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Registered number: 07655869 DBD ENTERPRISES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
DBD ENTERPRISES LIMITED COMPANY INFORMATION
Directors | S D Firth-Bernard
| N Harvey (resigned 28 March 2025)
| C S Crouch
| A A Firth-Bernard
| J L Charles (appointed 28 March 2025)
Registered number | 07655869
Registered office | DBD Building
| Unit B
| Hemel Gateway
| Hemel Hempstead
| Hertfordshire
| HP2 7GY
Independent auditors | Moore Kingston Smith LLP
| Chartered Accountants and Statutory Auditors
| 4 Victoria Square
| St Albans
| Hertfordshire
| AL1 3TF
DBD ENTERPRISES LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 11
Consolidated Statement of Comprehensive Income | 12
Consolidated Balance Sheet | 13
Company Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Company Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17 - 18
Consolidated Analysis of Net Debt | 19
Notes to the Financial Statements | 20 - 39
DBD ENTERPRISES LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their strategic report and financial statements for the year ended 31 December 2025.
Review of the business
In March 2025, the former Group Shareholders transferred a majority shareholding to the DBD Employee Ownership Trust (EOT). The Trust was established to ensure the long-term sustainability of the Group for the benefit of its employees, recognising their central role in the Groups success. The Board of Directors continues to lead the business, maintaining its established strategy, culture, and values. Trading relationships have remained stable, with continued support from all key stakeholders. The Groups principal activity remains the distribution of kitchen products to the UK housing market, with a particular focus on the supply and installation of kitchen appliances for housebuilders. The business partners with leading manufacturers to deliver a comprehensive service offering. The UK economy experienced modest growth during the year, with the housebuilding sector continuing to play a key role in economic output and employment. According to NHBC data, private sector new home registrations increased by 11.8% in 2025, although completions decreased marginally by 0.5%. While reduced completions have a direct impact on finishing services, the Group achieved a 31.2% increase in turnover by successfully expanding market share. The strong pipeline of registrations in 2025 is also expected to support performance in 2026. During the year, the business maintained a strong focus on operational efficiency, quality management, and customer care. This included the effective management of an industry-wide consumables recall, which was handled with minimal disruption to customers. Cost control and margin improvement initiatives remained a priority, with early benefits already evident in 2026 performance. The business continues to demonstrate its commitment to sustainability, targeting a 50% reduction in total emissions by 2030 in line with Construction Industry goals. The Group actively monitors emerging opportunities and remains dedicated to supporting its customers in achieving their sustainability objectives. The Group continues to prioritise its people, fostering a culture of recognition, inclusion, and development. Ongoing investment in employee wellbeing, engagement, and professional development has supported the delivery of a highly motivated and effective workforce. The Board is pleased to report that the Group remains financially robust and a trusted partner to its customers, suppliers, and employees. The strategic focus remains on continuous improvement through innovation, system development, and operational flexibility, ensuring the business can respond effectively to evolving market conditions. Page 1
DBD ENTERPRISES LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Market review
The Group continually monitors market conditions to assess opportunities and risks in alignment with its operating model. Key observations include: 1.NHBC reported an 11.8% increase in private sector new home registrations in 2025 compared with 2024. However, early indicators for 2026 show a 7.0% reduction in Q1 registrations versus Q1 2025, with declines observed across 8 of 12 UK regions. 2.The new-build housing market remains fundamental to the UK economy. Government targets to deliver 1.5 million new homes by 2029 imply annual delivery of over 300,000 units; however, 2025 completions reached only 122,012, highlighting a significant deficit in supply. 3.Long-term market fundamentals remain supportive, driven by structural housing shortages, ongoing mortgage availability, improving affordability from lower interest rates, and the continued use of shared ownership schemes. 4.The Groups quality and trusted service offering and broad product range position it well to secure new projects and adapt to evolving customer requirements. 5.Strong trading performance reinforces the Groups market position and supports its ability to capitalise on future growth opportunities. Principal risks and uncertainties Risk management is embedded within the Group through a structured framework of policies, procedures, and internal controls. These are subject to Board oversight, with a strong emphasis on compliance with all regulatory, legal, ethical, and professional standards. Liquidity Risk: The Group actively manages cash flow and borrowing to optimise returns while ensuring sufficient liquidity to meet operational requirements. Advanced stock management systems support efficient inventory turnover, while automated credit control processes promote timely debt recovery. Interest Rate Risk: The Group is exposed to interest rate risk through its borrowings and banking facilities. Although Bank of England base rates have decreased during the year, the business mitigates exposure through effective working capital management and, where appropriate, the application of contractual interest on overdue balances. Credit Risk: The Group manages credit risk through rigorous credit assessment procedures and ongoing monitoring of trade debtors. Cash deposits and borrowings are placed only with institutions that meet Board-approved credit criteria. Provisions are made where necessary, and credit insurance is maintained for the majority of customer balances. Economic Risk: While wider economic conditions and consumer confidence influence housing demand, the structural undersupply of new homes continues to support the sector. However, the Board remains alert to risks including inflation, geopolitical instability, energy price volatility, and supply chain disruption. Mitigation measures include proactive supplier engagement, pricing strategies, and inventory planning to manage cost pressures and ensure product availability. Security and Disaster Recovery: The Group maintains robust disaster recovery and business continuity plans, which are regularly tested. Continued investment in IT infrastructure and systems mitigates technology risk, reduces technical debt, and ensures high standards of data security and operational resilience. Page 2
DBD ENTERPRISES LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The Board monitors the performance of the Group by reference to a range of KPIs including the following:
|  |  | 2025 | 2024
Turnover by Employee |  |  | £346,990 | £255,892
EBITDA |  |  | £1,728,463 | £875,127
Operating profit |  |  | £1,414,864 | £577,801
TNW |  |  | £3,206,131 | £2,818,201
Future prospects and plans
In January 2026, the Group implemented a new, cloud based and globally recognised financial management system following an extensive design and testing phase. This system enhances our ability to streamline processes, automate routine tasks and generate real time reporting, providing deeper strategic insight and supporting the Groups continued growth. The Group also refreshed its Values in Q1 2026 to ensure they are clearly understood, consistently referenced and embedded across the business. Our mission remains simple and unwavering: to be “the most trusted supplier to the housebuilder, built upon our people and values” acting with honesty and integrity, delivering a quality service and demonstrating genuine care for all stakeholders. This report was approved by the Board and signed on its behalf.
C Crouch Director
Date: 13 July 2026
Page 3
DBD ENTERPRISES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £1,144,982 (2024 - £250,471). An Ordinary dividend of £304,750 (2024: £303,066) was paid in the year.
Directors
The Directors who served during the year were:
S D Firth-Bernard
N Harvey (resigned 28 March 2025)
C S Crouch
A A Firth-Bernard
J L Charles (appointed 28 March 2025)
Qualifying third-party indemnity provisions
There is a direct provision for indemnity for the Directors of the Group.
Matters covered in the Group Strategic Report
The financial risk managment objectives and policies of the Group and the exposure of the Group to price risk, credit risk , liquidity risk and cash flow risk are addressed in the Strategic Report. Page 4
DBD ENTERPRISES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
The auditors, Moore Kingston Smith LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
C S Crouch Director
Date: 13 July 2026
Page 5
DBD ENTERPRISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD ENTERPRISES LIMITED
Opinion
We have audited the financial statements of DBD Enterprises Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 of the Parent Company's affairs as at 31 December 2025 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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 Directors with respect to going concern are described in the relevant sections of this report. Page 6
DBD ENTERPRISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD ENTERPRISES LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. 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. Page 7
DBD ENTERPRISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD ENTERPRISES LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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 Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 8
DBD ENTERPRISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD ENTERPRISES LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors. ∙Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 9
DBD ENTERPRISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD ENTERPRISES LIMITED (CONTINUED)
Explanations as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: ∙We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation. ∙We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. ∙We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. ∙We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. ∙Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 10
DBD ENTERPRISES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DBD ENTERPRISES LIMITED (CONTINUED) Graham Wintle (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants and Statutory Auditors 4 Victoria Square St Albans Hertfordshire AL1 3TF 15 July 2026 Page 11
DBD ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 40,944,838 | 31,218,800
Cost of sales |  | (31,388,663) | (23,699,147)
Gross profit |  | 9,556,175 | 7,519,653
Administrative expenses |  | (8,141,311) | (6,951,328)
Exceptional administrative expenses |  | - | 9,476
Operating profit | 5 | 1,414,864 | 577,801
Interest receivable and similar income | 9 | 27 | -
Interest payable and similar expenses | 10 | (236,108) | (188,048)
Other finance income |  | - | (14,762)
Profit before taxation |  | 1,178,783 | 374,991
Tax on profit | 11 | (33,801) | (124,520)
Profit for the financial year |  | 1,144,982 | 250,471
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 1,144,982 | 250,471
|  | 1,144,982 | 250,471
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 20 to 39 form part of these financial statements.
