Company registration number 07110988 (England and Wales)
SDJ ENTERPRISES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SDJ ENTERPRISES LIMITED
COMPANY INFORMATION
Directors
J Shaffer
J Landy
Company number
07110988
Registered office
2 Leman Street
London
United Kingdom
E1W 9US
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
SDJ ENTERPRISES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 27
SDJ ENTERPRISES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The principle activity of the company during the year was that of a holding and investment company. Its subsidiary, PDL Finance continued to provide short term loans.

Fair review of PDL Finance

In 2024 the objectives for the business were to continue the portfolio growth trajectory set out in 2023, ensuring that we continue to facilitatee our customers requirements and provide a high standard of customer service.

The positive outcome of these objectives for the business are evident within the financial statements, some highlights are listed below.

Financial Statement highlights in the year to 30 December 2024:

- Turnover was at £39.5m, a 26% increase on the previous year (2023: £31.4m)

- The net profit before taxation increased by £3.2m to £12.8m in 2024 from 2023 (2023: £9.6m), an increase of 33%

- The net book value of trade debtors at the year end (including provisions for bad debts) increased by 22% (£3.2m) to £18.4m compared to the previous year end. (2023: £15.2m)

- The number of active customers increased by 20% in the year

- As of 30 December 2024, the Net Assets for the business had increased by 29% from the previous year

The directors were pleased the financials were in line with expectations. They were equally pleased that the business has maintained a robust customer centric culture, evident with the business continuing to receive extensive positive customer reviews totalling over 42,000 at Reviews.co.uk, Trustpilot.com and Google.com combined.

Financial Risk Management, Objectives and Policies

The company is exposed to a moderate level of price, credit, liquidity and cash flow risks. The company manages these risks by financing its operations through retained profits supplemented by borrowing where necessary to fund expansion or capital expenditure programs.

The management objective is to retain sufficient liquid funds via retained earnings, enabling the company to meet its day-to-day funding requirements, whilst minimising the risk of fluctuating interest rates on external borrowings.

The company makes little use of financial instruments other than an operational bank account and the facility to loan from its parent company SDJ Enterprise Limited where required. Therefore, its exposure to price, credit, liquidity and cash flow risk is not material for the assessment of assets, liabilities, financial position and profit and loss of the company.

SDJ ENTERPRISES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Regulatory, Political and Legal Risk Management and Policies

The company is regulated by the FCA, therefore has a high level of exposure to potential regulatory, political and legal risks.

If the company fail to comply with any laws, regulations, rules or codes relating to the consumer credit industry it could potentially be fined by the FCA or expose the company to negative publicity which would in turn have a negative impact on the business.

Controls, systems and processes have been developed to manage these risks. These include monitoring regulatory and legal changes, developing appropriate compliance policies, monitoring adherence to these policies and reporting accordingly, as well as regular monitored compliance training for all employees.

Going Concern

The company’s cash requirements for the next twelve months are adequately resourced to continue their operations and to meet all liabilities.

On behalf of the board

J Shaffer
Director
24 December 2025
SDJ ENTERPRISES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of a holding and investment company.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,459,359 (2023: £2,978,573). The directors do not recommend payment of a further dividend.

Directors

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

J Shaffer
J Landy
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, and of the profit or loss of the group for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent 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.

On 20th August 2025 our auditors, as part of a internal network reorganisation transferred from Gravita Audit II LLP to Gravita Audit II Limited.

SDJ ENTERPRISES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
J Shaffer
Director
24 December 2025
SDJ ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SDJ ENTERPRISES LIMITED
- 5 -
Opinion

We have audited the financial statements of SDJ Enterprises Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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 profit 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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. 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 a going concern.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

SDJ ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SDJ ENTERPRISES LIMITED
- 6 -
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 directors' 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 directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which the audit was considered capable of detecting irregularities including fraud.

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 in which the company operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including, but not limited to, the Companies Act 2006, FCA legislation and relevant taxation legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

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

SDJ ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SDJ ENTERPRISES LIMITED
- 7 -

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

- understanding the business model as part of the control and business environment;

- 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.

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;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, and enquiring with management if actual and potential non-compliance with laws and regulations.

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

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. 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.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Wilson FCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
24 December 2025
SDJ ENTERPRISES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
39,547,079
31,418,519
Cost of sales
(1,566,212)
(1,298,162)
Gross profit
37,980,867
30,120,357
Administrative expenses
(24,751,181)
(19,939,181)
Other operating income
12,000
-
0
Operating profit
4
13,241,686
10,181,176
Interest payable and similar expenses
7
(471,328)
(603,411)
Profit before taxation
12,770,358
9,577,765
Tax on profit
8
(3,281,473)
(2,251,646)
Profit for the financial year
9,488,885
7,326,119
Profit for the financial year is attributable to:
- Owners of the parent company
6,783,439
5,249,741
- Non-controlling interests
2,705,446
2,076,378
9,488,885
7,326,119
Total comprehensive income for the year is attributable to:
- Owners of the parent company
6,783,439
5,249,741
- Non-controlling interests
2,705,446
2,076,378
9,488,885
7,326,119
SDJ ENTERPRISES LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
8,024
8,024
Tangible assets
11
181,435
128,888
189,459
136,912
Current assets
Debtors
14
22,692,886
19,113,870
Cash at bank and in hand
4,607,896
3,290,225
27,300,782
22,404,095
Creditors: amounts falling due within one year
15
(4,110,642)
(3,593,896)
Net current assets
23,190,140
18,810,199
Total assets less current liabilities
23,379,599
18,947,111
Creditors: amounts falling due after more than one year
16
(2,450,844)
(2,654,237)
Net assets
20,928,755
16,292,874
Capital and reserves
Called up share capital
19
130,095
130,095
Profit and loss reserves
14,913,867
11,589,787
Equity attributable to owners of the parent company
15,043,962
11,719,882
Non-controlling interests
5,884,793
4,572,992
Total equity
20,928,755
16,292,874

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

The financial statements were approved by the board of directors and authorised for issue on 24 December 2025 and are signed on its behalf by:
24 December 2025
J Shaffer
Director
Company registration number 07110988 (England and Wales)
SDJ ENTERPRISES LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
506,148
506,148
Current assets
Debtors falling due after more than one year
14
1,065,303
2,756,833
Debtors falling due within one year
14
2,181,239
435,810
Cash at bank and in hand
50,764
71,986
3,297,306
3,264,629
Creditors: amounts falling due within one year
15
(771,013)
(522,344)
Net current assets
2,526,293
2,742,285
Total assets less current liabilities
3,032,441
3,248,433
Creditors: amounts falling due after more than one year
16
(2,450,844)
(2,654,237)
Net assets
581,597
594,196
Capital and reserves
Called up share capital
19
130,095
130,095
Profit and loss reserves
451,502
464,101
Total equity
581,597
594,196

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,446,651 (2023 - £2,090,463 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 December 2025 and are signed on its behalf by:
24 December 2025
J Shaffer
Director
Company registration number 07110988 (England and Wales)
SDJ ENTERPRISES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
130,095
9,318,619
9,448,714
3,331,032
12,779,746
Year ended 31 December 2023:
Profit and total comprehensive income
-
5,249,741
5,249,741
2,076,378
7,326,119
Dividends
9
-
(2,978,573)
(2,978,573)
-
(2,978,573)
Other movements
-
-
-
(834,418)
(834,418)
Balance at 31 December 2023
130,095
11,589,787
11,719,882
4,572,992
16,292,874
Year ended 31 December 2024:
Profit and total comprehensive income
-
6,783,439
6,783,439
2,705,446
9,488,885
Dividends
9
-
(3,459,359)
(3,459,359)
-
(3,459,359)
Other movements
-
-
-
(1,393,645)
(1,393,645)
Balance at 31 December 2024
130,095
14,913,867
15,043,962
5,884,793
20,928,755
SDJ ENTERPRISES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
130,095
1,352,144
1,482,239
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,090,464
2,090,464
Dividends
9
-
(2,978,507)
(2,978,507)
Balance at 31 December 2023
130,095
464,101
594,196
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,446,651
3,446,651
Dividends
9
-
(3,459,250)
(3,459,250)
Balance at 31 December 2024
130,095
451,502
581,597
SDJ ENTERPRISES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
10,308,683
4,986,371
Interest paid
(471,328)
(603,411)
Income taxes paid
(3,575,000)
(1,033,127)
Net cash inflow from operating activities
6,262,355
3,349,833
Investing activities
Purchase of tangible fixed assets
(145,579)
(108,582)
Net cash used in investing activities
(145,579)
(108,582)
Financing activities
Repayment of borrowings
53,898
511,039
Dividends paid to equity shareholders
(4,853,003)
(3,812,991)
Net cash used in financing activities
(4,799,105)
(3,301,952)
Net increase/(decrease) in cash and cash equivalents
1,317,671
(60,701)
Cash and cash equivalents at beginning of year
3,290,225
3,350,926
Cash and cash equivalents at end of year
4,607,896
3,290,225
SDJ ENTERPRISES LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(160,035)
(555,032)
Interest paid
(471,328)
(603,411)
Income taxes refunded
-
0
1,335
Net cash outflow from operating activities
(631,363)
(1,157,108)
Investing activities
Interest received
470,747
489,432
Dividends received
3,544,746
2,122,348
Net cash generated from investing activities
4,015,493
2,611,780
Financing activities
Repayment of borrowings
53,898
511,040
Dividends paid to equity shareholders
(3,459,250)
(2,978,507)
Net cash used in financing activities
(3,405,352)
(2,467,467)
Net decrease in cash and cash equivalents
(21,222)
(1,012,795)
Cash and cash equivalents at beginning of year
71,986
1,084,781
Cash and cash equivalents at end of year
50,764
71,986
SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

SDJ Enterprises Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Leman Street, London, E1W 9US.

The group consists of SDJ Enterprises Limited and all of its subsidiaries.

1.1
Basis of preparation

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 amounts 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.

1.2
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 are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company SDJ Enterprises 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 group.

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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Revenue

The turnover shown in the profit and loss account represents interest receivable on short term loans made during the period and amounts invoiced to affiliates on the sale of debts and customer leads.

Interest receivable is accrued daily over the life of the loan.

Amounts invoiced on the sale of debts and customer leads are recognised at point of sale to a third party.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Trademark
10 years on a straight line
Website design and build
3 years on a straight line
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:

Fixtures and fittings
33% straight line
Computers
33% straight line

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 income statement.

1.8
Fixed asset investments

Equity investments 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.

In 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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
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 statement of financial position 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 method 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.

SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.

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 payments 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 through 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.

1.12
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.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

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 income statement, 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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases
As lessee

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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

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.

Loan capital written off

Loan capital is written off a set number of days after the missed due date. It is assumed that if a customer has not paid by this time the amount owing is unlikely to be paid. The directors review this in detail on a regular basis to ensure that it reasonably reflects the practical recoverability of loan capital issued.

Accrued income

There are 3 sources of accrued income; loans issued at the year end but paid post year end; loans funded in December with the first payment due post year end; loans due at the year end but paid post year end. Reports are extracted 3 months post year end and accrued income is calculated by multiplying the number of days overdue with the daily interest charged.

SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Provision of short term loans
39,547,079
31,418,519

The whole of the turnover is derived from the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
61,918
(256,793)
Fees payable to the group's auditor for the audit of the group's financial statements
42,164
7,200
Depreciation of tangible fixed assets
93,032
76,644
Operating lease charges
554,441
537,265
5
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
Operations
100
82
-
-
Administrative
32
27
2
-
Total
132
109
2
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,474,953
5,380,895
12,727
-
0
Social security costs
873,015
651,646
-
-
Pension costs
75,608
69,742
-
0
-
0
7,423,576
6,102,283
12,727
-
0
SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
Directors' remuneration

Group

During the year the directors remuneration for qualifying services of the Group was £2,142,335 (2023: £1,775,023). This amount included company pension contributions to defined contribution schemes of £5,283 (2023: £5,283).

The number of directors of the Group for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023: 4).

The total remuneration included the following amounts paid to the highest paid director of the Group being remuneration for qualifying services of £1,122,226 (2023: £924,886) and company pension contributions to defined contribution schemes of £1,321 (2023: £1,321).

Company

The total remuneration paid to the directors of the company for qualifying services was £12,727 (2023 : £0).

As total directors' remuneration of the company was less than £200,000 in the current year, no disclosure is provided for the highest paid director in any year.

7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
471,328
603,411
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,281,473
2,251,646

The tax rate increased on 1st April 2023 from 19% to 25%. Therefore the average tax rate used for the prior year is 23.5% and the current year 25%.

SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 22 -

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
12,770,358
9,577,765
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
3,192,590
2,250,775
Tax effect of expenses that are not deductible in determining taxable profit
72,209
10,218
Permanent capital allowances in excess of depreciation
16,674
(9,347)
Taxation charge
3,281,473
2,251,646
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
3,459,250
2,978,507
10
Intangible fixed assets
Group
Trademark
Website design and build
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
246,446
8,024
254,470
Amortisation and impairment
At 1 January 2024 and 31 December 2024
246,446
-
0
246,446
Carrying amount
At 31 December 2024
-
0
8,024
8,024
At 31 December 2023
-
0
8,024
8,024
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
11
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
783,289
619,164
1,402,453
Additions
112,020
33,559
145,579
At 31 December 2024
895,309
652,723
1,548,032
Depreciation and impairment
At 1 January 2024
697,294
576,271
1,273,565
Depreciation charged in the year
62,731
30,301
93,032
At 31 December 2024
760,025
606,572
1,366,597
Carrying amount
At 31 December 2024
135,284
46,151
181,435
At 31 December 2023
85,995
42,893
128,888
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
-
0
-
0
506,148
506,148
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 January 2024 and 31 December 2024
506,148
Carrying amount
At 31 December 2024
506,148
At 31 December 2023
506,148
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
PDL Finance Limited
2 Leman Street, London, United Kingdom, E1W 9US
Ordinary
71.78
SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,417,947
15,157,472
-
0
-
0
Unpaid share capital
1,500,000
1,500,000
-
0
-
0
Corporation tax recoverable
75
75
75
75
Amounts owed by group undertakings
-
-
2,130,164
384,736
Other debtors
77,130
50,999
51,000
50,999
Prepayments and accrued income
2,425,850
2,130,346
-
0
-
0
22,421,002
18,838,892
2,181,239
435,810
Amounts falling due after more than one year:
Amounts owed by group undertakings
271,884
274,978
1,065,303
2,756,833
Total debtors
22,692,886
19,113,870
3,246,542
3,192,643

