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Registered number: 12403673










DIRECT MARKET ACCESS UK LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
DIRECT MARKET ACCESS UK LTD
REGISTERED NUMBER: 12403673

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
50,000
50,000

  
50,000
50,000

Current assets
  

Debtors: amounts falling due within one year
 5 
61,836
29,832

Cash at bank and in hand
 6 
607
9,536

Current liabilities
  
62,443
39,368

Creditors: amounts falling due within one year
 7 
(20,962)
(32,257)

Net current assets
  
 
 
41,481
 
 
7,111

Total assets less current liabilities
  
91,481
57,111

  

Net assets
  
91,481
57,111


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
91,480
57,110

  
91,481
57,111


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R J Willers
Director

Date: 5 March 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
DIRECT MARKET ACCESS UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
1
57,110
57,111



Profit for the year
-
34,370
34,370
Total comprehensive income for the year
-
34,370
34,370


At 30 June 2024
1
91,480
91,481


The notes on pages 3 to 7 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
1
17,604
17,605



Profit for the year
-
39,506
39,506
Total comprehensive income for the year
-
39,506
39,506


At 30 June 2023
1
57,110
57,111


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
DIRECT MARKET ACCESS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Direct Market Access UK Ltd is a private company, limited by share capital and incorporated in England and Wales. The registered office of the Company is 2 Communications Road, Greenham Business Park, Newbury, Berkshire, England, RG19 6AB.
The principal activity of the business is Financial intermediation & Fund management activities. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date the Company had net assets of £91,481 (2023: £57,111) and made a profit for the year of £34,370 (2023: £39,506). The Directors have considered the appropriateness of the going concern basis of preparation of the financial statements taking into account:
- The Company's financial performance and current financial position
- Future trading prospects
- The continued support provided by the parent company SCM DMA (Pty) Ltd
The Directors have concluded that, whilst mindful of inherent uncertainties, they are confident that the Company has sufficient financial resources and support from the parent company to continue operating as a going concern for the foreseeable future and, accordingly, have concluded that it remains appropriate to prepare the financial statements on a going concern basis. In reaching this conclusion, the Directors have considered a period of not less than 12 months from the date of approving these financial statements.

 
2.3

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.

Page 3

 
DIRECT MARKET ACCESS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
DIRECT MARKET ACCESS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
3
3


4.


Fixed asset investments





Investments in subsidiary

£



Cost or valuation


At 1 July 2023
50,000



At 30 June 2024
50,000





Subsidiaries


The following is a subsidiary of the Company:


Name

Registered office

Class of shares

Holding

DMA Moneybetter Limited
Unit 2.04 53 Duke Street, London, United Kingdom, W1K 5NR
Ordinary
100%


5.


Debtors

2024
2023
£
£


Amounts owed to group companies
58,008
21,700

Prepayments and accrued income
3,828
8,132

61,836
29,832


Page 5

 
DIRECT MARKET ACCESS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
607
9,536



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,158
4,800

Corporation tax
8,704
21,641

Other taxation and social security
-
1,916

Accruals and deferred income
11,100
3,900

20,962
32,257



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) ordinary shares of £0.01 each
1
1



9.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
21,600
25,920

21,600
25,920


10.


Related party transactions

As a wholly owned subsidiary, the Company is exempt from disclosing transactions with 100% owned members of the group headed by SCM DMA (Pty) Ltd in accordance with FRS102 paragraph 33.1A. 


11.


Controlling party

The ultimate parent company of Direct Market Access UK Ltd is SCM DMA (Pty) Ltd. The registered office of SCM DMA (Pty) Ltd is 48 Seventh Ave, Parktown North, Johannesburg, South Africa, 2193.

Page 6

 
DIRECT MARKET ACCESS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 10 March 2025 by Alan Poole BA (Hons) FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston.

Page 7