The Consolidated Statement of Comprehensive income has been prepared relying on the provisions available under s408 of the Companies Act.
Page 12
DBD ENTERPRISES LIMITED REGISTERED NUMBER: 07655869 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 472,152 |  | 338,033
Tangible assets | 14 |  | 665,648 |  | 601,501
|  |  | 1,137,800 |  | 939,534
Current assets |  |  |  |  |
Stocks | 16 | 2,042,690 |  | 1,955,797 |
Debtors: amounts falling due within one year | 17 | 8,190,435 |  | 6,599,779 |
Cash at bank and in hand | 18 | 716,788 |  | 656,366 |
|  | 10,949,913 |  | 9,211,942 |
Creditors: amounts falling due within one year | 19 | (8,067,481) |  | (6,774,337) |
Net current assets |  |  | 2,882,432 |  | 2,437,605
Total assets less current liabilities |  |  | 4,020,232 |  | 3,377,139
Creditors: amounts falling due after more than one year | 20 |  | (189,384) |  | (115,665)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (152,565) |  | (105,240) |
|  |  | (152,565) |  | (105,240)
Net assets |  |  | 3,678,283 |  | 3,156,234
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 140 |  | 108
Share premium account |  |  | 1,314,241 |  | 1,269,271
Profit and loss account |  |  | 2,363,902 |  | 1,886,855
|  |  | 3,678,283 |  | 3,156,234
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
C S Crouch
Director
Date: 13 July 2026
The notes on pages 20 to 39 form part of these financial statements. Page 13
DBD ENTERPRISES LIMITED REGISTERED NUMBER: 07655869 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  |  | 2025 |  | 2024
| Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 4,916,754 |  | 4,916,754
|  |  | 4,916,754 |  | 4,916,754
Current assets |  |  |  |  |
Cash at bank and in hand | 18 | 685 |  | 350 |
|  | 685 |  | 350 |
Creditors: amounts falling due within one year | 19 | (3,166,214) |  | (2,847,509) |
Net current liabilities |  |  | (3,165,529) |  | (2,847,159)
Total assets less current liabilities |  |  | 1,751,225 |  | 2,069,595
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | - |  | (8,715) |
|  |  | - |  | (8,715)
Net assets excluding pension asset |  |  | 1,751,225 |  | 2,060,880
Net assets |  |  | 1,751,225 |  | 2,060,880
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 140 |  | 108
Share premium account |  |  | 1,314,241 |  | 1,269,271
Profit and loss account |  |  | 436,844 |  | 791,501
|  |  | 1,751,225 |  | 2,060,880
The Company's profit for the year is £313,278 (2024: £286,920) The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
C S Crouch
Director
Date: 13 July 2026
The notes on pages 20 to 39 form part of these financial statements. Page 14
DBD ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 107 | 1,269,271 | 1,939,450 | 3,208,828
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 250,471 | 250,471
Total comprehensive income for the year | - | - | 250,471 | 250,471
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (303,066) | (303,066)
Shares issued during the year | 1 | - | - | 1
Total transactions with owners | 1 | - | (303,066) | (303,065)
At 1 January 2025 | 108 | 1,269,271 | 1,886,855 | 3,156,234
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,144,982 | 1,144,982
Total comprehensive income for the year | - | - | 1,144,982 | 1,144,982
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (667,935) | (667,935)
Shares issued during the year | 32 | 44,970 | - | 45,002
Total transactions with owners | 32 | 44,970 | (667,935) | (622,933)
At 31 December 2025 | 140 | 1,314,241 | 2,363,902 | 3,678,283
| The notes on pages 20 to 39 form part of these financial statements.
Page 15
DBD ENTERPRISES LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 107 | 1,269,271 | 807,647 | 2,077,025
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 286,920 | 286,920
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (303,066) | (303,066)
Shares issued during the year | 1 | - | - | 1
Total transactions with owners | 1 | - | (303,066) | (303,065)
At 1 January 2025 | 108 | 1,269,271 | 791,501 | 2,060,880
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 313,278 | 313,278
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (667,935) | (667,935)
Shares issued during the year | 32 | 44,970 | - | 45,002
Total transactions with owners | 32 | 44,970 | (667,935) | (622,933)
At 31 December 2025 | 140 | 1,314,241 | 436,844 | 1,751,225
| The notes on pages 20 to 39 form part of these financial statements.
