Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3119857false122false1312024-01-01falseNo description of principal activityfalse 02465079 2024-01-01 2024-12-31 02465079 2023-01-01 2023-12-31 02465079 2024-12-31 02465079 2023-12-31 02465079 2023-01-01 02465079 1 2024-01-01 2024-12-31 02465079 1 2023-01-01 2023-12-31 02465079 1 2024-01-01 2024-12-31 02465079 d:Exceptional 2024-01-01 2024-12-31 02465079 d:Exceptional 2023-01-01 2023-12-31 02465079 e:Director2 2024-01-01 2024-12-31 02465079 e:Director3 2024-01-01 2024-12-31 02465079 e:Director3 2024-12-31 02465079 e:Director4 2024-01-01 2024-12-31 02465079 e:Director4 2024-12-31 02465079 e:Director5 2024-01-01 2024-12-31 02465079 e:Director6 2024-01-01 2024-12-31 02465079 e:Director7 2024-01-01 2024-12-31 02465079 e:Director7 2024-12-31 02465079 e:Director8 2024-01-01 2024-12-31 02465079 e:Director8 2024-12-31 02465079 e:RegisteredOffice 2024-01-01 2024-12-31 02465079 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 02465079 d:Buildings d:LongLeaseholdAssets 2024-12-31 02465079 d:Buildings d:LongLeaseholdAssets 2023-12-31 02465079 d:MotorVehicles 2024-01-01 2024-12-31 02465079 d:MotorVehicles 2024-12-31 02465079 d:MotorVehicles 2023-12-31 02465079 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02465079 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02465079 d:FurnitureFittings 2024-01-01 2024-12-31 02465079 d:FurnitureFittings 2024-12-31 02465079 d:FurnitureFittings 2023-12-31 02465079 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02465079 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02465079 d:ComputerEquipment 2024-01-01 2024-12-31 02465079 d:ComputerEquipment 2024-12-31 02465079 d:ComputerEquipment 2023-12-31 02465079 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02465079 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02465079 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02465079 d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02465079 d:ComputerSoftware 2024-01-01 2024-12-31 02465079 d:ComputerSoftware 2024-12-31 02465079 d:ComputerSoftware 2023-12-31 02465079 d:CurrentFinancialInstruments 2024-12-31 02465079 d:CurrentFinancialInstruments 2023-12-31 02465079 d:Non-currentFinancialInstruments 2024-12-31 02465079 d:Non-currentFinancialInstruments 2023-12-31 02465079 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02465079 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02465079 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 02465079 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02465079 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 02465079 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02465079 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 02465079 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 02465079 d:UKTax 2024-01-01 2024-12-31 02465079 d:UKTax 2023-01-01 2023-12-31 02465079 d:ShareCapital 2024-01-01 2024-12-31 02465079 d:ShareCapital 2024-12-31 02465079 d:ShareCapital 2023-01-01 2023-12-31 02465079 d:ShareCapital 2023-12-31 02465079 d:ShareCapital 2023-01-01 02465079 d:CapitalRedemptionReserve 2024-01-01 2024-12-31 02465079 d:CapitalRedemptionReserve 2024-12-31 02465079 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 02465079 d:CapitalRedemptionReserve 2023-12-31 02465079 d:CapitalRedemptionReserve 2023-01-01 02465079 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02465079 d:RetainedEarningsAccumulatedLosses 2024-12-31 02465079 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02465079 d:RetainedEarningsAccumulatedLosses 2023-12-31 02465079 d:RetainedEarningsAccumulatedLosses 2023-01-01 02465079 e:OrdinaryShareClass1 2024-01-01 2024-12-31 02465079 e:OrdinaryShareClass1 2024-12-31 02465079 e:OrdinaryShareClass1 2023-12-31 02465079 e:FRS102 2024-01-01 2024-12-31 02465079 e:Audited 2024-01-01 2024-12-31 02465079 e:FullAccounts 2024-01-01 2024-12-31 02465079 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02465079 d:WithinOneYear 2024-12-31 02465079 d:WithinOneYear 2023-12-31 02465079 d:BetweenOneFiveYears 2024-12-31 02465079 d:BetweenOneFiveYears 2023-12-31 02465079 d:MoreThanFiveYears 2024-12-31 02465079 d:MoreThanFiveYears 2023-12-31 02465079 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 02465079 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 02465079 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 02465079 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 02465079 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 02465079 4 2024-01-01 2024-12-31 02465079 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02465079 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02465079 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 02465079 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02465079 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-12-31 02465079 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 02465079 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 02465079 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02465079









