Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30312023-10-01true33truetruetruetruefalsefalseSpecialist packagingtruefalse 06378991 2023-10-01 2024-09-30 06378991 2022-10-01 2023-09-30 06378991 2024-09-30 06378991 2023-09-30 06378991 2022-10-01 06378991 c:Exceptional 2023-10-01 2024-09-30 06378991 c:Exceptional 2022-10-01 2023-09-30 06378991 d:Director1 2023-10-01 2024-09-30 06378991 d:Director2 2023-10-01 2024-09-30 06378991 d:RegisteredOffice 2023-10-01 2024-09-30 06378991 c:Buildings c:LongLeaseholdAssets 2023-10-01 2024-09-30 06378991 c:Buildings c:LongLeaseholdAssets 2024-09-30 06378991 c:Buildings c:LongLeaseholdAssets 2023-09-30 06378991 c:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 06378991 c:OtherPropertyPlantEquipment 2024-09-30 06378991 c:OtherPropertyPlantEquipment 2023-09-30 06378991 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 06378991 c:OtherPropertyPlantEquipment c:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 06378991 c:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 06378991 c:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 06378991 c:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 06378991 c:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 06378991 c:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 06378991 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 06378991 c:ComputerSoftware 2024-09-30 06378991 c:ComputerSoftware 2023-09-30 06378991 c:CurrentFinancialInstruments 2024-09-30 06378991 c:CurrentFinancialInstruments 2023-09-30 06378991 c:Non-currentFinancialInstruments 2024-09-30 06378991 c:Non-currentFinancialInstruments 2023-09-30 06378991 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 06378991 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 06378991 c:Non-currentFinancialInstruments c:AfterOneYear 2024-09-30 06378991 c:Non-currentFinancialInstruments c:AfterOneYear 2023-09-30 06378991 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-09-30 06378991 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-09-30 06378991 e:UnitedKingdom 2023-10-01 2024-09-30 06378991 e:UnitedKingdom 2022-10-01 2023-09-30 06378991 e:RestWorldOutsideUK 2023-10-01 2024-09-30 06378991 e:RestWorldOutsideUK 2022-10-01 2023-09-30 06378991 c:UKTax 2023-10-01 2024-09-30 06378991 c:UKTax 2022-10-01 2023-09-30 06378991 c:ShareCapital 2024-09-30 06378991 c:ShareCapital 2023-09-30 06378991 c:ShareCapital 2022-10-01 06378991 c:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 06378991 c:RetainedEarningsAccumulatedLosses 2024-09-30 06378991 c:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 06378991 c:RetainedEarningsAccumulatedLosses 2023-09-30 06378991 c:RetainedEarningsAccumulatedLosses 2022-10-01 06378991 c:AcceleratedTaxDepreciationDeferredTax 2024-09-30 06378991 c:AcceleratedTaxDepreciationDeferredTax 2023-09-30 06378991 d:OrdinaryShareClass1 2023-10-01 2024-09-30 06378991 d:OrdinaryShareClass1 2024-09-30 06378991 d:OrdinaryShareClass1 2023-09-30 06378991 d:OrdinaryShareClass2 2023-10-01 2024-09-30 06378991 d:OrdinaryShareClass2 2024-09-30 06378991 d:OrdinaryShareClass2 2023-09-30 06378991 d:OrdinaryShareClass3 2023-10-01 2024-09-30 06378991 d:OrdinaryShareClass3 2024-09-30 06378991 d:OrdinaryShareClass3 2023-09-30 06378991 d:OrdinaryShareClass4 2023-10-01 2024-09-30 06378991 d:OrdinaryShareClass4 2024-09-30 06378991 d:OrdinaryShareClass4 2023-09-30 06378991 d:FRS102 2023-10-01 2024-09-30 06378991 d:Audited 2023-10-01 2024-09-30 06378991 d:FullAccounts 2023-10-01 2024-09-30 06378991 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 06378991 c:WithinOneYear 2024-09-30 06378991 c:WithinOneYear 2023-09-30 06378991 c:BetweenOneFiveYears 2024-09-30 06378991 c:BetweenOneFiveYears 2023-09-30 06378991 c:HirePurchaseContracts c:WithinOneYear 2024-09-30 06378991 c:HirePurchaseContracts c:WithinOneYear 2023-09-30 06378991 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-09-30 06378991 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-09-30 06378991 c:PatentsTrademarksLicencesConcessionsSimilar c:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-09-30 06378991 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-09-30 06378991 2 2023-10-01 2024-09-30 06378991 4 2023-10-01 2024-09-30 06378991 c:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-09-30 06378991 c:OtherPropertyPlantEquipment c:LeasedAssetsHeldAsLessee 2024-09-30 06378991 c:OtherPropertyPlantEquipment c:LeasedAssetsHeldAsLessee 2023-09-30 06378991 c:LeasedAssetsHeldAsLessee 2024-09-30 06378991 c:LeasedAssetsHeldAsLessee 2023-09-30 06378991 c:PatentsTrademarksLicencesConcessionsSimilar c:OwnedIntangibleAssets 2023-10-01 2024-09-30 06378991 c:ComputerSoftware c:OwnedIntangibleAssets 2023-10-01 2024-09-30 06378991 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06378991