Page 16
DBD ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,144,982 | 250,471
Adjustments for: |  |
Amortisation of intangible assets | 128,676 | 120,528
Depreciation of tangible assets | 184,920 | 176,797
Loss on disposal of tangible assets | 4,076 | 766
Interest paid | 236,108 | 188,048
Interest received | (27) | -
Taxation charge | 33,801 | 124,520
(Increase) in stocks | (86,893) | (112,720)
(Increase) in debtors | (1,584,002) | (570,154)
Increase/(decrease) in creditors | 972,100 | (453,808)
Corporation tax (paid)/received | (101,626) | 44,492
Net cash generated from operating activities | 932,115 | (231,060)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (262,795) | (206,009)
Purchase of tangible fixed assets | (259,562) | (116,990)
Sale of tangible fixed assets | 6,416 | 3,000
Interest received | 27 | -
HP interest paid | (14,924) | (7,836)
Net cash from investing activities | (530,838) | (327,835)
Cash flows from financing activities |  |
Issue of ordinary shares | 45,002 | 1
Repayment of other loans | - | (421,778)
Repayment of/new finance leases | 119,903 | 26,590
Dividends paid | (627,935) | (303,066)
Interest paid | (221,184) | (180,212)
Net cash used in financing activities | (684,214) | (878,465)
Net (decrease) in cash and cash equivalents | (282,937) | (1,437,360)
Cash and cash equivalents at beginning of year | (2,500,199) | (1,062,839)
Cash and cash equivalents at the end of year | (2,783,136) | (2,500,199)
Cash and cash equivalents at the end of year comprise: |  |
Page 17
DBD ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash at bank and in hand | 716,788 | 656,366
Bank overdrafts | (3,499,924) | (3,156,565)
| (2,783,136) | (2,500,199)
The notes on pages 20 to 39 form part of these financial statements.
Page 18
DBD ENTERPRISES LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 656,366 | 60,422 | 716,788
Bank overdrafts | (3,156,565) | (343,358) | (3,499,923)
Debt due within 1 year | - | - | -
Related derivatives | - | (119,903) | (119,903)
Finance leases | (207,257) | (119,903) | (327,160)
| (2,707,456) | (522,742) | (3,230,198)
The notes on pages 20 to 39 form part of these financial statements.
Page 19
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
DBD Enterprises Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office is DBD Building, Unit B, Hemel Gateway, Hemel Hempstead, Hertfordshire, England, HP2 7GY. The Group’s principal activity continues to be the distribution of kitchen furniture and appliances to the UK housing market with particular focus on providing a supply and installation service of kitchen appliances from recognized industry leading manufacturers to housebuilders. The principal activity of the Company continued to be that of a holding company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 December 2015.
| 2.3 | Going concern
The Group has made a profit of £1,131,219 for the year ended 31st December 2025 and had net assets at that date of £3,664,520. Based on the forecasts produced and the financial position of the Group, the directors have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the approval of the financial statements. As such, the financial statements have been prepared on a going concern basis. Page 20
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. All amortisation is charged to administrative expenses.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 21
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and using the straight line method. Depreciation is provided on the following basis:
|  |  |  | Long term leasehold property | - | 25% reducing balance / straight line over life of leasehold
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures & fittings | - | 25% reducing balance / 33% straight line
|  |  |  | Computer equipment | - | 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Stocks
Stocks are stated at the lower of cost and the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. Page 22
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a Page 23
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 24
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Foreign currency translation (continued)
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.14 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.16 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.17 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.18 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 25
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgments made that have a significant effect on the amounts recognised in the financial statements. Page 26
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rendering of services | 5,135,631 | 4,135,800
| Sale of goods | 35,809,207 | 27,083,000
|  | 40,944,838 | 31,218,800
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depeciation of tangible fixed assets | 184,921 | 176,797
| Exchange differences | 6,988 | 276
| Other operating lease rentals | 431,120 | 400,195
| Share-based payment | 128,676 | 120,528
| Fees payable to the Group's auditor and its associates for the audit of the Company's annual financial statements | 34,800 | 33,350
| Defined contribution pension cost | 196,861 | 94,951
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements | 34,800 | 33,350
Page 27
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 5,418,381 | 4,716,333
| Social security costs | 668,411 | 473,813
