Company registration number 01445342 (England and Wales)
DT GLOBAL EMERGING MARKETS UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DT GLOBAL EMERGING MARKETS UK LTD
CONTENTS
Page
Directors' responsibilities statement
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
DT GLOBAL EMERGING MARKETS UK LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 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.

DT GLOBAL EMERGING MARKETS UK LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
As restated (see note 12)
Notes
£
£
£
£
Current assets
Debtors
9
775,119
848,144
Cash at bank and in hand
69,187
38,205
844,306
886,349
Creditors: amounts falling due within one year
10
(190,140)
(145,327)
Net current assets
654,166
741,022
Capital and reserves
Called up share capital
6,639,100
6,639,100
Share premium account
11,850
11,850
Capital redemption reserve
1,000,000
1,000,000
Other reserves
190,790
190,790
Profit and loss reserves
(7,187,574)
(7,100,718)
Total equity
654,166
741,022

The directors of the company have 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 by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Ms M  Garron Carrillo De Albornoz
Director
Company Registration No. 01445342
DT GLOBAL EMERGING MARKETS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
As at 1 October 2022 (as previously stated)
6,639,100
11,850
1,000,000
190,790
(6,892,530)
949,210
Restatement (see note 12)
-
0
-
0
-
0
-
25,160
25,160
As at 1 October 2022 (as restated)
6,639,100
11,850
1,000,000
190,790
(6,867,370)
974,370
Year ended 30 September 2023:
Loss for the year (as previously stated)
-
-
-
-
(217,151)
(217,151)
Restatement (see note 12)
(16,197)
(16,197)
Loss for the year (as restated)
-
-
-
-
(233,348)
(233,348)
As at 30 September 2023 (as restated)
6,639,100
11,850
1,000,000
190,790
(7,100,718)
741,022
Year ended 30 September 2024:
Loss  for the year
-
-
-
-
(86,855)
(86,855)
As at 30 September 2024
6,639,100
11,850
1,000,000
190,790
(7,187,573)
654,166
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information

DT Global Emerging Markets UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Harlands Accountants, The Greenhouse, Amos Drive, Greencroft Industrial Estate, Stanley, Co Durham, 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of DT Global Holding Espana Fundada 2019 SL. These consolidated financial statements are available from its registered office Calle Pedro Teixeira, 8, 4A, Madrid, Espana.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. The Company and overall group has sufficient resources and contract pipeline to make sure that the company continue to trade for the foreseeable future. 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies and preference shares 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.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Current tax

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.

1.8
Employee benefits

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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
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.

2
Turnover
2024
2023
As restated
(see note 12)
£
£
Turnover analysed by class of business
Rendering of services
410,487
1,453,362
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
3
Profit/(loss) before taxation
2024
2023
The profit/(loss before taxation is stated after charging/(crediting):
£
£
Exchange losses/(gains)
10,543
(16,656)
Loans forgiven to group undertakings
-
39,227
Operating lease charges
-
510
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
40,000
25,000
5
Directors' remuneration

The directors of the company are paid a salary through other DT Global entities. Ms B N Kinyanjui is paid through DT Global Inc (US), and Ms M Garron Carrillo De Albornoz is paid through our parent company DT Global Espana Fundada.

6
Employees

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

2024
2023
Number
Number
Directors and Management
2
1
Support staff
1
1
Total
3
2

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
65,892
64,925
Social security costs
(3,540)
2,827
Pension costs
4,049
8,019
69,941
72,944
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
7
Taxation
The actual charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
As restated
(see note 12)
£
£
Loss before taxation
(86,855)
(233,348)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
(16,502)
(44,336)
Unutilised tax losses carried forward
16,962
44,897
Permanent capital allowances in excess of depreciation
(460)
(561)
Taxation charge for the year
-
-

The company has unrecognised accumulated tax losses of £2,908,364. At a tax rate of 19%/25% this represents a possible deferred tax asset of between £552,589 and £727,091.

8
Subsidiaries

The investment in the subsidiary below was held at £nil. (2023: £nil.)

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
DT Global International Development (EA) Limited
Kiganjo House, Rose Avenue, Kilimani, P.O.Box 76448-00508, Ground floor, Nairobi, Keyna
Ordinary
100.00
9
Debtors
2024
2023
As restated
(see note 12)
Amounts falling due within one year:
£
£
Trade debtors
137,013
254,583
Gross amounts owed by contract customers
25,475
85,362
Amounts owed by group undertakings
612,313
308,967
Other debtors
-
0
198,915
Prepayments and accrued income
318
317
775,119
848,144
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
10
Creditors: amounts falling due within one year
2024
2023
As restated
(see note 12)
£
£
Trade creditors
16,375
15,956
Amounts owed to group undertakings
55,834
-
0
Taxation and social security
(3,717)
2,524
Other creditors
38,370
34,096
Accruals and deferred income
83,278
92,751
190,140
145,327

HSBC hold a debenture including fixed charge over all present freehold and leasehold proerty, First Fixed charge over book and other debts, chatels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 3 November 2010.

 

Company guarantee dated 26 August 2016 given by Cardno Limited.

 

11
Profit and loss reserves

The Profit and loss reserves represent the cumulative profit and losses of the Company, less the payment of dividends.

12
Prior period adjustment

The Company identified that revenue and costs of sales recognised in prior periods relating to one of the projects did not correctly reflect the revenue earned and costs incurred in those periods. This resulted in overstatement of revenue, understatement of cost of sales, understatement of debtors and creditors: amounts falling due within one year in the prior year as well as an understatement of revenue by ₤35,204 and understatement of costs of sales by ₤26,241 in earlier periods. This has been corrected though retrospective restatement of the comparative amounts in the financial statements.

As previously stated
As restated
30 September 2023
Adjustments
30 September 2023
Statement of financial position
£
£
£
Turnover
1,460,359
(6,997)
1,453,362
Cost of sales
1,324,059
9,200
1,333,259
Gross amounts owed by contract customers
50,158
35,204
85,362
Accruals and deferred income
66,510
26,241
92,751
Retained earnings
(7,109,681)
8,963
(7,100,718)
DT GLOBAL EMERGING MARKETS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
13
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
14
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 more members of the group that are wholly owned.

            

15
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.

 

16
Parent company

The immediate parent company and Relevant Legal Entity is DT Global Holdings Emerging Markets UK Ltd, a company incorporated in England and Wales. Its registered office address is C/O Harlands Accountants Llp The Greenhouse, Amos Drive, Greencroft Industrial Park, Stanley, England, DH9 7XN.

 

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 Emerging Markets 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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