Company registration number 14385797 (England and Wales)
DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
19,941
22,493
Current assets
Debtors
6
619,870
567,250
Cash at bank and in hand
504,921
241,897
1,124,791
809,147
Creditors: amounts falling due within one year
7
(584,670)
(336,699)
Net current assets
540,121
472,448
Net assets
560,062
494,941
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
559,862
494,741
Total equity
560,062
494,941

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 August 2026 and are signed on its behalf by:
A Koerling
Director
Company registration number 14385797 (England and Wales)
DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Delfin Private Office International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor, 25 Bury Street, London, SW1Y 6AL.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Where services have only been partially completed at the balance sheet date, turnover represents the value of the estimated services provided to date based on the proportion of the total expected consideration at completion. Where services are invoiced in arrears, such amounts are recorded as accrued income and included within debtors falling due within one year.

1.4
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:

Plant and equipment
25% 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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

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

DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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.

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 company after deducting all of its liabilities.

DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
Taxation

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

Current tax

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

Deferred tax

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

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

1.10
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.

DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

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

1.12
Leases
As lessee

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Comparative

During the year, the directors reviewed the classification of certain compliance costs and concluded that their inclusion within administrative expenses more appropriately reflects the nature of the costs incurred. Accordingly, £32,375 previously included within direct costs in the comparative period has been reclassified to administrative expenses. This reclassification has no impact on profit, net assets or equity as previously reported.

4
Employees

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

2025
2024
Number
Number
Total
6
6
DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025
28,438
Additions
5,687
At 31 December 2025
34,125
Depreciation and impairment
At 1 January 2025
5,945
Depreciation charged in the year
8,239
At 31 December 2025
14,184
Carrying amount
At 31 December 2025
19,941
At 31 December 2024
22,493
6
Debtors
2025
2024
as restated
Amounts falling due within one year:
£
£
Trade debtors
133,975
41,832
Other debtors
485,895
525,418
619,870
567,250
7
Creditors: amounts falling due within one year
2025
2024
as restated
£
£
Trade creditors
145,679
98,173
Corporation tax
235,431
151,739
Other creditors
203,560
86,787
584,670
336,699
8
Related party transactions

T he company traded with an entity that the company's ultimate controller has significant influence over. During the year the company incurred r ent and purchases of £164,401 (2024: £206,324) and invoiced sales and re charge d expenses of £2,345 (2024: £3,040). At 31 December 2025, the company was owed £2,799 (2024: £N il) and owed £606 (2024: £48,748) to the related part y. The balances are unsecured, interest free and repayable on demand.

DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
9
Directors' transactions

Dividends totalling £594,547 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

At 31 December 2025, amounts due to the directors totalled £96,2 58 (2024: £7,565). The balance is included within other creditors and is unsecured, interest-free and repayable on demand.

Advances
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director 1
-
58,742
(58,742)
-
Director 2
-
62,666
(62,666)
-
121,408
(121,408)
-
10
Prior period adjustment
Reconciliation of changes in equity
1 October
31 December
2023
2024
£
£
Adjustments to prior year
Reversal of goodwill amortisation
-
306,465
Reversal of directors' remuneration
-
25,140
Reversal of dividend
-
52,400
Issued of ordinary shares
-
100
Total adjustments
-
384,105
Equity as previously reported
100
110,836
Equity as adjusted
100
494,941
Analysis of the effect upon equity
Share capital
-
100
Profit and loss reserves
-
384,005
-
384,105
DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Reversal of goodwill amortisation
306,465
Reversal of directors' remuneration
25,140
Total adjustments
331,605
Profit as previously reported
163,136
Profit as adjusted
494,741
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2024
£
£
£
Fixed assets
Goodwill
5,822,827
(5,822,827)
-
Current assets
Debtors due within one year
453,407
113,843
567,250
Creditors due within one year
Trade and other creditors
(481,317)
296,357
(184,960)
Creditors due after one year
Other creditors
(5,796,732)
5,796,732
-
0
Net assets
110,836
384,105
494,941
Capital and reserves
Share capital
100
100
200
Profit and loss reserves
110,736
384,005
494,741
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2024
£
£
£
Administrative expenses
(1,186,878)
331,605
(855,273)
Profit for the financial period
163,136
331,605
494,741
DELFIN PRIVATE OFFICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Prior period adjustment
(Continued)
- 9 -
Notes to reconciliation

During the year, the company identified errors in the accounting treatment applied in previous periods. Accordingly, prior period adjustments have been recognised to restate the comparative figures.

The adjustments relate to:

- the reversal of internally generated goodwill that had been incorrectly recognised in the financial statements for the period ended 31 December 2024. Internally generated goodwill does not meet the recognition criteria under FRS 102;

- the reversal of amortisation previously charged on the internally generated goodwill. Following the derecognition of the goodwill, the related amortisation expense is no longer required and has been reversed through the prior period adjustment;

- the reversal of amounts credited to the directors' loan accounts in respect of the internally generated goodwill, dividends and accrued directors' remuneration, which had been incorrectly recognised in prior periods;

- the reversal of a dividend that had been recognised before it had been properly authorised. As the dividend was approved after the reporting date, it did not meet the recognition criteria at the balance sheet date;

- the reversal of directors' remuneration accrued at the period end where no present obligation existed at the reporting date; and

- the recognition of share capital issued by the company that had not previously been recorded in the financial statements.

The comparative figures have been restated to reflect these corrections. The effect of the prior period adjustments on the company's financial position and results has been recognised in accordance with FRS 102 Section 10, Accounting Policies, Estimates and Errors.

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