REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
DMT Consulting Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
DMT Consulting Limited |
DMT Consulting Limited (Registered number: 00430855) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Statement of Comprehensive Income | 6 |
Balance Sheet | 7 |
Statement of Changes in Equity | 8 |
Notes to the Financial Statements | 9 |
DMT Consulting Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
DMT Consulting Limited (Registered number: 00430855) |
Report of the Directors |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
DMT Consulting Limited is an international consultancy firm offering a broad spectrum of services in the environmental, mining, engineering and energy industries. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The Company has arranged qualifying third party indemnity for all of its Directors. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
DMT Consulting Limited |
Qualified Opinion |
We have audited the financial statements of DMT Consulting Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the effects of the matters described in the Basis for qualified opinion section, the financial statements: |
- give a true and fair view of the state of the company’s affairs as at 31 December and of its 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 qualified opinion |
Included in the trade debtors balance shown on the balance sheet is an amount of £50,317 held as due from a debtor which has entered liquidation after the year end. The company has no security for this debt. On the basis that no security has been obtained and no cash has been received on the debt, in our opinion the company should make a full provision for impairment of £50,317 reducing profit before taxation for the year and net assets at 31 December 2023 by that amount. |
A balance held with the same customer of £23,743 is held in work-in-progress as at 31 December 2023. In our opinion, this balance should be written off as part of the provision outlined above. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Report of the Independent Auditors to the Members of |
DMT Consulting Limited |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
Except for the matters outlined in our basis for opinion, we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- the 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; or |
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- Reviewing minutes of meetings of those charged with governance; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
DMT Consulting Limited |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
DMT Consulting Limited (Registered number: 00430855) |
Statement of Comprehensive |
Income |
for the year ended 31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £'000 | £'000 |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING (LOSS)/PROFIT | ( |
) |
Interest receivable and similar income |
6 | 50 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION | 6 |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
DMT Consulting Limited (Registered number: 00430855) |
Balance Sheet |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
DMT Consulting Limited (Registered number: 00430855) |
Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£'000 | £'000 | £'000 |
Balance at 1 January 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 | ( |
) |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
DMT Consulting Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; |
• | the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
• | the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations; |
• | the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
• | the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year as set out below: |
Investments |
Investments are considered annually for impairment. Determining whether a fixed asset is impaired requires an estimation of the value in use of the cash generating investment, which requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate the present value. The carrying amount of fixed asset investments at the balance sheet date is considered appropriate with no impairment required. |
Recoverability of trade debtors |
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. See note 10 for the net carrying amount of the receivables and associated impairment provision. |
Lease liability interest on right of use assets |
The weighted average incremental borrowing rate used to measure the lease liability at initial application was 1.84%. This rate has been used as being representative of current open market borrowing rates for the type of asset. A +/-1 % change in the weighted average incremental borrowing rate used to measure the initial lease liability would have an impact of+/- £2,000 on the total right of use asset value. |
Tangible fixed assets |
Determine whether there are indicators of impairment of the Company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Tangible fixed assets are depreciated over their useful lives taking into accounts residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the value of all activity undertaken during the period, including expenses, and excluding value added tax. |
Turnover represents the total amounts receivable by the Company for services provided, excluding value added tax and trade discounts. In line with IFRS 15 Revenue from Contracts with Customers, the Company recognises revenue based on the application of a principles-based "five-step" model. Only when the five steps are satisfied is revenue recognised. In both of these cases the Company recognises revenue over time in line with IFRS 15, in proportion to the value of the consideration due for the work performed. |