DBD DISTRIBUTION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
DBD DISTRIBUTION LIMITED
 
 
COMPANY INFORMATION


Directors
S D Firth Bernard 
C S Crouch 
A A Firth-Bernard 
J L Charles (appointed 28 March 2025)




Registered number
02465079



Registered office
DBD Building
Unit B

Hemel Gateway

Hemel Hempstead

Hertfordshire

HP2 7GY




Independent auditors
Moore Kingston Smith LLP
Chartered Accountants and Statutory Auditors

4 Victoria Square

St Albans

Hertfordshire

AL1 3TF





 
DBD DISTRIBUTION LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 31


 
DBD DISTRIBUTION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their strategic report and financial statements for the year ended 31 December 2024.

Review of the business
 
The Company’s principal activity continues to be the distribution of kitchen products to the UK housing market with particular focus on providing a supply and installation service of kitchen appliances from recognized industry leading manufacturers to housebuilders.
 
The UK economy and housebuilding sector saw growth in the year, with the NHBC reporting a 11% increase in private sector new home registrations.  Although a 7% reduction in new home completions in the same period, which directly influenced the Company’s sales; as a provider of finishing services to the housebuilder.  However, we are pleased to note that the Company continued to secure increased market share, only reporting a small reduction in turnover of 4% in the year; with the increases in registrations now positively influencing 2025 performance.
 
During the year the business focussed on cost control and efficiencies, further developing its reporting and budget management capabilities, to facilitate agile decision making and improve margins, which is reflected within our 2024 results.  The Company also continues to be people focussed, recognising excellence, while promoting diversity and inclusion.  We therefore continued to invest in development, wellbeing and engagement initiatives, ensuring a highly effective and motivated workforce.
 
The Board of Directors are therefore pleased to report that the Company remains a financially stable reliable business partner, who provides a quality service and builds long term relationships with our customers, suppliers and employees.  Our focus remains on continuous improvement through innovation and system development, to deliver efficiencies, decrease costs and remain a flexible business to respond to market demand.
Market review
We have reviewed the market conditions to identify opportunities and threats, in line with our operational model and proposition.  In summary:

1.The NHBC reported an increase in private sector new home registrations of 11% in 2024, compared to the 2023 statistics.  With increases of 25% being reported for the quarter ending March 2025, compared to the quarter ending December 2024, demonstrating continued signs of growth.
2.The new-build housing market remains a cornerstone of the UK economy, reinforced by the  government’s target of 1.5m new homes by 2029, supported by planning reforms.
3.Market fundamentals remained conducive to long-term growth due to a shortage of housing, continued mortgage availability and greater affordability due to interest rate reductions, plus shared ownership schemes.
4.Our flexibility of service and extensive product range allows the opportunity to continue to secure projects, aligning to changing customer specifications while maintaining margin.
5.Our performance reinforces our strong position in the industry, leaving us well placed to capitalise on opportunities.

Page 1

 
DBD DISTRIBUTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The process of risk management more generally is addressed through a framework of policies, procedures and internal controls. The policies are subject to Board approval, and compliance with regulatory, legal, ethical and moral standards is a high priority for the Company.
 