Amounts owed by group undertakings represents amounts drawn under a loan to PDL Finance Limited on which interest is repayable at 15% per annum.

15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
17
744,622
487,331
744,622
487,331
Trade creditors
815,666
564,183
-
0
-
0
Corporation tax payable
1,367,581
1,661,108
-
0
-
0
Other taxation and social security
761,768
466,066
-
-
Other creditors
12,483
20,298
6,391
-
0
Accruals and deferred income
408,522
394,910
20,000
35,013
4,110,642
3,593,896
771,013
522,344
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
17
2,450,844
2,654,237
2,450,844
2,654,237
SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
3,195,466
3,141,568
3,195,466
3,141,568
Payable within one year
744,622
487,331
744,622
487,331
Payable after one year
2,450,844
2,654,237
2,450,844
2,654,237

The loan represents amounts drawn under a line of credit on which interest is payable at 15% per annum.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,608
69,742

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.

19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
130,095
130,095
130,095
130,095

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
20
Related party transactions

Group

During the year, PDL Finance Limited paid for purchases amounting to £297,919 (2023: (£37,500)) to entities in which directors of this company have an interest. In the prior year, this included a reversal of an over accrual of £37,500 resulting in a negative balance.

At the balance sheet date, PDL Finance Limited was owed £271,884 (2023: £274,978) by 6 Mann Capital Limited a company where a director of PDL Finance Limited has an interest.

During the year, the group made donations of £65,139 (2023: £43,167) to Lenderhand, a charity in which A Freeman and J Grant are trustees.

During the year, PDL Finance Limited paid dividends of £1,393,754 (2023: £834,484) to directors and entities in which directors have an interest and £3,544,746 (2023: £2,122,348) to the parent company, SDJ Enterprises Limited.

Company

At the balance sheet date, the company owed £399,433 (2023: £392,696), including accrued interest of £59,450(2023: £33,177) to Silver Capital Management LLC, an entity in which the directors share common control.

At the balance sheet date, the company owed £2,396,600 (2023: £2,356,176), including accrued interest of £356,703(2023: £346,636) to Clear Horizons LLC, an entity in which the directors share common control.

At the balance sheet date, the company owed £399,433 (2023: £392,696), including accrued interest of £59,287 (2023: £61,398) to DB Capital Management LLC, an entity in which the directors share common control.

The company issued a loan of £50,000 to a director of PDL Finance Limited in the year 2020 which is still outstanding. This loan is interest free and payable on demand.

At the balance sheet date, the company was owed £3,195,467 (2023 : £3,141,569), including accrued interest of £470,474 (2023 : £489,432) by PDL Finance Limited, an entity which is a controlled subsidiary.

21
Cash generated from group operations
2024
2023
£
£
Profit after taxation
9,488,885
7,326,119
Adjustments for:
Taxation charged
3,281,473
2,251,646
Finance costs
471,328
603,411
Depreciation and impairment of tangible fixed assets
93,032
76,644
Movements in working capital:
Increase in debtors
(3,579,016)
(5,511,713)
Increase in creditors
552,981
240,264
Cash generated from operations
10,308,683
4,986,371
SDJ ENTERPRISES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
22
Cash absorbed by operations - company
2024
2023
£
£
Profit after taxation
3,446,651
2,090,464
Adjustments for:
Finance costs
471,328
603,411
Investment income
(4,015,493)
(2,611,780)
Movements in working capital:
Increase in debtors
(53,899)
(629,019)
Decrease in creditors
(8,622)
(8,108)
Cash absorbed by operations
(160,035)
(555,032)
23
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,290,225
1,317,671
4,607,896
Borrowings excluding overdrafts
(3,141,568)
(53,898)
(3,195,466)
148,657
1,263,773
1,412,430
24
Analysis of changes in net debt - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
71,986
(21,222)
50,764
Borrowings excluding overdrafts
(3,141,568)
(53,898)
(3,195,466)
(3,069,582)
(75,120)
(3,144,702)
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