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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
COMPANY INFORMATION
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DHP FAMILY LIMITED
CONTENTS
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DHP FAMILY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
We aim to present a balanced and comprehensive review of the performance and development of the business during and at the end of the year, consistent with its size and complexity; and in the context of risks and uncertainties that we face.
Despite the inflationary pressures and economic uncertainty brought on by the UK’s cost-of-living crisis in 2024, DHP delivered a strong financial performance, achieving a turnover of £36.6 million and a profit before tax of £2.12 million. This outcome highlights the company’s resilience and the effectiveness of its strategic leadership in navigating a challenging economic environment. DHP’s ability to maintain profitability under such conditions reflects sound financial management, operational efficiency, and a clear commitment to long-term growth. Within 2024 we acquired the long term lease of another events space in Nottingham.
As the business looks to the future, it faces a number of risks, most notably the local competition within the late-night hospitality and national live music sectors. These market dynamics present ongoing challenges to growth and market share. A key area is regulatory compliance, which remains critical to maintaining operational continuity across all venues. To mitigate this risk, we have implemented robust internal risk management systems designed to uphold licensing standards and ensure full adherence to regulatory requirements. These proactive measures not only protect our licenses but also reinforce our reputation as a responsible and compliant operator in a regulated industry.
In 2024, DHP achieved a £2.6 million increase in turnover, driven primarily by a strong uplift in gig sales. This growth reflects the continued success of our live music programming and the strength of our brand within the entertainment sector.
Year-end cash balances stood at £7.3 million, influenced by strategic acquisitions completed during the year. Administrative expenses fell by 1.2% as a proportion of turnover, remaining within acceptable thresholds and reflecting disciplined cost management amid operational growth. The cost of sales to turnover ratio fell by approximately 2%, supported by enhanced stock control measures and the strong performance of our live events. These operational efficiencies underscore our focus on margin improvement and sustainable profitability.
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DHP FAMILY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Stakeholder engagement
At DHP Family, we recognise our legal obligation under Section 172 of the Companies Act 2006 to act in a manner that we, in good faith, believe would most likely promote the success of the company for the benefit of its members as a whole. In fulfilling this duty, we are committed to considering the long-term consequences of our decisions on the company and its stakeholders. This statement outlines how the Board of Directors endeavours to uphold this responsibility. Since the opening of our flagship venue Rock City over 40 years ago, DHP Family has grown to become a leading name in the live music industry with a deserved reputation for our innovative and creative approach to music production and promotion. We’ve established ourselves as one of the biggest independent promoters in the UK, earning a credible reputation within the live industry and winning Music Week’s ‘National Promoter of the Year’ in 2019 and Live UK’s ‘National Concert Promoter of the Year’ multiple times. At DHP Family, we take immense pride in our extensive capabilities, comparable to those of a large corporation, while remaining true to the original ethics that have driven our success. We are committed to delivering an exceptional experience in event promotion, overseeing all aspects of major indoor and outdoor festivals, national tours, and standalone shows throughout the United Kingdom. We engage with our key stakeholders as outlined below: Our employees We have many skilled and experienced team members working for DHP, many with years of experience in the industry. We pride ourselves on being a “family” and treat team members as such. The recruitment and retention of staff is key and we engage with them as follows; • Remuneration is set at market levels, rewarding performance of team members with a bonus structure; • We provide different forms of training to meet the needs of the departments, this comes in the form of a 12-day management training package which the whole Senior team has completed. We aim to put all our managers through this training, and it has now run for 10 years. Further to this, we also provide training to departments and team members within departments where needed, to further their experience and gain knowledge. • We held bi-weekly senior management and team leader meetings throughout 2024 to ensure all departments are involved in significant business decisions. This is in addition to our twice-yearly Senior Manager/Team Leader meetings and the two Venue Manager conferences we hold annually. Our customers and suppliers We have worked for many years with lots of our suppliers so we can get equipment and stock at short notice as required. Over recent years we have brought in more local suppliers for craft beer as this is something we have a passion for and is shared with our customers. We enhance our reputation with suppliers by paying them on standard terms and paying on time as we understand a smaller company needs to be paid quickly. Examples of this include 7-day or 14-day payment terms for selected suppliers which we meet. Our Community DHP Family is dedicated to raising funds each year for community projects. A flagship initiative is the Beat the Streets Festival, which supports the Framework charity for the homeless. Since its launch, the festival has provided substantial in-kind support, helping to make a lasting difference in the community. Through these initiatives and our ongoing partnership with Framework, we are proud to have raised over £500,000 for community causes since 2018.
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DHP FAMILY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Since 2018, we have also organised and funded the Women in Music brand, designed to encourage more women to pursue careers in the music industry. These events create a platform to celebrate success stories, share experiences, and address the challenges women face in the sector.