Liquidity risk:
The Company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring the Company has sufficient liquid resources to meet the operating needs of the business.  Our advanced stock management systems ensure we optimize our stock turn, while automated debt collection notifications escalate overdue balances for earlier resolution.
 
Interest rate risk:
The Company is exposed to normal interest rate risks on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and loan.  While the Company notes that the Bank of England base rates have reduced in the year, the Company reduces its exposure further by effectively managing the working capital cycle and where appropriate applying contractual interest to late payments.
 
Credit risk:
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.  All customers who wish to trade on credit terms are subject to credit verification procedures.  Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.  Additionally, the Company insures the majority of its customers against defaulting on debts.
 
Economic risk:
While consumer confidence has an impact on the new housing market conditions, the new build market continues to remain a stable engine to the UK economy, with significant over-demand.  The Board are however mindful of the uncertainty around (i). Inflation, (ii) geopolitical instability and conflicts, resulting in shortages of raw materials and (iii) supply chain disruptions. The Company has taken steps to protect itself from the possible effects of (i) above inflationary price increases and (ii) product availability.
 
Security and disaster recovery:
The Company has excellent disaster recovery plans, and these have been successfully tested.  The Company continues to invest in its systems and software to minimise technology debt and maintain high levels of system, network and data security.

Financial key performance indicators
 
The Board monitors the performance of the Company by reference to a range of KPIs including the following:
                                           
2024             2023
Turnover by Employee    £255,894       £247,641
Gross Profit %                  24.1%           23.6%
EBITDA                          £894,058        £274,304
Operating Profit              £596,732       £(107,665)


Page 2

 
DBD DISTRIBUTION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future prospects and plans
 
In March 2025, following extensive succession planning, the Group Shareholders sold a majority shareholding to an Employee Ownership Trust, which has been set up for the purpose of ensuring that the DBD Group is run for the long-term benefit of its employees.
The Board of Directors continue to run the Company, in line with existing strategy and values.  All trading arrangements have continued as before, with the Company retaining the support and commitment of all stakeholders, as we move into the next exciting chapter of our Company’s history.
Our mission remains simple and consistent to be “the most trusted supplier in housebuilding”, working ethically, providing innovative solutions and adopting a helpful can-do approach.
This report was approved by the Board and signed on its behalf.





C Crouch
Director

Date: 15 July 2025

Page 3

 
DBD DISTRIBUTION LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £275,495 (2023 - loss £195,810).

An Ordinary dividend of £303,066 (2023: £233,886) was paid in the year. The Directors do not recommend payment of a final dividend.

Directors

The Directors who served during the year were:

S D Firth Bernard 
N Harvey (resigned 28 March 2025)
J M Appleyard (resigned 17 July 2024)
C S Crouch 
A A Firth-Bernard 
M W Power (resigned 4 July 2024)

Future developments

The Directors intend to continue with their present management policies for the foreseeable future which is expected to deliver improved profitability, cash retention and balance sheet strength.

Page 4

 
DBD DISTRIBUTION LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Qualifying third party indemnity provisions

There is a direct provision for indemnity for the Directors of the Company.

Matters covered in the Strategic report

The financial risk management objectives and policies of the Company and the exposure of the Company to price risk, credit risk, liquidity risk and cash flow risk are addressed in the Strategic Report.

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'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's auditors are aware of that information.

Auditors

The auditorsMoore Kingston Smith LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





C S Crouch
Director

Date: 15 July 2025

Page 5

 
DBD DISTRIBUTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD DISTRIBUTION LIMITED
 

Opinion


We have audited the financial statements of DBD Distribution Limited (the ‘company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and related notes to the financial statements, including 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 Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the 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.


Page 6

 
DBD DISTRIBUTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD DISTRIBUTION LIMITED (CONTINUED)


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. 
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 there is 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 where 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 directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
DBD DISTRIBUTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD DISTRIBUTION LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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. 