| Cost of defined contribution scheme | 196,862 | 94,951
|  | 6,283,654 | 5,285,097
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 4 | 5 | 4 | 5
|  | Sales and administration | 64 | 71 | - | -
|  | Installation | 23 | 25 | - | -
|  | Drivers and distribution | 27 | 22 | - | -
|  |  | 118 | 123 | 4 | 5
8. | Directors' remuneration
| During the year retirement benefits were accruing to 4 Directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £210,829 (2024 - £120,129).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £2,642 (2024 - £2,642).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 27 | -
|  | 27 | -
Page 28
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 14,924 | 7,836
| Other interest payable | 221,184 | 180,212
|  | 236,108 | 188,048
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | (5,300) | 108,497
| Adjustments in respect of previous periods | (8,224) | -
|  | (13,524) | 108,497
| Total current tax | (13,524) | 108,497
| Deferred tax |  |
| Origination and reversal of timing differences | 47,325 | 16,023
| Total deferred tax | 47,325 | 16,023
| Tax on profit | 33,801 | 124,520
Page 29
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,184,990 | 374,991
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 296,247 | 93,748
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 19,186 | 17,310
| Capital allowances for year in excess of depreciation | 14,539 | 30,563
| Income not taxable for tax purposes | - | (2,513)
| Remeasurement of deferred tax for changes in tax rates | - | 22,670
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | 7,246 | -
| Other differences leading to an increase (decrease) in the tax charge | (35,571) | (32,595)
| Group relief | (8,721) | (4,663)
| Marginal relief | (46) | -
| Share scheme deduction | (259,079) | -
| Total tax charge for the year | 33,801 | 124,520
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 667,935 | 303,066
Page 30
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Intangible assets
| Group and Company
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 1,302,080 | 2,587,676 | 3,889,756
| Additions - internal | 262,795 | - | 262,795
| At 31 December 2025 | 1,564,875 | 2,587,676 | 4,152,551
| Amortisation |  |  |
| At 1 January 2025 | 964,047 | 2,587,676 | 3,551,723
| Charge for the year on owned assets | 128,676 | - | 128,676
| At 31 December 2025 | 1,092,723 | 2,587,676 | 3,680,399
| Net book value |  |  |
| At 31 December 2025 | 472,152 | - | 472,152
| At 31 December 2024 | 338,033 | - | 338,033
| Goodwill was created on the acquisition of the subsidiary companies and is being amortised over a period of 10 years.
Page 31
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
| Group
|  | L/Term Leasehold Property | Motor vehicles | Fixtures & fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 339,245 | 1,068,964 | 411,717 | 293,707 | 2,113,633
| Additions | - | 253,114 | 906 | 5,542 | 259,562
| Disposals | - | (73,294) | - | (1,087) | (74,381)
| At 31 December 2025 | 339,245 | 1,248,784 | 412,623 | 298,162 | 2,298,814
| Depreciation |  |  |  |  |
| At 1 January 2025 | 231,924 | 691,934 | 313,204 | 275,070 | 1,512,132
| Charge for the year on owned assets | 18,764 | 36,569 | 24,698 | 13,705 | 93,736
| Charge for the year on financed assets | - | 91,187 | - | - | 91,187
| Disposals | - | (63,315) | - | (574) | (63,889)
| At 31 December 2025 | 250,688 | 756,375 | 337,902 | 288,201 | 1,633,166
| Net book value |  |  |  |  |
| At 31 December 2025 | 88,557 | 492,409 | 74,721 | 9,961 | 665,648
| At 31 December 2024 | 107,321 | 377,030 | 98,513 | 18,637 | 601,501
Page 32
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Long leasehold | 88,557 | 107,321
|  | 88,557 | 107,321
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 391,224 | 238,711
|  | 391,224 | 238,711
Page 33
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 4,916,754
| At 31 December 2025 | 4,916,754
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| DBD Distribution Limited | Ordinary | 100%
| DBD Contracting Limited | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| DBD Distribution Limited | 5,975,498 | 1,142,659
| DBD Contracting Limited | 868,313 | (6,206)
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 2,042,690 | 1,955,797
|  | 2,042,690 | 1,955,797
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DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Debtors
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 7,708,547 | 6,161,891
| Other debtors | 142,538 | 89,835
| Prepayments and accrued income | 339,350 | 348,053
|  | 8,190,435 | 6,599,779
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 716,788 | 656,366 | 685 | 350
| Less: bank overdrafts | (3,499,924) | (3,156,565) | - | -
|  | (2,783,136) | (2,500,199) | 685 | 350
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 3,499,923 | 3,156,565 | - | -
| Trade creditors | 2,742,451 | 2,627,454 | - | -
| Amounts owed to group undertakings | - | - | 3,126,213 | 2,847,509
| Corporation tax | - | 108,497 | - | -
| Other taxation and social security | 371,211 | 177,892 | - | -
| Obligations under finance lease and hire purchase contracts | 137,776 | 91,592 | - | -
| Other creditors | 40,202 | - | 40,001 | -
| Accruals and deferred income | 1,275,918 | 612,337 | - | -
|  | 8,067,481 | 6,774,337 | 3,166,214 | 2,847,509
| Loans and overdrafts include a factored loan secured by way of a fixed and floating charge over all assets of the Company.
