DT Global International Development UK Ltd
Registered number: 02651349
Annual Report
For the year ended 30 September 2024
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
COMPANY INFORMATION
|
|
|
|
|
M Garron Carrillo De Albornoz
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants & Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
CONTENTS
|
|
|
|
|
|
Independent Auditor's Report
|
|
Statement of Comprehensive Income
|
|
Statement of Financial Position
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Directors present the Strategic Report for year ended 30 September 2024.
Financial results including Key Performance Indicators
DT Global International Development UK Limited (DT Global UK), is an international development consultancy based in London. It is part of the international DT Global Group of companies that has a stated goal of positively impacting on 500 million lives by 2045.
The business partners with communities, governments, aid organisations and the private sector, to maximise sustainable development impact across a wide range of practice areas. These include Conflict Prevention, Stabilisation & Transition; Economic Growth; Environment & Infrastructure; Governance; Human Development; and Innovation programming.
The financial performance of the company has been monitored against the following financial key performance indicators: total turnover, gross profit, administrative expenses, and profit before taxation. The financial performance for the period is set out in the following table:
|
1 October 2023 to 30 September 2024
12 months
|
1 April 2022 to 30 September 2023
18 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Since the acquisition of the company (formerly known as IMC Worldwide Limited) in April 2022, by DT Global, the Directors and management have worked hard to stabilise the business, clear historical project issues and position the company ready for the reopening of the Foreign, Commonwealth & Development Office’s (FCDO) pipeline. Losses have been significantly reduced from the previous period (a loss of £558k compared with a loss of £3m in the previous period) and with the continued support of the DT Global Group, the business remains on a trajectory to return to profit in 2025.
A key highlight for the year to 30 September 2024 was securing contracts for the FCDO Global Development and Delivery (GDD) Frameworks. We achieved 100% success against the tenders we submitted, being awarded as Lead Contractor four High Value Lots (future tenders with a value of between £7m and £100m). We were also successful in securing a sub/partner role on another four Low Value Lots (future tenders with a value up to £7m). These were crucial pursuits with the FCDO signaling that the GDD Framework would be used as a principal route-to-market for most future procurements.
Following the establishment of the GDD Framework contracts, the FCDO procurement pipeline was slower to flow than anticipated, limiting opportunity to participate in active tenders. However, the flagship FCDO Nepal Local Infrastructure Support Programme (LISP) did come to market. This was a priority pursuit for the business, and whilst there were significant client-side delays to this procurement, we were advised on 5 September 2024 that we were successful in this tender. LISP is a £19.5m, 57-month programme that will commence in November 2024.
- 1 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Financial results including Key Performance Indicators (continued)
|
In addition, on 27 October 2024, the company was advised that it had won a £25m FCDO tender in relation to a Green Urban Growth Project in Somalia. This project commences in January 2025 and runs through to mid-2030. It also has the possibility of a 2-year extension, with the potential to increase the value of the project by a further £25m.
DT Global UK maintains a ‘balanced diversification’ approach to its portfolio. Whilst the priority is FCDO programming, as the most significant addressable market, strategic and tactical diversification decisions are made where we can expand existing programming into new markets or with new clients and leverage the whole of DT Global Group’s global footprint.
DT Global UK continues to be a Key Strategic Supplier to the FCDO, something that the business takes immense pride in. Through this, the business focuses on honouring its commitment to adding value to the UK International Development Programming in partnership with the FCDO. Our performance has been recognised by FCDO evidenced through their bi-annual performance scorecards that rated every FCDO program we manage as good to very good.
By the commencement of the year, the DT Global Group’s Chief Strategy Officer was in place in a dual role as the Managing Director of the UK business, as was a new Finance Director who was appointed during the prior reporting period. These appointments brought substantial experience to the business and have enabled significant re-engagement with the FCDO and material changes to the finance and accounting systems within the business.
