Company registration number 05543952 (England and Wales)
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
-
0
942,000
Current assets
Debtors
6
6,167
4,917
Cash at bank and in hand
62,391
62,394
68,558
67,311
Creditors: amounts falling due within one year
7
(88,760)
(70,969)
Net current liabilities
(20,202)
(3,658)
Net (liabilities)/assets
(20,202)
938,342
Capital and reserves
Called up share capital
8
21,240,240
21,240,240
Profit and loss reserves
9
(21,260,442)
(20,301,898)
Total equity
(20,202)
938,342

The director of the company has 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 and signed by the director and authorised for issue on 8 July 2024
M Garron Carrillo De Albornoz
Director
Company Registration No. 05543952
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
12,717,037
443,327
13,160,364
Period ended 30 September 2022:
Loss and total comprehensive income for the period
-
(20,745,225)
(20,745,225)
Issue of share capital
8
8,523,203
-
8,523,203
Balance at 30 September 2022
21,240,240
(20,301,898)
938,342
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(958,544)
(958,544)
Balance at 30 September 2023
21,240,240
(21,260,442)
(20,202)
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

DT Global Holdings Emerging Markets UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Harlands Accountants LLP, The Greenhouse, Amos Drive, Greencroft Industrial Park, Stanley, England, 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.

1.2
Going concern

The company is a non trading entity that holds investment in subsidiaries. Despite being in a net current liabilities position there is no reliance on parties external to DT Group and the director has no concern over the company's ability to meet obligations as they fall due. 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. As such the accounts have been prepared on a going concern basis. true

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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.

DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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, and loans from fellow group companies 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.

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
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.

DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

 

 

 

 

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fixed Asset Investments

Fixed asset investment costs are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

 

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

 

 

3
Employees

The company has no employees other than the director, who did not receive any remuneration

2023
2022
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
5
-
0
942,000
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022
942,000
Impairment
(942,000)
At 30 September 2023
-
Carrying amount
At 30 September 2023
-
At 30 September 2022
942,000
5
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
DT Global Emerging Markets UK Ltd
Harlands Accountants Llp The Greenhouse,
Amos Drive, Greencroft Industrial Park,
Annfield Plain, S
Ordinary and
Preference
100.00
Cardno Myanmar
34/L/1, San Yae Twin St., Sasana Yeikthar
Ward, Bahan, Yangon, Myanmar
Ordinary
100.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
6,167
4,917
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
1,500
Amounts owed to group undertakings
73,760
69,469
Accruals and deferred income
15,000
-
0
88,760
70,969

There is no security held and no interest is charged between group companies.

DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
8
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
21,240,240
21,240,240
21,240,240
21,240,240

The Company has one class of ordinary 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.

9
Profit and loss reserves

The profit and loss account represents the cumulative profits and losses of the Company, less the payment of dividends.

10
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
11
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 members of the group that are wholly owned.

12
Ultimate controlling party

The immediate controlling party is DT Global Australia Pty Ltd, (ACN 633607468) of level 15, 33 King William Street, Adelaide SA 5000, a company Incorporated in Australia.

 

However the ultimate controlling party is John DeBlasio Charitable Trust registered in Bermuda.

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