Page 8

 
DBD DISTRIBUTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD DISTRIBUTION LIMITED (CONTINUED)


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 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 


Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to
Page 9

 
DBD DISTRIBUTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD DISTRIBUTION LIMITED (CONTINUED)


those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, Company law, Tax and Pensions legislation, and distributable profits legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.


There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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 for no purpose other than to draw to the attention of the company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company’s members as a body, for our work, for this report, or for the opinions we have formed.


Page 10

 
DBD DISTRIBUTION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD DISTRIBUTION LIMITED (CONTINUED)





Elizabeth Wicks (Senior Statutory Auditor)
  
for and on behalf of
Moore Kingston Smith LLP
 
Chartered Accountants and Statutory Auditors
  
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF

24 July 2025
Page 11

 
DBD DISTRIBUTION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
31,219,056
32,440,999

Cost of sales
  
(23,696,759)
(24,781,631)

Gross profit
  
7,522,297
7,659,368

Administrative expenses
  
(6,935,041)
(7,705,401)

Exceptional administrative expenses
  
9,476
(150,000)

Other operating income
 5 
-
88,368

Operating profit/(loss)
 6 
596,732
(107,665)

Interest payable and similar expenses
 10 
(188,003)
(113,418)

Profit/(loss) before tax
  
408,729
(221,083)

Tax on profit/(loss)
 11 
(133,234)
25,273

Profit/(loss) for the financial year
  
275,495
(195,810)

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

The notes on pages 15 to 31 form part of these financial statements.

Page 12

 
DBD DISTRIBUTION LIMITED
REGISTERED NUMBER: 02465079

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
338,033
252,552

Tangible assets
 15 
601,501
665,074

  
939,534
917,626

Current assets
  

Stocks
 16 
1,955,797
1,843,077

Debtors: amounts falling due within one year
 17 
9,447,288
8,615,639

Cash at bank and in hand
 18 
654,875
609,368

  
12,057,960
11,068,084

Creditors: amounts falling due within one year
 19 
(7,647,715)
(6,645,373)

Net current assets
  
 
 
4,410,245
 
 
4,422,711

Total assets less current liabilities
  
5,349,779
5,340,337

Creditors: amounts falling due after more than one year
 20 
(115,665)
(103,389)

Provisions for liabilities
  

Deferred tax
 22 
(96,525)
(71,788)

  
 
 
(96,525)
 
 
(71,788)

Net assets
  
5,137,589
5,165,160


Capital and reserves
  

Called up share capital 
 23 
400
400

Capital redemption reserve
  
200
200

Profit and loss account
  
5,136,989
5,164,560

  
5,137,589
5,165,160


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


C S Crouch
Director

Date: 15 July 2025

The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
DBD DISTRIBUTION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
400
200
5,594,256
5,594,856


Comprehensive income for the year

Loss for the year
-
-
(195,810)
(195,810)
Total comprehensive income for the year
-
-
(195,810)
(195,810)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(233,886)
(233,886)


Total transactions with owners
-
-
(233,886)
(233,886)



At 1 January 2024
400
200
5,164,560
5,165,160


Comprehensive income for the year

Profit for the year
-
-
275,495
275,495
Total comprehensive income for the year
-
-
275,495
275,495


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(303,066)
(303,066)


Total transactions with owners
-
-
(303,066)
(303,066)


At 31 December 2024
400
200
5,136,989
5,137,589


The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

DBD Distribution Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are described in the Strategic Report.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on the going concern basis.

  
2.3

Cash flow

The Company, being a subsidiary undertaking of a group where more than 90% voting rights are controlled within the group whose consolidated statements are publicly available, is exempt from the requirement to produce a cash flow statement in accordance with paragraph 1.12(b) of FRS 102.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

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.

 
2.8

Borrowing costs

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

Page 16

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.


 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary trading activities of the Company but we draw your attention to them separately here due to their size or incidence.

Page 17

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

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.

All intangible assets are 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.