The most significant challenge during the year to 30 September 2024, which was true for the previous reporting period, was the enduring, now near four-year delay in FCDO opportunities being consistently released to market. The consequence of this has been felt broadly across the market, not just by DT Global UK. Throughout the year, the Directors and Management executed a new strategy, consistent with the internal strategic business review completed towards the end of the previous reporting period. This strategy remains focused on a strong product, market, and client mix, and the workforce shape and composition to both navigate the market lull, as well as strengthen the business for a sustainable future. Early in the reporting period, several workforce changes were made, resulting in some personnel exiting the business, some new, strategic hires aligned to the future business focus, and a realignment of roles and functions across the business.
Principal risks and uncertainties
|
While the FCDO pipeline appears to gradually be opening, there is still some concern that a consistent pipeline flow may not be certain. A change of UK government during the year caused delays as new Ministers got across their new portfolios. In addition, the incoming government has announced new reviews into the International Development programme, the outcomes of which always have the potential to create some deviation from business as usual. Similarly, since taking office, the new government has made it clear there are budget pressures and that this includes pressure on the International Development programme budget.
Focusing on our people remains as a priority. Our staff are essential to DT Global UK’s success and as such the company must attract and retain the best staff with the right skills and experience. To do this the company continues to focus on supporting and developing its people, nurturing a strong can-do, enthusiastic, and team-based learning culture throughout its operations.
Clear risks present in working in fragile and conflicted states. The world’s poorest and most vulnerable people often live in fragile and conflicted states and as such the company is committed to helping these people in these territories. To ensure the safety and security of its employees and contractors the company undertakes risk assessments and implements project specific security and health and safety processes and procedures.
- 2 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
With a focus on growth comes a priority to responsibly manage working capital requirements. The clients of the company are increasingly requiring a payments-by results or milestone-based payments contract which requires pre-financing and capital being tied up on contracts for longer periods of time before it can be invoiced and paid. In response the company monitors cash flow on a regular basis and undertakes an action review of all debtors and work in progress on at least a monthly basis.
The company will continue to prioritise cash flow and working capital so that it can meet the evolving requirements of our clients regarding payments-by-results, milestone-based payments and capital works pre-financing.
After a period of re-organisation and restructuring, and with the confirmed backing of DT Global Group, the company is now in a strong position to leverage the opening of the FCDO Overseas Development Aid (ODA) pipeline as well as the pipeline from other ODA Donors.
Section 172 (1) statement
|
In accordance with the provisions of The Companies (Miscellaneous Reporting) Regulations 2018, DT Global UK is required to include a statement in its Strategic Report describing how the Directors have had regard to the matters set out in S172 (1) (a) – (f) of the Companies Act 2006 for the period ending 30 September 2024.
The company remains focused on engaging with its stakeholders and understanding the main issues to make informed decisions at Board level. The Board considers any impact that decision may have on its stakeholders and to the matters detailed in paragraph a-f of Section 172 of the Companies Act 2006.
The company's Board of Directors consider the likely consequences of any decision in the long term through risk assessment, mitigation and management of the controls, systems, and processes in place. The company also has sophisticated forecasting, business planning, project management and reporting systems and procedures in place.
The relationships with stakeholders are considered by the Board of Directors when making decisions and the impact these decisions may have on stakeholders. Below are DT Global UK’s key stakeholders and how the company engages with them. The Directors understand that not every decision they make will result in a positive outcome for all stakeholders. However, they aim to always take them into consideration alongside the company’s purpose, values, and strategic priorities.
Employees - Our people are essential to our success. To attract and retain the best people, the company continually looks for effective ways to engage with and reward its employees. It offers a wide range of flexible benefits, including healthcare and pension plans. The company acts to protect jobs by pursuing a profitable growth strategy, managing costs tightly ensures that resources are best deployed. The company is committed to increasing employee engagement and involvement through; a monthly Managing Director check-In including an open Q&A session; employee opinion surveys; and open and transparent two-way communication between the company and its employees. Through these forums and channels employees have opportunities to express their views and opinions on company strategy, direction, and decisions. Employees are made aware of the financial performance of the company via the above forums and channels, email updates, all employee meetings, etc.