Contracts |
Attributable profit on contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project. |
Amounts recoverable on contracts represents the value of work down at the lower of cost plus attributable profit and net realisable value, for which no invoice has been raised, but which is reflected within activity in the Statement of comprehensive income. |
Full provision is made for losses on all contracts in the period in which the loss is first foreseen. |
When cumulative payments on account exceed work done for a contract, the excess is included in creditors as payments received on account. |
The nature of the Company's contracts are: |
(a) Consultancy services |
The Company provides consultancy services to clients in the mining sector. In this instance, the client simultaneously receives and consumes the benefits provided by the Company as it performs the service. |
(b) Reports |
The Company produces reports for clients, including but not limited to due diligence reports and feasibility studies. In this case, the Company's performance creates an asset for which the Company does not have an alternative use, and the Company has an enforceable right to be paid for work completed to date. |
Revenue represents the total amounts receivable by the Company for services provided, excluding value added tax and trade discounts. In line with IFRS 15 Revenue from Contracts with Customers the Company recognises revenue based on the application of a principles-based "five-step" model. Only when the five steps are satisfied is revenue recognised. In both of these cases the Company recognises revenue over time in line with IFRS 15, in proportion to the value of the consideration due for the work performed. |
Tangible fixed assets |
Right of use assets | - |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Operating leases |
At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. |
When a lease is identified in a contract the Company recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease prepayments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those of property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain re measurements of the lease liability. |
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. The lease liability is subsequently measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. |
The Company presents right of use assets and lease liabilities separately in the Statement of financial position. The Company has elected not to recognise right of use assets and lease liabilities for short term leases that have a lease term of 12 months or less and leases of low-value assets, including IT equipment. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. |
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. |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade and other receivables |
Trade and other receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non current assets. |
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. |
The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. |
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. |
Creditors |
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. |
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 the Statement of comprehensive income. |
Pensions |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. |
Government grants |
Government grants received on capital expenditure are initially recognised within deferred income on the Company's Statement of financial position and are subsequently recognised in the Statement of comprehensive income on a systematic basis over the useful life of the related capital expenditure. |
Grants for revenue expenditure are presented as part of the Statement of comprehensive income in the periods in which the expenditure is recognised. |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Borrowing costs |
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31/12/23 | 31/12/22 |
£'000 | £'000 |
United Kingdom |
Europe |
Rest of the world |
4. | EMPLOYEES AND DIRECTORS |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Wages and salaries | 823 | 694 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/12/23 | 31/12/22 |
Administration | 4 | 4 |
Technical | 9 | 8 |
31/12/23 | 31/12/22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31/12/23 | 31/12/22 |
£ | £ |
Emoluments etc | 125,838 | 137,434 |
Pension contributions to money purchase schemes | 7,200 | 7,886 |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Other interest | 4 | 4 |
Other charges includes: |
The fair value as at 31 December 2023 of the financial liability recognised during the year £Nil (2022 -£Nil). |
The finance costs associated with the implementation of IFRS16 of £4,000 (2022 - £4,000). |
6. | PROFIT BEFORE TAXATION |
The profit before taxation is stated after charging: |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences |
Defined contribution pension cost | 40 | 35 |
7. | TAXATION |
Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Factors affecting the tax expense |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Profit before income tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
1 |
9 |
Effects of: |
tax purposes |
for changes in tax rates |
forward |
Utlisation of tax losses | (1 | ) | (9 | ) |
Tax expense |
There are losses amounting to approximately £295,000 (2022 - £337,000) which are available |
