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DT Global Holdings UK Ltd

Registered number: 09630406
Directors' report and unaudited
financial statements
For the year ended 30 September 2024

 
DT GLOBAL HOLDINGS UK LTD
 
 
COMPANY INFORMATION


Directors
M Garron Carrillo de Albornoz 
T Gerlach 
M S Dunn 




Company secretary
G A Wilson



Registered number
09630406



Registered office
30 Old Bailey

London

England

EC4M 7AU




Accountants
Forvis Mazars LLP
Chartered Accountants

2nd Floor

6 Sutton Plaza

Sutton Court Road

Sutton

Surrey

SM1 4FS





 
DT GLOBAL HOLDINGS UK LTD
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Accountant's Report
 
7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 20


 
DT GLOBAL HOLDINGS 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

DT Global Holdings UK Limited was dormant during the year. The company acts as a holding company and 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 DT Global group 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 company received no income and incurred no expenditure and therefore, has made neither profit or loss.

Business report

By the commencement of the year, DT Global’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 aid 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 aid programme budget.

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.

Future developments

After a period of re-organisation and restructuring, and with the confirmed backing of the DT Global Executive Leadership Team, the company and its subsidiary undertakings are 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.

- 1 -

 
DT GLOBAL HOLDINGS UK LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Section 172 (1) statement

In accordance with the provisions of The Companies (Miscellaneous Reporting) Regulations 2018, the group 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 year ending 30 September 2024. 
The directors welcome the new legislation. The group is 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 group's Board of Directors consider the likely consequences of any decision in the long term through risk assessment, mitigation and management and the controls, systems, and processes in place. These controls, systems and processes are regularly reviewed and improved and independently audited. The group 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 the group's key stakeholders and how we engage 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 group's purpose, values, and strategic priorities. 
Employees - Our people are essential to our success, to attract and retain the best people, the group 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 group acts to protect jobs by pursuing a profitable growth strategy. Managing costs tightly ensures that resources are best deployed. The group is committed to increasing employee engagement and involvement through; a managing director check in briefing every two weeks including an open Q&A session; regular employee opinion surveys; and open and transparent two-way communication between the group and its employees. Through these forums and channels employees have opportunities to express their views and opinions on group strategy, direction, and decisions. Employees are made aware of the financial performance of the group via the above forums and channels, email updates, all employee meetings, etc. 

During the reporting period, directors met quarterly at the company board meetings and every two months with senior team members at the operations meeting to discuss in detail initiatives related to employees, and in between these routine meetings the directors have 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 clay to understand their concerns and to work with them to support mutual goals. The group aims to exceed our customer expectations every time and makes its business decisions accordingly. We appoint regional directors and 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 group's operations and we pride ourselves on working fairly with all our suppliers. The group receives full support from an expert procurement team in its supplier relationships who apply best practice throughout

- 2 -

 
DT GLOBAL HOLDINGS UK LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Section 172 (1) statement (continued)

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 group, 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:



M S Dunn
Director

Date: 2 April 2025

- 3 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the unaudited financial statements for the year ended 30 September 2024.

Principal activity

The company was dormant during the year. The principal activity of the company in the prior period was that of a holding company. 

On 24 January 2024, the company changed its name from IMCW Holdings Limited to DT Global Holdings UK Ltd.

Results and dividends

The profit for the year, after taxation, amounted to £nil (2023: loss of £84,000).

The directors do not recommend the payment of a dividend for the year (period ended 30 September 2023: £nil).

Directors

The directors who served during the year and to the date of this report were:

G English (resigned 30 June 2024)
M Garron Carrillo de Albornoz 
T Gerlach 
M S Dunn (appointed 30 June 2024)

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 2006They 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.

- 4 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Going concern

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 overall, have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. In doing this, the directors have 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.

Financial instruments

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 and 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.

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 period 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 period.

Matters covered in the Strategic Report

The group has chosen in accordance with Companies Act 2006, s414C(11) to set out in the 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, including future developments, have been omitted as they are included in the Strategic Report.

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.