- 3 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Section 172 (1) statement (continued)
|
During the reporting period, Directors met monthly at Executive Leadership team meetings and to discuss the business in detail, including initiatives related to employees. In between these routine meetings the Managing Director has frequent ad hoc meetings with the People team and employees.
Customers - Our customers are a key part of our business, and our people talk to them every day to understand their concerns and to work with them to support mutual goals. The company aims to exceed our customer expectations every time and makes it business decisions accordingly. We appoint Project Directors to all our projects who liaise with senior customer representatives and respond positively to their concerns, requests, and feedback.
Suppliers - Our subconsultants, partners and independent consultants are fundamental to our business. Our strong long-term working relationships with our suppliers are important to ensure the efficiency of the company’s operations and we pride ourselves on working fairly with all our suppliers.
Beneficiaries - A key part of our culture is recognising that our beneficiaries are the governments and people that benefit from our work and society in general. We put these groups at the centre of what we do. We always aim to deliver positive impacts for our beneficiaries in all our work. Each contract we enter for a programme we are to manage, clearly identifies the relevant stakeholders for the programme, guiding how we should engage. This will often include some formal structures that also includes the client. Increasingly in contracts, specific KPIs are set relating to strategic partnerships and stakeholder relations, ensuring we maintain this focus. e.g. “Ensure good access is maintained across government departments, private sector and civil society with evidence or work progressing from key stakeholders.”
The community - We recognise the importance of having strong working relationships with our local communities around all our company and overseas project offices. Our approach ensures alignment with client’s commitment to social value creation and supply chain strengthening throughout programme implementation. Our obligation is to foster co-creation and demonstrate capacity and readiness to influence staff, suppliers, customers and communities throughout the delivery of the contract to support the programme outcome e.g., through proactive engagement, iterative co-design, capacity-building across the delivery chain and with external stakeholders, partnering/collaborating.
Environment - We strive to make the world a better place. Much of our work is focused on reducing the impacts of and adapting to climate change, waste and water management, resilient infrastructure, plastics reduction, etc.
As a company we know that integrity, hard work, quality, and responsibility are key to building our business. On that basis, we strive to maintain a reputation for high standards of business conduct when acting with all our stakeholders.
This report was approved by the Board and signed on its behalf by:
- 4 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Directors present their report and the audited financial statements for the year ended 30 September 2024.
The principal activity of the company is technical and programme management of international aid and development activities.
The loss for the year, after taxation, amounted to £558,000 (2023: loss of £2,971,000).
The Directors do not recommend the payment of a dividend for the year (2023: £nil).
The Directors who served during the year and to the date of this report were:
G English (resigned 30 June 2024)
|
M S Dunn (appointed 30 June 2024)
|
|
M Garron Carrillo De Albornoz
|
Directors' responsibilities statement
|
The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙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 to 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.
- 5 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Qualifying third party indemnity provisions
|
The company has made qualifying third-party indemnity provisions for the benefit of its Directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the year.
Risk management
The Directors regularly review the financial requirements of the company and the risks associated therewith. The company does not use complicated financial instruments. The company's operations are primarily financed from permanent equity together with borrowings from the DT Global Group as a part of a global Treasury arrangement. In addition the company has other financial instruments such as trade debtors and trade creditors that directly arise from the company's operations.
Liquidity risk
The company compiles regular cashflow forecasts to ensure it has sufficient funds available to meet its day to day operations and to fund growth opportunities. The forecasts identify the company's liquidity requirements are reviewed on a regular basis by local and group management. Where gaps are identified, funding requests are made to the DT Global Treasury team and transfers are made to manage the gaps.
Interest rate risk
The company no longer has any bank debt and as such is protected from any Bank of England base rate changes. There is no interest payable on loans or cash transfers provided as part of the DT Global Group Treasury function.
The Directors have assessed the company's ability to continue as a going concern and, given the support indicated from the Executive Leadership Team of the DT Global Group through the provision of a letter of support from the company's immediate parent, they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the Directors considered the strength of the DT Global Group, the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the Directors are satisfied that the company will continue as a going concern and so the financial statements have been prepared on this basis.
Greenhouse gas emissions, energy consumption and energy efficiency action
|
The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
Matters covered in the Strategic Report
|
The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the company's Strategic Report information required by Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. Certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report. These matters include future developments.
- 6 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Disclosure of information to auditor
|
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the company's auditor is unaware; and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Audit qualification in relation to confirmation of bank account closure
Investigations into the collapse of Patisserie Valeria in the UK in 2018 led to a significant increase in the level of auditors’ scrutiny of current and old company bank accounts.
As a result, our auditors requested that we obtain confirmation of closure from any bank account that was listed on the company ledgers regardless of how old they were.
The difficulty in obtaining these confirmations has been amplified by the age of the accounts and the availability of signatories because of significant staff restructuring rounds following the COVID pandemic and the subsequent acquisition of the company by DT Global.
The table below provides an explanation of the work that has been carried out to address the request from the auditors.
Whilst the directors fully understand and take seriously their responsibilities to maintain proper accounting records, a view has been taken to balance the time required to obtain these retrospective confirmations against the time necessary to move the business forward and return it to profitability.
|
|
|
|
Balance at
30
September
2024
|
|
|
|
|
|
|
We believe that this account was closed >10yrs ago. There have been no transactions posted during the period. All signatories have since left the business. We have made contact by phone and asked for Co-Op to email our auditors with a confirmation that we no longer hold a bank account with them. Each time we have been told that they are unable to help as we currently do not have an account with them.
|
|
|
|
|
|
We believe that this account was closed >10yrs ago. There have been no transactions on the company ledgers during the period. All signatories have since left the business. We have made contact by phone and asked for Co-Op to email our auditors with a confirmation that we no longer hold a bank account with them. Each time we have been told that they are unable to help as we currently do not have an account with them.
|
- 7 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
|
Balance at
30
September
2024
|
|
|
|
|
|
|
Records indicate that this account was closed around May 2020. There have been no transactions posted during the period. All signatories have since left the business. We have made contact by phone but have been unable to get independent confirmation from Capital One that the account has been closed.
|
|
|
|
|
|
The last project in Zambia finished in 2020 and we are no longer active in the country. There have been no transactions posted during the period. All signatories have since left the business. We have been unable to get independent confirmation from First Alliance that the account has been closed as numerous emails have gone unanswered.
|
|
|
|
|
|
The last project in Zambia finished in 2020 and we are no longer active in the country. There have been no transactions posted during the period. All signatories have since left the business. We have been unable to get independent confirmation from First Alliance that the account has been closed as numerous emails have gone unanswered.
|
|
|
|
|
|
The last project in Vietnam finished in 2014 and we are no longer active in the country. There have been no transactions posted during the period. All signatories have since left the business. As a result, we have been unable to get independent confirmation from Standard Chartered Bank that the account has been closed. We have provided Forvis Mazars with copies of the written confirmation from Standard Chartered Bank, dated in 2014, but Forvis Mazars have requested independent confirmation. All emails sent to Standard Chartered Bank requesting an up-to-date confirmation have gone unanswered.
|
|
|
|
|
|
Records indicate that this is an old account as there have been no transactions posted for over 3.5 years. We initially wrote directly to the bank asking them to confirm the account status but received no response. Forvis Mazars then approached the bank via Confirmation.com but were informed that the bank could not fulfil any requests without an authorised signatory. However, all signatories have already left the business.
|
- 8 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
|
Balance at
30
September
2024
|
|
|
|
|
|
|
Records indicate that this is an old account as there have been no transactions posted for over 3.5 years. We initially wrote directly to the bank asking them to confirm the account status but received no response. Forvis Mazars then approached the bank via Confirmation.com but were informed that the bank could not fulfil any requests without an authorised signatory. However, all signatories have already left the business.
|
|
|
|
|
|
This account was closed in February 2023. We initially wrote directly to the bank. They responded by advising us to visit the bank in person. We informed them that we currently do not have a presence in Bangladesh. Subsequently, they replied directly to us (but not including Mazars) stating that they were unable to locate any accounts associated with the business. Mazars then attempted to contact the bank directly but have received no response. All signatories have already left the business.
