Company registration number 01445342 (England and Wales)
DT GLOBAL EMERGING MARKETS UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DT GLOBAL EMERGING MARKETS UK LTD
CONTENTS
Page
Directors' responsibilities statement
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
DT GLOBAL EMERGING MARKETS UK LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
The directors are responsible for preparing the annual report and the 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 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 company and of the profit or loss of the company 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DT GLOBAL EMERGING MARKETS UK LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
7
812,940
1,089,369
Cash at bank and in hand
38,205
76,458
851,145
1,165,827
Creditors: amounts falling due within one year
8
(119,086)
(216,617)
Net current assets
732,059
949,210
Capital and reserves
Called up share capital
9
6,639,100
6,639,100
Share premium account
10
11,850
11,850
Capital redemption reserve
12
1,000,000
1,000,000
Other reserves
190,790
190,790
Profit and loss reserves
(7,109,681)
(6,892,530)
Total equity
732,059
949,210
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 July 2024 and are signed on its behalf by:
Ms M Garron Carrillo De Albornoz
Director
Company Registration No. 01445342
DT GLOBAL EMERGING MARKETS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 July 2021
6,639,100
11,850
1,000,000
190,790
(5,374,444)
2,467,296
Period ended 30 September 2022:
Loss and total comprehensive income for the period
-
-
-
-
(1,518,086)
(1,518,086)
Balance at 30 September 2022
6,639,100
11,850
1,000,000
190,790
(6,892,530)
949,210
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
-
-
-
(217,151)
(217,151)
Balance at 30 September 2023
6,639,100
11,850
1,000,000
190,790
(7,109,681)
732,059
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information
DT Global Emerging Markets UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Harlands Accountants, The Greenhouse, Amos Drive, Greencroft Industrial Estate, Stanley, Co Durham, DH9 7XN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary 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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel and from transactions and balances arising with 100% group owned entities.
The financial statements of the company are consolidated in the financial statements of DT Global Holding Espana Fundada 2019 SL. These consolidated financial statements are available from its registered office Calle Pedro Teixeira, 8, 4A, Madrid, Espana.
1.2
Going concern
Atruet the time of approving the financial statements, the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company and overall group has sufficient resources and contract pipeline to make sure that the company continue to trade for the foreseeable future. The company's parent undertaking has provided assurance that it will continue to support the company for a period of not less than 12 months from the date of signing the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
1.5
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
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.
Estimates
There are no significant estimates during the year.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,000
25,000
4
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
4,800
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors and Management
1
-
Support staff
1
2
Total
2
2
6
Subsidiaries
The investment in the subsidiary below was held at £nil. (2022 £nil.)
Details of the company's subsidiaries at 30 September 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cardno Emerging Markets (EA) Limited
Kiganjo House, Rose Avenue, Kilimani, P.O.Box 76448-00508, Ground floor, Nairobi, Keyna
Ordinary
100.00
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
254,583
149,168
Gross amounts owed by contract customers
50,158
482,149
Amounts owed by group undertakings
308,967
Other debtors
198,915
455,552
Prepayments and accrued income
317
2,500
812,940
1,089,369
There is no security held and no interest is charged between group companies.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,956
134,588
Taxation and social security
2,524
6,777
Other creditors
34,096
24,350
Accruals and deferred income
66,510
50,902
119,086
216,617
9
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share Capital of £1 each
6,477,250
6,477,250
6,477,250
6,477,250
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference share capital of £1 each
161,850
161,850
161,850
161,850
Total equity share capital
6,639,100
6,639,100
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
9
Share capital
(Continued)
- 9 -
The company has one class of Ordinary shares and one class of Preference shares.
Ordinary shares carry with them voting rights but they do not have any rights to any fixed income or have any other preference attached to them.
Preference shares confer the rights to a preferential dividend at the rate of NIL percent per annum on the amount paid up thereon. The preference shares shall on the winding up or other repayment of capital entitle the holders to have assets of the company, in priority of any other class of share, in paying them pari passu the capital paid on such shares. The preference shares shall not confer the right to any further participation in the profits or assets of the company, and shall not entitle the holders to receive notice of or attend or vote at any general meeting unless it is for resolution for: the winding up of the company or reducing its share capital, the ale of the undertaking of the Company, altering the objects of the Company or varying or abrogating any of the special rights attached to the Preference shares.
10
Share premium account
The share premium account reserve represents the excess of the issue price over the par value on shares that were issued less any transaction cost arising with the issue of the shares.
11
Profit and loss reserves
The Profit and loss reserves represent the cumulative profit and losses of the Company, less the payment of dividends.
12
Capital redemption reserve
This reserve represents the cost of the shares bought back by the Company from shareholders.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Thomas Cooke
Statutory Auditor:
Forvis Mazars LLP
14
Related party transactions
The Company has taken advantage of the exemption available in accordance with Section 33 'Related Party disclosure' of FRS 102 not to disclose transactions entered into between two or more members of the group that are wholly owned.
15
Ultimate Controlling Party
The immediate controlling party is DT Global Australia Pty Ltd, a company Incorporated in Australia, whose registered office is Level 5, 63 Pirie Street, Adelaide SA 5000, Australia.
However, the ultimate controlling party is John DeBlasio Charitable Trust registered in Bermuda.
2023-09-302022-10-01false09 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMs M Garron Carrillo De AlbornozMs B N Kinyanjuifalsefalse014453422022-10-012023-09-30014453422023-09-30014453422022-09-3001445342core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3001445342core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3001445342core:CurrentFinancialInstruments2023-09-3001445342core:CurrentFinancialInstruments2022-09-3001445342core:ShareCapital2023-09-3001445342core:ShareCapital2022-09-3001445342core:SharePremium2023-09-3001445342core:SharePremium2022-09-3001445342core:CapitalRedemptionReserve2023-09-3001445342core:CapitalRedemptionReserve2022-09-3001445342core:OtherMiscellaneousReserve2023-09-3001445342core:OtherMiscellaneousReserve2022-09-3001445342core:RetainedEarningsAccumulatedLosses2023-09-3001445342core:RetainedEarningsAccumulatedLosses2022-09-3001445342core:ShareCapital2021-06-3001445342core:SharePremium2021-06-3001445342core:CapitalRedemptionReserve2021-06-3001445342core:RetainedEarningsAccumulatedLosses2021-06-3001445342bus:Director12022-10-012023-09-3001445342core:RetainedEarningsAccumulatedLosses2021-07-012022-09-30014453422021-07-012022-09-3001445342core:RetainedEarningsAccumulatedLosses2022-10-012023-09-300144534212022-10-012023-09-3001445342bus:PrivateLimitedCompanyLtd2022-10-012023-09-3001445342bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3001445342bus:FRS1022022-10-012023-09-3001445342bus:Audited2022-10-012023-09-3001445342bus:Director22022-10-012023-09-3001445342bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP