Company registration number 02033302 (England and Wales)
DEPHNA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DEPHNA GROUP LIMITED
COMPANY INFORMATION
Director
Mr N Sachdev
Secretary
Mr R Sachdev
Company number
02033302
Registered office
2 Portal Way
Gypsy Corner
Acton
London
W3 6RT
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
DEPHNA GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 31
DEPHNA GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

The statement of profit and loss account is set out on page 9 and shows turnover of £12.6m (2023: £11.8m) and a gross profit £11.1m (2023: £10.9m). The group realised a profit before tax of £75k (2023: £1.7m).

The group's net assets, remains same £1.6m (2023:£1.6m) as at 31 December 2024, as a result of the profit achieved during the year from trading activities.

The directors considered the results at the year end to be satisfactory and intend to pursue strategies that would enhance the growth of the group and result in improved performance.

The group continued to serve the strong demand from established, existing clients. There has also been good exposure to new regions and clients.

Principal risks and uncertainties

The group, like all businesses, faces a number of operating risks and uncertainties. There are a small number of risks that could impact the company's long term performance and steps are taken to understand and evaluate these in order to achieve their objective of sustainable growth.

The management have risk management process es in place, which are designed to identify, manage and mitigate business risk.

Financial Instruments

In the opinions of directors, there is no material difference between the current carrying value and fair value of any of the company's financial instruments at the end of the current financial year or the prior period end. The principal financial risks are addressed below.

Credit Risk

The group's main financial assets are cash and trade debtors. The directors consider there to be minimal credit risk in relation to the group's cash balances as these are all held at reputable financial institutions. The directors manage credit risk in respect of the group's trade debtors by reviewing and stipulating credit limits for all customers. The group has implemented policies to undertake due diligence and credit checks on customers to manage credit risk.

Liquidity Risk

The group actively manages its liquidity risk in order to meet its foreseeable needs both in the short and medium term

Currency Risk

The group's sales and purchases are dominated in sterling. Therefore, the directors consider there to be no exposure to currency risk.

Key performance indicators

The directors use both financial and non-financial performance indicators to monitor the group's position.

The key financial performance indicators of the group is turnover £12.6m (2023: £11.8m).

The key non-financial performance indicators of the group are customer service and satisfaction, and stakeholder relationships. The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business performance review.

Other performance indicators

The directors aim to continue with the management policies which have resulted in the group's steady growth in recent years.

DEPHNA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr N Sachdev
Director
29 October 2025
DEPHNA GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of renting service offices, confirming, provision of storage, freight and other ancillary services.

The company was previously known as Dephna Estates Limited . On 12 February 2024, the company changed its name to Dephna Group Limited . The name change was registered with Companies House and became effective on that date.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr N Sachdev
Auditor

KLSA LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements 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 group and company will continue in business.

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

DEPHNA GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr N Sachdev
Director
29 October 2025
DEPHNA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEPHNA GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Dephna Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as going concern.

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 director is 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.

The financial statements for the year ended 31 December 2023 were unaudited. Accordingly, we do not express an opinion on the comparative figures included in the current year’s financial statements.

We have nothing to report in this regard.

DEPHNA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEPHNA GROUP LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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

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

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

DEPHNA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEPHNA GROUP LIMITED
- 7 -

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

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

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; and

- we focused on specific laws and regulations which we considered may have a direct material effect on the operations of the company financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

Secondly, the Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: UK Company law that regulates corporations formed under the Companies Act 2006 and HMRC laws and regulations relating to submissions of applicable taxes and documents. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards; for instance, any non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error.

DEPHNA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEPHNA GROUP LIMITED
- 8 -

Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims.

We obtained understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the financial reporting framework, tax regulations in the jurisdictions in which the company operates.

Based on this understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: making enquiries of management, those responsible for legal and compliance procedures and reviewing other correspondence.

We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.

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, misrepresentations or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Ketan Shah (Senior Statutory Auditor)
For and on behalf of KLSA LLP
29 October 2025
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
DEPHNA GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
12,609,171
11,833,159
Cost of sales
(1,477,187)
(864,364)
Gross profit
11,131,984
10,968,795
Administrative expenses
(10,772,398)
(9,220,536)
Other operating income
31,426
29,663
Operating profit
4
391,012
1,777,922
Interest payable and similar expenses
8
(315,834)
(60,166)
Profit before taxation
75,178
1,717,756
Tax on profit
9
(119,107)
(508,249)
(Loss)/profit for the financial year
(43,929)
1,209,507
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
DEPHNA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Year
Period
ended
ended
31 December
31 December
2024
2023
£
£
(Loss)/profit for the year
(43,929)
1,209,507
Other comprehensive income
-
-
Total comprehensive income for the year
(43,929)
1,209,507
Total comprehensive income for the year is all attributable to the owners of the parent company.
DEPHNA GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,082,065
4,743,525
Investment property
11
4,200,000
4,200,000
8,282,065
8,943,525
Current assets
Debtors
14
703,774
908,503
Cash at bank and in hand
3,891,610
1,821,189
4,595,384
2,729,692
Creditors: amounts falling due within one year
15
(6,158,033)
(6,451,450)
Net current liabilities
(1,562,649)
(3,721,758)
Total assets less current liabilities
6,719,416
5,221,767
Creditors: amounts falling due after more than one year
16
(4,272,899)
(2,652,532)
Provisions for liabilities
Deferred tax liability
18
826,546
905,335
(826,546)
(905,335)
Net assets
1,619,971
1,663,900
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
1,619,871
1,663,800
Total equity
1,619,971
1,663,900
The financial statements were approved and signed by the director and authorised for issue on 29 October 2025
29 October 2025
Mr N Sachdev
Director
Company registration number 02033302 (England and Wales)
DEPHNA GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,072,316
4,730,526
Investments
12
2,763,755
2,763,755
6,836,071
7,494,281
Current assets
Debtors
14
684,774
889,503
Cash at bank and in hand
2,483,475
1,778,947
3,168,249
2,668,450
Creditors: amounts falling due within one year
15
(7,489,130)
(7,410,051)
Net current liabilities
(4,320,881)
(4,741,601)
Total assets less current liabilities
2,515,190
2,752,680
Creditors: amounts falling due after more than one year
16
(25,012)
(45,020)
Provisions for liabilities
Deferred tax liability
18
510,171
588,996
(510,171)
(588,996)
Net assets
1,980,007
2,118,664
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
1,979,907
2,118,564
Total equity
1,980,007
2,118,664

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £138,657 (2023 - £1,664,271 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 29 October 2025
29 October 2025
Mr N Sachdev
Director
Company registration number 02033302 (England and Wales)
DEPHNA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2023
100
454,293
454,393
Period ended 31 December 2023:
Profit and total comprehensive income
-
1,209,507
1,209,507
Balance at 31 December 2023
100
1,663,800
1,663,900
Year ended 31 December 2024:
Loss and total comprehensive income
-
(43,929)
(43,929)
Balance at 31 December 2024
100
1,619,871
1,619,971
DEPHNA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2023
100
454,293
454,393
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
1,664,271
1,664,271
Balance at 31 December 2023
100
2,118,564
2,118,664
Year ended 31 December 2024:
Profit and total comprehensive income
-
(138,657)
(138,657)
Balance at 31 December 2024
100
1,979,907
1,980,007
DEPHNA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,643,083
5,525,616
Interest paid
(315,834)
(60,166)
Income taxes paid
(390,824)
(125,126)
Net cash inflow from operating activities
936,425
5,340,324
Investing activities
Purchase of tangible fixed assets
(486,371)
(2,534,169)
Purchase of subsidiaries, net of cash acquired
-
(2,763,755)
Net cash used in investing activities
(486,371)
(5,297,924)
Financing activities
Proceeds from new bank loans
4,225,000
-
Repayment of bank loans
(2,604,633)
(24,894)
Net cash generated from/(used in) financing activities
1,620,367
(24,894)
Net increase in cash and cash equivalents
2,070,421
17,506
Cash and cash equivalents at beginning of year
1,821,189
1,803,683
Cash and cash equivalents at end of year
3,891,610
1,821,189
DEPHNA GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,545,714
4,868,637
Interest paid
(4,154)
(6,939)
Income taxes paid
(330,653)
(68,514)
Net cash inflow from operating activities
1,210,907
4,793,184
Investing activities
Purchase of tangible fixed assets
(486,371)
(2,534,169)
Purchase of subsidiaries
-
0
(2,763,755)
Dividends received
-
0
500,000
Net cash used in investing activities
(486,371)
(4,797,924)
Financing activities
Repayment of bank loans
(20,008)
(19,996)
Net cash used in financing activities
(20,008)
(19,996)
Net increase/(decrease) in cash and cash equivalents
704,528
(24,736)
Cash and cash equivalents at beginning of year
1,778,947
1,803,683
Cash and cash equivalents at end of year
2,483,475
1,778,947
DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Dephna Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Dephna Group Limited and all of its subsidiaries.