Amortisation is charged to administrative expenses within the Statement of Comprehensive income.

 
2.13

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Land and buildings
-
25% reducing balance / straight line over life of leasehold
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line

 
2.14

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 profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

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.

Page 18

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

Financial instruments

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

The Company 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 Company's Balance sheet when the Company 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the
Page 19

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Derecognition of financial liabilities

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

 
2.20

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 at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgments made that have a significant effect on the amounts recognised in the financial statements. 

Page 20

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
4,135,800
3,906,622

Sale of goods
27,083,256
28,534,377

31,219,056
32,440,999


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
-
88,368



6.


Operating profit/(loss)

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

2024
2023
£
£

Exchange differences
276
2,042

Other operating lease rentals
400,195
524,818


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent company's financial statements
27,773
31,750

Page 21

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
4,724,929
5,205,549

Social security costs
473,813
521,190

Cost of defined contribution scheme
94,951
105,188

5,293,693
5,831,927


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
5
6



Sales and administration
74
81



Fitters and installation
25
25



Drivers and distribution
18
19

122
131


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
349,545
544,820

Company contributions to defined contribution pension schemes
12,457
17,149

362,002
561,969


During the year retirement benefits were accruing to 6 Directors (2023 - 6) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £120,129 (2023 - £136,248).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £2,642 (2023 - £2,644).

Page 22

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
7,836
5,701

Other interest payable
180,167
107,717

188,003
113,418


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
108,497
1,353


108,497
1,353


Total current tax
108,497
1,353

Deferred tax


Origination and reversal of timing differences
24,737
(26,626)

Total deferred tax
24,737
(26,626)


133,234
(25,273)
Page 23

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
408,729
(221,083)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
102,182
(42,006)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,310
16,980

Fixed asset timing differences
30,563
25,713

Remeasurement of deferred tax for changes in tax rates
22,670
(23,620)

Other differences leading to an increase (decrease) in the tax charge
(32,595)
-

Group relief surrendered/(claimed)
(6,896)
(2,340)

Total tax charge for the year
133,234
(25,273)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




12.


Dividends

2024
2023
£
£


Dividends on ordinary shares
303,066
233,886

Page 24

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Exceptional items

2024
2023
£
£


Dilapidations
(9,476)
150,000

During the year the Company settled the dilapidations estimate from the prior year and the impact on the financial statements was a net return. These costs were one-off in nature and so will not impact the future sustainable profitability of the Company. 


14.


Intangible assets




Computer software

£



Cost


At 1 January 2024
1,097,450


Additions - internal
206,009


Disposals
(1,379)



At 31 December 2024

1,302,080



Amortisation


At 1 January 2024
844,898


Charge for the year on owned assets
120,528


On disposals
(1,379)



At 31 December 2024

964,047



Net book value



At 31 December 2024
338,033



At 31 December 2023
252,552



Page 25

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets





Land and buildings
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
339,245
983,436
408,749
367,097
2,098,527


Additions
-
107,450
3,288
6,252
116,990


Disposals
-
(21,922)
(320)
(79,642)
(101,884)



At 31 December 2024

339,245
1,068,964
411,717
293,707
2,113,633



Depreciation


At 1 January 2024
212,067
611,953
280,945
328,488
1,433,453


Charge for the year on owned assets
19,857
46,235
32,407
25,590
124,089


Charge for the year on financed assets
-
52,708
-
-
52,708


Disposals
-
(18,962)
(148)
(79,008)
(98,118)



At 31 December 2024

231,924
691,934
313,204
275,070
1,512,132



Net book value



At 31 December 2024
107,321
377,030
98,513
18,637
601,501



At 31 December 2023
127,178
371,483
127,804
38,609
665,074




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
107,321
127,178


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


2024
2023
£
£



Motor vehicles
238,711
183,969

Page 26

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,955,797
1,843,077



17.