- 5 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

This report was approved by the board and signed on its behalf by:
 



M S Dunn
Director

Date: 2 April 2025

- 6 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DT GLOBAL HOLDINGS UK LTD
FOR THE YEAR ENDED 30 SEPTEMBER 2024

In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 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 the related notes from the company's accounting records and from information and explanations you have given to us.
 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance/.


Respective responsibilities of directors and accountants

You have acknowledged on the balance sheet for the year ended 30 September 2024  your duty to ensure that the company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit or loss. You consider that the company is exempt from the statutory requirement for an audit for the year.
 

This report is made solely to the Board of Directors of DT Global Holdings UK Ltd, as a body, in accordance with the terms of our engagement letter  . Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Board of Directors, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept nor assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.
 
We have not been instructed to carry out an audit or review of the financial statements of DT Global Holdings UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.





Forvis Mazars LLP
 
Chartered Accountants
  
2nd Floor
6 Sutton Plaza
Sutton Court Road
Sutton
Surrey
SM1 4FS

7 April 2025
- 7 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Unaudited
Year to 30 September
Audited
1 April 2022
to 30 September
2024
2023
Note
£000
£000

  

Group debt write off
  
-
(84)

Operating profit/(loss)
  
-
(84)

Tax on profit/(loss)
 5 
-
-

Profit/(loss) for the financial year/period
  
-
(84)

Other comprehensive income
  
-
-

Total comprehensive income/(loss) for the year/period
  
-
(84)

The company has not traded during the year. During the year, the company received no income and incurred no expenditure and therefore made neither profit or loss.

The notes on pages 11 to 20 form part of these financial statements.

- 8 -

 
DT GLOBAL HOLDINGS UK LTD
REGISTERED NUMBER: 09630406

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

Unaudited
2024
Audited
2023
Note
£000
£000

Fixed assets
  

Investments
 6 
2,669
2,669

Total assets less current liabilities
  
2,669
2,669

Creditors: amounts falling due after more than one year
 7 
(1,999)
(1,999)

Net assets
  
670
670


Capital and reserves
  

Called up share capital 
 8 
56
56

Share premium account
 9 
135
135

Capital redemption reserve
 9 
15
15

Profit and loss account
 9 
464
464

Total equity
  
670
670




For the year ended 30 September 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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




M S Dunn
Director

Date: 2 April 2025

The notes on pages 11 to 20 form part of these financial statements.

- 9 -

 
DT GLOBAL HOLDINGS UK LTD
 

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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£000
£000
£000
£000
£000


At 1 April 2022 (audited)
55
135
15
548
753


Comprehensive income for the period (audited)

Loss for the period (audited)
-
-
-
(84)
(84)
Total comprehensive income for the period (audited)
-
-
-
(84)
(84)

Shares issued during the period (audited)
1
-
-
-
1


Total transactions with owners (audited)
1
-
-
-
1



At 1 October 2023 (unaudited)
56
135
15
464
670
Total comprehensive loss for the year (unaudited)
-
-
-
-
-


Total transactions with owners (unaudited)
-
-
-
-
-


At 30 September 2024 (unaudited)
56
135
15
464
670


The notes on pages 11 to 20 form part of these financial statements.

- 10 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

DT Global Holdings UK Ltd (formerly known as IMCW Holdings Limited) is a private company limited by shares and incorporated in England and Wales. The registered number of the company is 09630406. The 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 company was dormant during the year. The principal activity of the company was that of a holding company. 
The group consists of DT Global Holdings UK Ltd and all of its subsidiaries. The principal activity of the group is technical and programme management of international aid and development activities. 
The prior period results were audited, whereas the company is taking section 480 exemption in the current year and the members have also not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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:

- 11 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.2

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 C. de Orense, 34, 6th floor, 28020 Madrid, Spain..

 
2.3

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 established under the law of a state other than 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.

 
2.4

Going concern

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 overall, have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. In doing this, the directors have 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.

- 12 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The group'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 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.

All foreign exchange gains and losses are recognised in profit or loss.

 
2.6

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.

 
2.7

Investments

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 Statement of Comprehensive Income.

 
2.8

Creditors

Creditors are measured at the transaction price.

- 13 -

 
DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

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.
 
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.
 
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DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is 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.