1.1
Reporting period

The consolidated financial statements present comparative information for a three-month period ended 31 December 2023, whereas the current reporting period covers the twelve months ended 31 December 2024.

The shortened comparative period arose due to the acquisition of subsidiary entities on 01 October 2023, resulting in the group preparing consolidated financial statements for the first time from that date.

As a result, the comparative figures in the consolidated financial statements are not directly comparable to those of the current year.

The company financial statements (parent only) include full-year comparatives for the year ended 31 December 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Dephna Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the period of lease
Plant and equipment
20% on a straight line basis
Fixtures and fittings
20% on reducing balance basis
Motor vehicles
20% on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives, depreciation methods and residual values of tangible fixed assets

Management reviews the useful lives, depreciation methods and residual values of the items of tangible fixed assets and on a regular basis. During the year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of tangible fixed assets are disclosed in note 10.

Trade Receivables

Impairment of trade receivables - The directors review the portfolio of trade receivables on an annual basis. In determining whether receivables are impaired, the directors make judgement as to whether there is any evidence indicating that there is a measurable decrease in the estimate future cash flows expected.

Valuation of freehold properties

Freehold properties are re valued annually at fair value. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, recent sales of similar properties and historical experience. There is an inevitable degree of judgement involved and value can only be reliably tested ultimately in the market itself. Given the property market knowledge and expertise of the directors valuations are carried out by a mixture of external independent valuers and internal specialists.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
12,609,171
11,833,159
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,147,831
1,171,929
Operating lease charges
4,340,251
3,497,880
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
-
Audit of the financial statements of the company's subsidiaries
10,000
-
40,000
-
DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
10
10
10
10

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,113,326
1,114,753
1,113,326
1,114,753
Social security costs
139,607
143,560
139,607
143,560
Pension costs
3,511
5,351
3,511
5,351
1,256,444
1,263,664
1,256,444
1,263,664
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
437,259
437,259
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
294,709
58,374
Loan arrangement fee
21,125
-
315,834
58,374
Other finance costs:
Other interest
-
1,792
Total finance costs
315,834
60,166
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
197,896
345,696
DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 25 -
Deferred tax
Origination and reversal of timing differences
(78,789)
162,553
Total tax charge
119,107
508,249