|
Post balance sheet events
|
On 1 October 2024, following a group restructure, ultimate control of the company was transfered to DT Global L.P., a partnership registered in Bermuda.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
- 9 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
Qualified Opinion
We have audited the financial statements of DT Global International Development UK Ltd (the ‘company’) for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the “Basis for Qualified Opinion” section of our report, the financial statements:
∙give a true and fair view of the state of the company’s affairs as at 30 September 2024 and of its loss 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
The company had £342,266 of cash and cash equivalents at 30 September 2024. We were unable to obtain sufficient audit evidence over nine accounts within this balance each with a value of £nil (31 September 2023: £19,676) due to a lack of available direct confirmations, particularly from non-UK bank accounts and we were unable to obtain sufficient audit evidence regarding the valuation, existence and completeness of bank balances, loans, facilities, or items requiring disclosure by using other audit procedures.
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 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.
- 10 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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.
As described in the “Basis for Qualified Opinion” section of our report, we were unable to satisfy ourselves concerning the cash and cash equivalents of £nil held at 30 September 2024. We have concluded that where the other information refers to the cash balance, it may be materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the “Basis for Qualified Opinion” section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 Strategic Report or the Directors' Report.
Arising solely of the limitation on the scope of our work relating to cash and cash equivalents, as set out in the “Basis for Qualified Opinion” section of our report:
∙we have not obtained all the information and explainations that we consider necessary for the purpose of our audit; and
∙we were unable to determine whether adequate accounting records had been kept.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙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.
- 11 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 is 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 intend either to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
- 12 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
In addition, we evaluated the Directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to the valuation of provisions, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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 an auditor's report 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.
Gerhard Bonthuys (Senior statutory auditor)
For and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
2nd Floor
6 Sutton Plaza
Sutton Court Road
Sutton
SM1 4FS
2 April 2025
- 13 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial year/period
|
|
|
|
Other comprehensive income
|
|
|
|
Total comprehensive loss for the year/period
|
|
|
|
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
|
The notes on pages 17 to 35 form part of these financial statements.
|
- 14 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
REGISTERED NUMBER: 02651349
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital contribution reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
- 15 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
Capital contribution reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss for the period
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the period
|
|
|
|
|
|
Total comprehensive loss for the period
|
|
|
|
|
|
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss for the year
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the year
|
|
|
|
|
|
Total comprehensive loss for the year
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 17 to 35 form part of these financial statements.
|
- 16 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
DT Global International Development UK Ltd is a private company limited by shares and incorporated in England and Wales. The registered number of the company is 02651349. The address of its registered office is 30 Old Bailey, London, England, EC4M 7AU. The company's principal place of business, within the United Kingdom, is The Leather Market, Unit 11.3.1, 11-13 Weston Street, London, SE1 3ER.
The prior period comparative results cover an 18-month period and are therefore not directly comparable to the results for the year starting 1 October 2023, which are presented as the results for 2024.
The principal activity of the company is technical and programme management of aid and development activities.
2.Accounting policies
|
|
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest thousand pound.
The following principal accounting policies have been applied:
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions
|
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of DT Global Holding Espana Fundada 2019 SL as at 30 September 2024 and these financial statements may be obtained from Calle Pedro Texeira 8, Piso 4 28020, Madrid, Spain.
- 17 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
|
|
Exemption from preparing consolidated financial statements
|
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking not established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The financial statements present information about the company as an individual entity and not about its group.
The Directors have assessed the company's ability to continue as a going concern and, given the support indicated from the Executive Leadership Team of the DT Global Group through the provision of a letter of support from the company's immediate parent, they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the Directors considered the strength of the DT Global Group, the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the Directors are satisfied that the company will continue as a going concern and so the financial statements have been prepared on this basis.
|
|
Foreign currency translation
|
Functional and presentation currency
The company's functional and presentation 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 denominated 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.
All foreign exchange gains and losses are recognised in profit or loss.
- 18 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Turnover represents the value of services provided to clients net of VAT and trade discounts.
Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and can be reliably measured. In the case of time charged work, turnover is calculated on the basis of time spent at the agreed fee rates and in the case of fixed fee contracts, the value of services provided as a proportion of the total value of the contract.
Long term contracts
The company has a number of long term contracts that span more than one financial period. In calculating turnover on such fixed fee contracts, the percentage of completion method is used, based on a review of contract progress and the proportion of contract work completed in relation to the total contract works. Assessment of the proportion of contract work completed is reviewed regularly by the experienced professionals assigned to the contract and is based on costs incurred to date, compared to the estimated cost required to complete the contract. Some contracts specify certain project milestones to be achieved and turnover is recognised upon reaching the required milestone. Profits are only recognised where they can be reliably measured and the outcome of the contract is reasonably certain. Full provision is made for all known or anticipated losses on each contract immediately such losses are identified. Contract costs include direct staff costs and an appropriate allocation of overheads and disbursements.
Contract claims or variations are recognised only when there is reasonable certainty that economic benefits will flow to the company.
Turnover earned to date less amounts billed on account are included within debtors as amounts recoverable on contracts. Amounts billed to clients are recorded in trade debtors less any provision for bad debts. To the extent that fees paid on account exceed the value of work performed, they are included within creditors as payments received on account.
|
|
Operating leases: the company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
|
|
Interest receivable and similar income
|
Interest receivable and similar income is recognised in profit or loss using the effective interest method.
|
|
Interest payable and similar expenses
|
Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
- 19 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
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 profit or loss when the services are rendered. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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.
|
|
Current and deferred taxation
|
Tax is recognised in profit or loss.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The company classifies certain one-off charges that have a material impact on the company's financial results as exceptional items. These are disclosed separately to provide further understanding of financial performance of the company.
- 20 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
|
|
|
|
|
Office and computer equipment
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation of tangible assets is recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment. 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.
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.
|
|
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.
- 21 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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.
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefits, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured as the best estimate, at the reporting date, of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss. When payments are eventually made, they are charged to the provision in the Statement of Financial Position.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
- 22 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
|
|
Financial instruments (continued)
|
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
- 23 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
Judgements in applying accounting policies 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
(i) Projects
For fixed-fee, milestone and deliverables-based projects, Project Managers, in conjunction with Project Accountants, estimate the revenue to be recognised based on an estimate of the percentage of the total value of the work done at the end of each month. This estimate is then reviewed by the Project Managers and Directors at a monthly project review meeting.
(ii) Provisions
Any accruals and provisions are based on an estimate of costs that have been incurred, but not yet billed or, on the Directors’ estimate of potential costs that could be incurred to complete the work required to remedy any project issues. Such accruals and provisions are reviewed by the Project Managers and Directors on a monthly basis.
- 24 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
An analysis of turnover by class of business is as follows:
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management and engineering consultancy fees and associated expenses
|
|
|
|
|
|
|
Analysis of turnover by country of destination:
|
|
|
|
|
|
Restated
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Directors have decided to restate the prior year analysis of turnover by country of destination after determining that the prior year figures were not correct. This restatement has no impact on the net reserve position of the company.
|
|
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 25 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
The operating loss is stated after charging/(crediting):
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the company's auditor for the audit of the company's financial statements
|
|
|
|
|
|
Staff costs, including the Directors' remuneration, were as follows:
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the Directors, during the year was as follows:
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management and technical staff
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 26 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
|
During the year retirement benefits were accruing to 1 Director (period to 30 September 2023: 1) in respect of defined contribution pension schemes.
|
|
The highest paid Director received remuneration of £24,113 (period to 30 September 2023: £115,204).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £3,515 (period to 30 September 2023: £14,871).
Management considers the Directors to be the only key management personnel of the company.