to be surrendered or carried forward and offset against future profits. No deferred tax asset is recognised in view of the uncertainty over its recovery. |
If all of the deferred tax asset were to be recognised at the current tax rate of 25%, an unrecognised asset of £73,750 would be held. |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Right of | Fixtures |
use | and | Computer |
assets | fittings | equipment | Totals |
£'000 | £'000 | £'000 | £'000 |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | INVESTMENTS |
Unlisted |
investments |
£'000 |
COST |
At 1 January 2023 |
and 31 December 2023 | 334 |
NET BOOK VALUE |
At 31 December 2023 | 334 |
At 31 December 2022 | 334 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Unit No-ESNT3B0203, 2nd Floor, Block-3B, Ecospace Business Park, Premises no-llF/11, Action Area II, New Town, Rajarhat, Kolkata - 700156 India. |
Nature of business: |
% |
Class of shares: | holding |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract | 1,072 | 337 |
Other debtors |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Trade debtors are shown net of a provision of £12,000 (2022 - £672,000). The movement of £660,000 offsets a similar amount within trade debtors that the Directors have now written off. There is no impact on the results for the year. |
The amount recognised in the Statement of comprehensive income in respect of the provision against trade debtors was £Nil (2022 - £Nil). |
Other classes of financial assets included within trade and other receivables do not contain impaired assets. The Company does not hold any collateral in respect of the above balances. They relate to customers with no default history. The carrying value of trade receivables classified at amortised cost approximates fair value. |
The Company applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and ageing. |
The expected loss rates are based on the Company's historical credit losses experienced over the three year period prior to the period end. The historical loss rates are then adjusted for current and forward looking information affecting the Company's customers. |
At 31 December 2023 the lifetime expected credit loss provision for trade receivables and contract assets is as follows: |
Past due by | Past due by | Past due by |
30 days or | 60 days or | 120 days or |
Total | Current | more | more | more |
£ | £ | £ | £ | £ |
Expected loss rate (%) | 0.0% | 0.0% | 0.0% | 4.7% |
Gross carrying amount | 633 | 196 | 72 | 110 | 255 |
Loss provision | 12 | 12 |
The comparative amounts for the prior period are as follows: |
Past due by | Past due by | Past due by |
30 days or | 60 days or | 120 days or |
Total | Current | more | more | more |
£ | £ | £ | £ | £ |
Expected loss rate (%) | 0.0% | 0.0% | 0.0% | 92.6% |
Gross carrying amount | 1,286 | 132 | 101 | 327 | 726 |
Loss provision | 672 | 672 |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Bank loans and overdrafts (see note 13) |
Leases (see note 13) |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Bank loans (see note 13) |
Leases (see note 13) |
13. | FINANCIAL LIABILITIES - BORROWINGS |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Current: |
Bank loans |
Leases (see note 14) | 33 | 40 |
Non-current: |
Bank loans - 1-2 years |
Leases (see note 14) | 72 | 104 |
Terms and debt repayment schedule |
1 year or |
less | 1-2 years | 2-5 years | Totals |
£'000 | £'000 | £'000 | £'000 |
Bank loans | 10 | 4 | 24 |
Leases | 33 | 33 | 39 | 105 |
43 | 43 | 129 |
The Company has taken the advantage of the government bounce back loan scheme (BBLS) to support businesses through the COVID-19 pandemic with 0% interest for the first 12 months. |
The bank loan is unsecured on and carries interest at a fixed rate of 2.5%. Repayments of the loan are due to commence in June 2021 with the final payment in June 2026. |
14. | LEASING |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
14. | LEASING - continued |
Lease liabilities |
Minimum lease payments fall due as follows: |
31/12/23 | 31/12/22 |
£'000 | £'000 |
Gross obligations repayable: |
Within one year | 33 | 40 |
Between one and five years | 72 | 104 |
105 | 144 |
Finance charges repayable: |
Net obligations repayable: |
Within one year | 33 | 40 |
Between one and five years | 72 | 104 |
105 | 144 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £'000 | £'000 |
Ordinary | 1 | 433 | 433 |
16. | RESERVES |
Retained |
earnings |
£'000 |
At 1 January 2023 | ( |
) |
Profit for the year |
At 31 December 2023 | ( |
) |
17. | PENSION COMMITMENTS |
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,000 (2022 - £35,000). Contributions totalling £8,000 (2022 - £13,000) were payable to the fund at the financial position date. |
DMT Consulting Limited (Registered number: 00430855) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
18. | RELATED PARTY DISCLOSURES |
During the year the Company entered into the following transactions with DMT Consulting (Private) Limited, which the Company owns a 51% shareholding in. |
Purchases £261,000 (2022 - £81,000). |
At the year end the amount owed to DMT Consulting (Private) Limited was £244,000 (2022 - £39,000). |
At the year end the amount owed from DMT Consulting (Private) Limited was £13,716 (2022 - £Nil). |
19. | ULTIMATE CONTROLLING PARTY |
The intermediate parent company is DMT GmbH & Co. KG, a company incorporated in Germany. The ultimate parent company of DMT Consulting Limited is T0V NORD AG, a company incorporated in Germany. Group accounts may be obtained from T0V NORD AG whose registered address is: TOV NORD GROUP, Am TOV 1, 30519 Hannover, Germany. |