVIDENDS
30.9.24 30.9.23
£    £   
Interim - 82,000

9. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 143,096 340,352 154,628 152,012 790,088
Disposals - - (8,902 ) (49,990 ) (58,892 )
At 30 September 2024 143,096 340,352 145,726 102,022 731,196
DEPRECIATION
At 1 October 2023 25,041 69,368 81,869 87,056 263,334
Charge for year 14,310 34,035 28,877 27,902 105,124
Eliminated on disposal - - (8,241 ) (31,660 ) (39,901 )
At 30 September 2024 39,351 103,403 102,505 83,298 328,557
NET BOOK VALUE
At 30 September 2024 103,745 236,949 43,221 18,724 402,639
At 30 September 2023 118,055 270,984 72,759 64,956 526,754

10. STOCKS
30.9.24 30.9.23
£    £   
Stocks 2,005,971 2,538,054

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 12,274 1,618
Other debtors 2,520,532 3,150,292
VAT 31,345 -
Prepayments and accrued income 334,123 319,994
2,898,274 3,471,904

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts (see note 14) 2,347,530 2,107,460
Hire purchase contracts (see note 15) - 36,101
Trade creditors 921,428 794,747
Social security and other taxes 27,942 48,444
VAT - 704,829
Other creditors 27,125 26,847
Accruals and deferred income 1,627,597 1,500,544
4,951,622 5,218,972

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans (see note 14) 312,551 811,164

14. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 109,132
Bank loans 2,347,530 1,998,328
2,347,530 2,107,460

Amounts falling due between one and two years:
Bank loans - 1-2 years 312,551 811,164

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year - 36,101

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank overdraft - 109,132
Bank loans 2,660,081 2,809,492
2,660,081 2,918,624

Bank lending is secured by a debenture over the whole of the assets of the company.

17. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 74,723 102,175

Deferred
tax
£   
Balance at 1 October 2023 102,175
Credit to Income Statement during year (27,452 )
Balance at 30 September 2024 74,723

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1 Ordinary £1 1 1

19. RESERVES
Retained
earnings
£   

At 1 October 2023 883,100
Deficit for the year (750,395 )
At 30 September 2024 132,705

20. RELATED PARTY DISCLOSURES

At the reporting date, the company has a balance due from Admire View Limited, a company in which the director has significant influence, of £2,222,817 (2023: £2,651,830). This represents a lease deposit and loan.

At the reporting date, the company has a balance due from Smith Slade Taylor Limited, a company in which the director has significant influence, of £33,000 (2023: £33,000). This represents a loan.

Interest is charged per the market rate on a monthly basis. There is no fixed repayment date.

DPS DISTRIBUTION LIMITED (REGISTERED NUMBER: 05087285)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

21. AUDITOR LIABILITY LIMITATION AGREEMENT

The directors have agreed to a limited liability arrangement with the auditors, the principle terms being that the liability is restricted to five times the annual audit fee.

22. ULTIMATE CONTROLLING PARTY

The controlling party is Mr D P Smith.