Company registration number 11788633 (England and Wales)
DLMD UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DLMD UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
DLMD UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Investments
3
400,027
400,027
Current assets
Debtors
4
3,409,865
3,373,865
Creditors: amounts falling due within one year
5
(1,012,318)
(1,008,610)
Net current assets
2,397,547
2,365,255
Total assets less current liabilities
2,797,574
2,765,282
Creditors: amounts falling due after more than one year
6
(492,614)
(456,614)
Net assets
2,304,960
2,308,668
Capital and reserves
Called up share capital
7
12,685
12,685
Share premium account
2,317,566
2,317,566
Profit and loss reserves
(25,291)
(21,583)
Total equity
2,304,960
2,308,668

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 27 December 2024 and are signed on its behalf by:
S Gargash
Director
Company registration number 11788633 (England and Wales)
DLMD UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
$
$
$
$
Balance at 1 January 2022
12,685
2,317,566
(12,591)
2,317,660
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(8,992)
(8,992)
Balance at 31 December 2022
12,685
2,317,566
(21,583)
2,308,668
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(3,708)
(3,708)
Balance at 31 December 2023
12,685
2,317,566
(25,291)
2,304,960
DLMD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

DLMD UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF.

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 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 US dollars, 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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
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 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.

DLMD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including loans from fellow group companies 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.

 

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. 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.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.5
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.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
$
$
Shares in group undertakings and participating interests
27
27
Loans to group undertakings and participating interests
400,000
400,000
400,027
400,027

Loans include $400,000 loan notes invested in DLMD Enterprises. The interest rate on the loan is equal to 9% per annum accruing daily based on a 365-day year.

DLMD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
$
$
Unpaid share capital
2,330,251
2,330,251
Other debtors
1,079,614
1,043,614
3,409,865
3,373,865
5
Creditors: amounts falling due within one year
2023
2022
$
$
Amounts owed to group undertakings
27
27
Other creditors
1,008,375
1,004,953
Accruals and deferred income
3,916
3,630
1,012,318
1,008,610
6
Creditors: amounts falling due after more than one year
2023
2022
$
$
Other borrowings
400,000
400,000
Other creditors
92,614
56,614
492,614
456,614
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and not fully paid
Ordinary shares of $1.2685 each
10,000
10,000
12,685
12,685
8
Related party transactions

At the balance sheet date, DLMD UK owed $325,125 (2022: $301,365) to it's parent company, Citta Investments Limited, and $875,254 (2022: $875,254) was due from it's parent company,

 

At the balance sheet date, DLMD UK owed $167,489 (2022: $155,249) to a related party, and $1,454,970 (2022: $1,454,970) was due from a related party.

9
Parent company

The company's immediate parent is Citta Investments Limited, a company incorporated in England and Wales.

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