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DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group'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
There are no material critical judgements as the company was dormant during the year.
The company conducts impairment reviews of investments in subsidiaries whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable, or tests for impairment annually in accordance with the relevant accounting standards. Determining whether an asset is impaired requires an estimation of the recoverable amount, which requires the company to estimate the value in use which is based on future cash flows and a suitable discount rate in order to calculate the present value. 
The directors have estimated the discount rate using the group’s weighted average cost of capital, which is estimated with reference to observable market indices as determined by market industry data, adjusted for entity specific risk factors. The present value is based on a discounted cash flow (“DCF”) model where cash flows are derived from the budget for the following five years of subsequent forecasts. The present value is most sensitive to the discount rate used for the DCF model, as well as revenue and operating expense growth rates used for extrapolation purposes. Where the actual future cash flows are less than expected, an impairment loss may arise. 
The company allocate corporate costs on a reasonable and consistent basis to cash-generating units. The company compares the carrying amount of the unit, including the portion of the corporate asset costs allocated to the unit, with its recoverable amount.


4.


Employees

During the year, the company had no employees, other than the directors, who did not receive any remuneration in relation to services rendered to the company (period ended 30 September 2023: £nil).
Management consider the directors to be the only key management personnel of the company.

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DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Taxation


Unaudited
Year to 30 September
Audited
1 April 2022
to 30 September
2024
2023
£000
£000


Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit/(loss)
-
-

Factors affecting tax charge for the period/year

The tax assessed for the year/period is the same as (2023: higher than) the standard rate of corporation tax in the UK of25% (2023: 21%). The differences are explained below:

Unaudited
Year to 30 September
Audited
1 April 2022
to 30 September
2024
2023
£000
£000


Profit/(loss) before taxation
-
(84)


Profit/(loss) before tax multiplied by standard rate of corporation tax in the UK of 25% (period ended 30 September 2023: 21%)
-
(18)

Effects of:


Expenses not deductible for tax purposes
-
18

Total tax charge for the year/period
-
-


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

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DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Investments





Investments in subsidiary companies

£000



Cost


At 1 October 2023 (audited)
4,637



At 30 September 2024 (unaudited)

4,637



Impairment


At 1 October 2023 (audited)
1,968



At 30 September 2024 (unaudited)

1,968



Net book value



At 30 September 2024 (unaudited)
2,669



At 30 September 2023 (audited)
2,669


Subsidiary undertakings


The following were subsidiary undertakings of the company during the year:

Name

Registered office

Principal activity

Class of shares

Holding

DT Global (SL) Limited*
16 Adelaide Street, Freetown, Sierre Leone
International aid and development consultancy
Ordinary
100%
DT Global US Inc
IMC Worldwide Inc. 5636 Connecticut Ave. NW #6253 Washington DC 20015 USA
Dormant
Ordinary
100%
DT Global International Development UK Ltd
30 Old Bailey, London, England, EC4M 7AU
International aid and development consultancy
Ordinary
100%

*indirect subsidiary

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DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: amounts falling due after more than one year

Unaudited
2024
Audited
2023
£000
£000

Amounts owed to group undertakings
1,999
1,999


Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
During the year, the directors determined that amounts owed to group undertakings, whilst repayable on demand, would not be paid within one year and should be considered to be a long term creditor. The prior year comparative figure has been reclassified accordingly. This reclassification has no impact on the net reserve position of the company.


8.


Called up share capital

Unaudited
2024
Audited
2023
£000
£000
Ordinary share capital issued and fully paid



55,840 (2023: 55,840) ordinary shares of £1 each
56
56

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company


9.


Reserves

Share premium account

Excess amount received by the company over the par value of its shares. This amount forms a part of the non distributable reserves of the group. 

Capital redemption reserve

The nominal value of shares repurchased. This amount forms a part of the non distributable reserves of the group. 

Profit and loss account

Cumulative profit and loss net of distributions to owners. 


10.


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.

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DT GLOBAL HOLDINGS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


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.


12.


Controlling party

At 30 September 2024, the immediate controlling party is DT Global Holding Espana Fundada 2019 SL, a company incorporated in Spain.
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 30 September 2024, DT Global Holding Espana Fundada 2019 SL, was the parent undertaking of DTGlobal 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.

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