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
75,178
1,717,756
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
18,795
403,673
Tax effect of expenses that are not deductible in determining taxable profit
9,246
921
Permanent capital allowances in excess of depreciation
169,854
(59,089)
Deferred tax movement
(78,788)
162,744
Taxation charge
119,107
508,249
10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
3,755,809
2,460,687
3,946,285
65,017
10,227,798
Additions
113,396
-
0
332,929
40,046
486,371
At 31 December 2024
3,869,205
2,460,687
4,279,214
105,063
10,714,169
Depreciation and impairment
At 1 January 2024
1,416,708
1,584,968
2,441,087
41,510
5,484,273
Depreciation charged in the year
451,097
314,776
367,529
14,429
1,147,831
At 31 December 2024
1,867,805
1,899,744
2,808,616
55,939
6,632,104
Carrying amount
At 31 December 2024
2,001,400
560,943
1,470,598
49,124
4,082,065
At 31 December 2023
2,339,101
875,719
1,505,198
23,507
4,743,525
DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Tangible fixed assets
(Continued)
- 26 -
Company
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
3,755,809
1,664,127
3,946,285
65,017
9,431,238
Additions
113,396
-
0
332,929
40,046
486,371
At 31 December 2024
3,869,205
1,664,127
4,279,214
105,063
9,917,609
Depreciation and impairment
At 1 January 2024
1,416,708
801,407
2,441,087
41,510
4,700,712
Depreciation charged in the year
451,097
311,526
367,529
14,429
1,144,581
At 31 December 2024
1,867,805
1,112,933
2,808,616
55,939
5,845,293
Carrying amount
At 31 December 2024
2,001,400
551,194
1,470,598
49,124
4,072,316
At 31 December 2023
2,339,101
862,720
1,505,198
23,507
4,730,526
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
4,200,000
-

The fair value of the property has been based on the directors' estimate of the fair value.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,763,755
2,763,755
DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
2,763,755
Carrying amount
At 31 December 2024
2,763,755
At 31 December 2023
2,763,755
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Dephna Capital Ltd
England and Wales
Ordinary
100.00
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
149,116
358,845
149,116
358,845
Other debtors
5,000
-
0
5,000
-
0
Prepayments and accrued income
549,658
549,658
530,658
530,658
703,774
908,503
684,774
889,503
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
39,608
39,608
20,000
20,000
Trade creditors
914,112
551,807
914,112
551,807
Amounts owed to group undertakings
-
0
-
0
1,428,500
1,102,777
Corporation tax payable
197,897
390,825
159,666
330,653
Other taxation and social security
832,059
911,212
832,059
911,212
Other creditors
4,107,692
4,496,501
4,089,293
4,478,102
Accruals and deferred income
66,665
61,497
45,500
15,500
6,158,033
6,451,450
7,489,130
7,410,051
DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
4,272,899
2,652,532
25,012
45,020
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,312,507
2,692,140
45,012
65,020
Payable within one year
39,608
39,608
20,000
20,000
Payable after one year
4,272,899
2,652,532
25,012
45,020

The bank holds a fixed and floating charge on the freehold property and other tangible fixed assets of the subsidiary company against the loan.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
510,207
588,996
Investment property
316,339
316,339
826,546
905,335
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
510,171
588,996
DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
905,335
588,996
Credit to profit or loss
(78,789)
(78,825)
Liability at 31 December 2024
826,546
510,171
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,511
5,351

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
4,147,084
3,449,588
4,147,084
3,449,588
Between two and five years
20,735,420
17,247,940
20,735,420
17,247,940
24,882,504
20,697,528
24,882,504
20,697,528
22
Controlling party

The group and company were controlled throughout the current year by the Sachdev family.

DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
23
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(43,929)
1,209,507
Adjustments for:
Taxation charged
119,107
508,249
Finance costs
315,834
60,166
Depreciation and impairment of tangible fixed assets
1,147,831
1,171,929
Movements in working capital:
Decrease in debtors
204,729
1,209,952
(Decrease)/increase in creditors
(100,489)
1,365,813
Cash generated from operations
1,643,083
5,525,616
24
Cash generated from operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(138,657)
1,664,271
Adjustments for:
Taxation charged
80,841
493,397
Finance costs
4,154
6,939
Investment income
-
0
(500,000)
Depreciation and impairment of tangible fixed assets
1,144,581
1,167,596
Movements in working capital:
Decrease in debtors
204,729
1,072,768
Increase in creditors
250,066
963,666
Cash generated from operations
1,545,714
4,868,637
25
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,821,189
2,070,421
3,891,610
Borrowings excluding overdrafts
(2,692,140)
(1,620,367)
(4,312,507)
(870,951)
450,054
(420,897)
DEPHNA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
26
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,778,947
704,528
2,483,475
Borrowings excluding overdrafts
(65,020)
20,008
(45,012)
1,713,927
724,536
2,438,463
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