During the year, key management personnel were seconded to the company from other divisions within the wider DT Global Group and no remuneration was paid by the company for their assistance.
|
|
Interest receivable and similar income
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on bank overdrafts and loans
|
|
|
- 27 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
Adjustments in respect of prior periods
|
|
|
|
|
|
|
|
|
|
|
|
Total tax charge for the year/period
|
|
|
- 28 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11.Taxation (continued)
|
Factors affecting tax charge for the year/period
|
|
The tax assessed for the year/period is higher than (2023: higher than) the standard rate of corporation tax in the UK of25% (period to 30 September 2023: 21%). The differences are explained below:
|
|
|
|
|
|
|
1 April 2022
to 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before tax multiplied by standard rate of corporation tax in the UK of 25% (2023: 21%)
|
|
|
|
|
|
|
|
|
|
|
|
Income not taxable for tax purposes
|
|
|
|
|
|
|
|
Adjustments to tax charge in respect of previous periods
|
|
|
|
Adjustments to tax charge in respect of prior periods - deferred tax
|
|
|
|
Remeasurement of deferred tax for changes in tax rates
|
|
|
|
Deferred tax not recognised
|
|
|
|
Total tax charge for the year/period
|
|
|
|
The deferred tax asset is determined by and sensitive to, the future forecasted profits of the company. The deferred tax asset recognised in the current year amounts to £nil (2023: £nil). At 30 September 2024, the company had an unrecognised gross deferred tax asset of £741,638 (2023: £601,684) relating to taxable losses incurred in 2024 and previous years and accelerated capital allowances.
|
- 29 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
|
Office & computer equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 30 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following was a subsidiary undertaking of the company:
|
|
|
|
|
|
|
|
|
16 Adelaide Street, Freetown, Sierra Leone
|
International aid and development
|
|
|
- 31 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
Due after more than one year
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
Gross amounts owed by contract customers
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest-free and payable on demand.
Trade debtors are stated at net of a provision of £100,375 (2023: £165,042).
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 32 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments received on account
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
|
|
The project settlement provision at 30 September 2023 related to anticipated costs for settling any project disputes as at that date. Such costs are regularly reviewed by the company's management in conjuction with professional advice. During the year to 30 September 2024 any projects with disputes were settled with the clients. At 30 September 2024 no provisions were required.
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
250,000 (2023: 250,000) ordinary shares of £1 each
|
|
|
|
The company has one class of ordinary shares; each share has attached to it full voting, dividend and capital distribution rights.
|
- 33 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Capital contribution reserve
This reserve relates to the contributions made by DT Global Holding Espana Fundada 2019 SL in Spain in relation to paying off the company's overdraft and loans as part of the acquisition.
Equity reserve
This represents capital contributions made by the parent company in relation to share based payment.
Profit and loss account
This reserve represents the cumulative profits and losses of the company.
The company operates a defined contribution 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 £111,000 (period ended 30 September 2023: £651,000). Contributions payable to the fund at the year/period end amounted to £21,702 (2023: £23,966).
|
Commitments under operating leases
|
|
At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
Related party transactions
|
|
The company has taken advantage of the exemption under FRS 102 section 33 related parties not to disclose transactions with other wholly owned group companies on the basis that group accounts are prepared. All other related party transactions have been disclosed.
|
|
Post balance sheet events
|
On 1 October 2024, following a group restructure, ultimate control of the company was transfered to DT Global L.P., a partnership registered in Bermuda.
- 34 -
|
DT GLOBAL INTERNATIONAL DEVELOPMENT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The immediate parent company and Relevant Legal Entity is DT Global Holdings UK Ltd, a company incorporated in England and Wales. Its registered office address is 30 Old Bailey, London, England, EC4M 7AU.
On 1 October 2024, DT Global L.P., a partnership registered in Bermuda, became the ultimate controlling party, and remains so as of the date of this report, by virtue of the majority shareholding. The ultimate controlling party, at 30 September 2024, was DT Global Holding Espana Fundada 2019 SL, a company incorporated in Spain, by virtue of the majority shareholding.
At 30th September 2024, DT Global Holding Espana Fundada 2019 SL, was the parent undertaking of DT Global Holdings UK Ltd and of the smallest and largest group which consolidates the financial information of the company. Copies of the group’s financial statements may be obtained from its registered office address, C. de Orense, 34, 6th floor, 28020 Madrid, Spain.
- 35 -
|