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DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Net obligations under finance leases and hire purchase contracts | 189,384 | 115,665
|  | 189,384 | 115,665
| Amounts under hire purchase agreements are secured over the asset to which each agreement pertains.
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 137,776 | 91,592
| Between 1-5 years | 189,384 | 115,665
|  | 327,160 | 207,257
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DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (105,240) | (89,217)
| Charged to profit or loss | (47,325) | (16,023)
| At end of year | (152,565) | (105,240)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (8,715) | (17,429)
| Charged to profit or loss | 8,715 | 8,714
| At end of year | - | (8,715)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (152,565) | (105,240) | - | (8,715)
|  | (152,565) | (105,240) | - | (8,715)
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DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 120 (2024 - 70) Ordinary shares of £1.00 each | 120 | 70
|  | 15 (2024 - 30) Ordinary B shares of £1.00 each | 15 | 30
|  | 5 (2024 - 5) Ordinary C shares of £1.00 each | 5 | 5
|  | 0 (2024 - 3) Ordinary D shares of £1.00 each | - | 3
|  |  | 140 | 108
The Company has four classes of Ordinary shares. Ordinary and Ordinary C shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. Ordinary B shares have full voting rights attached and the right to receive dividends as declared by the Directors in respect of such shares. Ordinary D shares were issued under an EMI scheme, being the third share issued from a maximum of five outlined in the agreement. The shares have full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. A Director exercised share options to acquire 1 Ordinary D shares of £1 each at a subscription price of £1.00 per share. An Ordinary D share of £1 was issued on 23 February 2024 with the Option holder entitled to exercise an Option over one £1 Ordinary shares each financial year to 2025.
24. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £196,862 (2024: £94,951).
25. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 330,984 | 330,984
| Later than 1 year and not later than 5 years | 1,323,936 | 1,323,936
| Later than 5 years | 27,582 | 358,566
|  | 1,682,502 | 2,013,486
Page 38
DBD ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 26.Other financial commitments There is a multilateral guarantee over bank loans and overdrafts given between DBD Distribution Limited, DBD Contracting Limited and DBD Enterprises Limited.
27. | Related party transactions
| At the year end there were balances owed by/(owed to) the company by the following group companies:
| The Company is the parent of two wholly owned subsidiaries; DBD Distribution Limited and DBD Contracting Limited. The Group has therefore taken advantage of exemptions under Financial Reporting Standard Section 33.1A and so is not required to disclose transactions entered into between the above members of the group. During the year, an entity which is a related party to the Group, by virtue of being controlled by a person who is a close relation of a director of DBD Enterprises Limited, charged the Group for consultancy services amounting to £45,614 (2024: £Nil). At the year end the Group owed this related party £4,500 (2024: £Nil). During the year, a company which is a related party to the Group, by virtue of being a close family member to a director, charged the Group for consultancy services amounting to £23,280 (2024: £22,631). During the year, a director exercised EMI options to purchase 1 (2023: 1) Ordinary £1 D share in DBD Enterprises Limited at an exercise price of £1 per share.
28. | Controlling party
The ultimate controlling party during the prior year and in the current year until 28 March 2025 is S D Firth-Bernard by virtue of his majority shareholding in DBD Enterprises Limited. On 28 March 2025 there was a group restructure and as a result there is no ultimate controlling party from that date.
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