Debtors

2024
2023
£
£


Trade debtors
6,161,891
5,695,657

Amounts owed by group undertakings
2,847,509
2,560,907

Other debtors
89,835
117,820

Prepayments and accrued income
348,053
241,255

9,447,288
8,615,639



18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
654,875
609,368

Less: bank overdrafts
(3,156,565)
(1,674,134)

(2,501,690)
(1,064,766)


Page 27

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
3,156,565
1,674,134

Trade creditors
2,627,454
2,485,847

Amounts owed to group undertakings
873,078
1,019,518

Corporation tax
108,497
-

Other taxation and social security
178,192
363,240

Obligations under finance lease and hire purchase contracts
91,592
77,278

Other creditors
-
130,982

Accruals and deferred income
612,337
894,374

7,647,715
6,645,373


Bank overdrafts include a factored loan secured by way of a fixed and floating charge over all assets of the Company. Amounts under hire purchase agreements are secured over the asset to which each agreement pertains.


20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
115,665
103,389


Amounts under hire purchase agreements are secured over the asset to which each agreement pertains.


21.


Hire purchase


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
91,592
77,278

Between 1-5 years
115,665
103,389

207,257
180,667

Page 28

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Deferred taxation




2024
2023


£

£






At beginning of year
(71,788)
(98,414)


Charged to profit or loss
(24,737)
26,626



At end of year
(96,525)
(71,788)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(100,782)
(76,045)

Short term timing differences
4,257
4,257

(96,525)
(71,788)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400 (2023 - 400) Ordinary shares of £1.00 each
400
400

The Company has one class of Ordinary share which is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments or any other distribution. Each share is entitled pari passu to participate in a distribution arising from a winding up of the company. There has been no change in share capital in 2024 or 2023.



24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £94,951 (2023: £105,190). Contributions totalling £Nil (2023: £22,407) were payable to the fund at the balance sheet date.

Page 29

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
330,984
317,193

Later than 1 year and not later than 5 years
1,323,936
1,323,936

Later than 5 years
358,566
689,550

2,013,486
2,330,679


26.Other financial commitments

There is a multilateral guarantee over bank loans and overdrafts given between DBD Distribution Limited, DBD Contracting Limited and DBD Enterprises Limited. 


27.Directors' personal guarantees

At the year-end, a director provided a personal guarantee totalling £Nil (2023: £50,000) in relation to the company's invoice financing arrangement.


28.


Related party transactions

At the year end there were balances owed by/(owed to) the following group companies:


2024
2023
£
£

DBD Enterprises Limited
2,847,509
2,560,907
DBD Contracting Limited
(873,078)
(1,019,518)

The Company is a wholly owned subsidiary of DBD Enterprises Limited, as is DBD Contracting Limited. The Company has therefore taken advantage of exemptions under Financial Reporting Standard Section 33.1A and so is not required to disclose transactions entered into between the above members of the group.
During the year, an entity which is a related party to DBD Distribution Limited, by virtue of being controlled by a person who is a close relation of a director of DBD Distribution Limited, charged the Company for consultancy services amounting to £Nil 
(2023: £14,100). At the year end the Company owed this related party £Nil (2023: £Nil).
During the year, a company which is a related party to the Group, by virtue of being a close family member to a director, charged the Group for consultancy services amounting to £22,631 
(2023: £22,642)

Page 30

 
DBD DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

29.


Post balance sheet events

On 28 March 2025 there was a group restructure and as a result there is no ultimate controlling party from that date.


30.


Controlling party

The immediate and ultimate parent undertaking is DBD Enterprises Limited, a company incorporated in England and Wales. The ultimate controlling party is S D Firth-Bernard by virtue of his majority shareholding in DBD Enterprises Limited.
DBD Enterprises Limited is the head of the largest and smallest group for which consolidated financial statements are produced. Copies of the consolidated financial statements are publicly available at Companies House.
 
Page 31