Company registration number 05543952 (England and Wales)
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
8
6,332
6,167
Cash at bank and in hand
60,424
62,391
66,756
68,558
Creditors: amounts falling due within one year
9
(119,652)
(88,760)
Net current liabilities
(52,896)
(20,202)
Capital and reserves
Called up share capital
21,240,240
21,240,240
Profit and loss reserves
10
(21,293,136)
(21,260,442)
Total equity
(52,896)
(20,202)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
M Garron Carrillo De Albornoz
Director
Company Registration No. 05543952
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
21,240,240
(20,301,898)
938,342
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(958,544)
(958,544)
Balance at 30 September 2023
21,240,240
(21,260,442)
(20,202)
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
(32,694)
(32,694)
Balance at 30 September 2024
21,240,240
(21,293,136)
(52,896)
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
DT Global Holdings Emerging Markets UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Harlands Accountants LLP, The Greenhouse, Amos Drive, Greencroft Industrial Park, Stanley, England, DH9 7XN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is a non trading entity that holds investment in subsidiaries. Despite being in a net current liabilities position there is no reliance on parties external to DT Group and the director has no concern over the company's ability to meet obligations as they fall due. The company's parent undertaking has provided assurance that it will continue to support the company for a period of not less than 12 months from the date of signing the financial statements. As such the accounts have been prepared on a going concern basis. true
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Exceptional item
2024
2023
£
£
Expenditure
Impairment of investments
-
942,000
4
Employees
The company has no employees other than the director, who did not receive any remuneration
2024
2023
Number
Number
Total
5
Director's remuneration
The director of the company is paid a salary through our parent entity DT Global Espana Fundada.
6
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
DT Global Emerging Markets UK Ltd
Harlands Accountants Llp The Greenhouse,
Amos Drive, Greencroft Industrial Park,
Annfield Plain, S
Project Management of aid projects
Ordinary and
Preference
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
DT Global Emerging Markets UK Ltd
654,166
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Fixed asset investments
2024
2023
£
£
Nil
Nil
The investment in shares of group undertakings of £942,000 was fully impaired as at 1 October 2023 and as at 30 September 2024.
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,332
6,167
9
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
89,485
73,760
Taxation and social security
6,167
Other creditors
24,000
15,000
119,652
88,760
There is a company guarantee dated 26 August 2016 given by Cardno Limited.
10
Profit and loss reserves
The profit and loss account represents the cumulative profits and losses of the Company, less the payment of dividends.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Gerhard Bonthuys
Statutory Auditor:
Forvis Mazars LLP
12
Related party transactions
The company has taken advantage of the exemption available in accordance with Section 33 'Related party disclosure' of FRS 102 not to disclose transactions entered into between two or members of the group that are wholly owned.
DT GLOBAL HOLDINGS EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
13
Post balance sheet events
On 1 October 2024, following a group restructure, ultimate control of the company was transferred to DT Global L.P., a partnership registered in Bermuda.
14
Parent company
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 Holdings UK Limited, a company registered at The Leather Market Unit 11.3.1, 11-13 Weston Street, London, England, SE1 3ER, became the immediate parent company, 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 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.