We have also sponsored several local sports clubs and made contributions to a local children's book reading club within 2024. Our Planet DHP Family acknowledges its environmental responsibilities beyond mere compliance with legal and regulatory standards. We are committed to minimising our environmental impact and continuously enhancing our environmental performance as a fundamental aspect of our business strategy and operational practices, with regular evaluations. Recently, through our festival division, we have implemented several sustainability initiatives such as the adoption of HVO fuel, and the sourcing of water locally.
This report was approved by the board on 25 September 2025 and signed on its behalf.
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DHP FAMILY 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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £1,267,278 (2023 - £2,443,137).
The directors who served during the year were:
There are no future developments requiring disclosure.
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DHP FAMILY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company ensures that employees are consulted on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests. The company also ensures achievement of a common awareness on the part of all employees of the financial and economic factors affecting the performance of the company.
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government's Conversion Factors for Company Reporting. Measures taken to improve energy efficiency During the year, we have been monitoring our energy usage, and teams have been tasked with saving energy usage at times when savings on energy consumption can be achieved. We continue last year's actions within our festival arm with HVO fuel for generators, locally sourced water, reusable cups, limiting single-use plastic as well and teaming up with a national charity to reduce any food wastage.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover: 7.56 for the year (2023: 9.79).
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DHP FAMILY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 19 March 2025, 1,627,582 preference shares were redeemed at par value of £1 per share, resulting in a total redemption settlement of £1,627,582.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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DHP FAMILY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DHP FAMILY LIMITED
We have audited the financial statements of DHP Family 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 the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 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.
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DHP FAMILY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DHP FAMILY LIMITED (CONTINUED)
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.
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.
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DHP FAMILY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DHP FAMILY LIMITED (CONTINUED)
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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principle risk of fraud or non-compliance with laws and regulations related to: • Management bias in respect of accounting estimates and judgements made; • Management override of control; • Posting of unusual journals or transactions We focussed on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud. • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. • Performing audit work over the risk of management override controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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DHP FAMILY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DHP FAMILY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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DHP FAMILY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
REGISTERED NUMBER: 00259388
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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DHP FAMILY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
DHP Family Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's registration number is 00259388. The nature of the company’s operations and principal activities are given in the Directors' Report.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006. The financial statements therefore present information about the company as an individual undertaking and not about its group. The financial statements are prepared in Sterling which is the functional currency of the company and have been rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the company. In the Directors' opinion, the company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.
- the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of SJC 15 Limited as at 31 December 2024 and these financial statements may be obtained from 2 Lace Market Square, Nottingham, NG1 1PB.
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The sale of wet and dry goods within the company's venues is recognised at the point of sale, when payment is made by the customer. Door receipts are recognised on entrance to the venue. Sales of tickets are usually recognised when the event; for which consideration has been received, actually occurs. Sponsorship income and hire of facilities income is recognised in line with the period to which it relates. Lease incentives are recognised over the lease term on a straight line basis.
Defined contribution pension plan
The company operates a defined contribution pension scheme and contributions to the scheme are recognised in the profit and loss account in the period in which they become payable. Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date. Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
No depreciation is provided in the year of acquisition whilst a full year of depreciation is provided in the year of disposal.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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 Statement of comprehensive income.
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: - at fair value with changes recognised in the Profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably; - at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Tangible fixed assets (continued)
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
500,000 preference shares were issued at £1 per share on 16 October 2024.
The shares carry no voting rights but dividends are payable at a fixed rate of 8% per annum. The shares shall be redeemed in full or in part at any time after either, the company or holder gives written notice of their intention to redeem or there is a change in controlling interest in the company.
Profit and loss account
The company operates a defined contribution 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 £284,627 (2023: £189,133).
Contributions totalling £20,962 (2023: £20,866) were payable to the fund at the balance sheet date and are included in other creditors.
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DHP FAMILY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
An amount of £1,084,667 (2023: £894,822) is included in accruals in respect of preference share interest due to a director.
Included within creditors are directors' preference shares of £2,767,583 (2023: £2,267,583). There is an amount of £130,169 (2023: £973,345) owing to a director within other creditors. During the year, the company accrued interest of £Nil (2023: £Nil) in respect of these loans.
The company's parent undertaking in Geo.Akins(Holdings)Limited. Geo.Akins(Holdings)Limited is a subsidiary of the ultimate parent undertaking SJC 15 Limited.
The largest group in which the results of the company are consolidated is SJC 15 Limited. Consolidated financial statements are available from 2 Lace Market Square, Nottingham, NG1 1PB. The company is ultimately controlled by GH Akins (Jnr) and SPD Akins by virtue of their joint shareholding in SJC 15 Limited. The company is exempt from preparing group accounts as the results are included within the consolidated financial statements of SJC 15 Limited.
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