DELTA GLOBAL SOURCE (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
R Lockyer 
S Gannon 




Registered number
06378991



Registered office
Unit H Whiteacres
Whetstone

Leicester

LE8 6ZG




Independent auditor
MHA

Chartered Accountants & Statutory Auditors

11 Merus court

Meridian Business Park

Leicester

LE19 1RJ





 
DELTA GLOBAL SOURCE (UK) LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Directors' Responsibilities Statement
 
6
Independent Auditor's Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12 - 13
Statement of Changes in Equity
 
14
Notes to the Financial Statements
 
15 - 34

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The principal activity of the Company during the year continued to be the sale and supply of specialist packaging products.

Business review
 
Turnover decreased from £13,434,401 in FY23 to £8,501,088 in the year with the slowdown in UK retail and the continued range rationalisation of our key customers contributing to this downturn. We took the business decision to maintain our cost base to ensure that our high level of service was not interrupted whilst we won new business to take us back to growth. In doing so we made a loss of £206,725 in year compared to a profit of £515,638 last year.
The downturn has continued into FY25 but the Company continues to invest in new business opportunities and has secured a significant pipeline that will see the Company and the Group return to profitability. This has required significant investment in marketing and PR to create this opportunity and the accounts reflect this.
We are very conscious of our environmental responsibility of a paper-based products company and ensure we are doing everything we can to minimise our environmental impact, with much of our production being in the far east, making sure that we are being socially and environmentally responsible. In FY24, as part of our continued supply chain improvements, we maintained the EcoVadis Gold standard which demonstrates our commitment to sustainability. We have continued to develop our carbon reporting and have increased the amount of primary data we use to calculate our emissions and are also now able to calculate the emissions by product which we then publish to our customers to allow them to see their packaging emissions in detail. To support our efforts in Australia we achieved APCO accreditation, and we also made the decision to pursue BCorp status to further demonstrate our commitment to sustainability.
We continue to invest in our people and systems to ensure we are improving the business and the service to our customers. We have implemented further system automation to improve productivity and have rolled out further reporting on our CO2 emissions across the Group.

Principal risks and uncertainties
 
The Company uses financial instruments comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations. The main risks arising from these financial instruments are interest rate risk, liquidity risk and foreign currency risk. The Directors review and agrees policies for managing each of these risks. These policies have remained unchanged from previous periods.
Interest rate risk
The Company finances its operations through a mixture of retained profits and other borrowings.
Liquidity risk
The Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and by investing cash assets safely and profitably. Short term flexibility is achieved by invoice financing facilities.
 
Page 1

 
DELTA GLOBAL SOURCE (UK) LIMITED
 

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

Currency risk
The Company is exposed to transaction foreign exchange risk. Management monitor the level of overall exposure and buy and sell currencies to create a natural hedge. As the Company further enhances its revenue and profit streams from outside the UK, the natural hedge generated by day to day trading activities will continue to increase.

Financial key performance indicators
 
The Directors consider the key financial performance indicators to be turnover, profit and cash. All of which are available in the financial statements.

Other key performance indicators
 
The Company pays particular attention to the quality of the products it supplies and employs stringent quality assurance procedures, as evidenced by its ongoing ISO 9001 accreditation, which drives continuous improvement.
The Company also has ISO 14001 accreditation, which drives ethical and sustainable protocols throughout our supply chain. Also incorporated within this accreditation are customer satisfaction surveys and the Company is proud of our impeccable record within the sector.
Our FSC accreditation further enhances our sustainable credentials ensuring that all FSC products are sustainably sourced with minimal impact on our environment.


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



................................................
R Lockyer
Director

Date: 27 June 2025
Page 2

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Results and dividends

The loss for the year, after taxation, amounted to £206,725 (2023 - profit £515,638).

Dividends totalling £592,742 (2023 - £345,542) have been declared in the year.

Directors

The directors who served during the year were:

R Lockyer 
S Gannon 

Environmental matters
The Company seeks to minimise adverse impacts on the environment from it’s activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
The Company has decided to voluntarily disclose it’s annual Greenhouse Gas emissions and we have included our results for 2023 as a comparative. As these are voluntarily disclosed they are not intended to completely comply with regulations in place for larger entities.
Greenhouse Gas emissions (tCO2e) totals
Scope 1 – direct emissions from those activities owned or controller by the Company. This relates to the combustion of natural gas.
Scope 2 – energy indirect emissions are the released into the atmosphere in relation to the consumption of purchased electricity in day to day business operations.
Scope 3 – other indirect emissions resulting from sources not directly owned by the Company.
Totals
The total emissions (tCO2e) figures:
Emissions Source (Carbon (tCo2e))     FY24  FY23  YoY %
Scope 1                  9  10  -10.00%
Scope 2         25  26  -3.85%
Total Scope 1 & 2        34  36  -5.56%
   
Scope 3         3,482  4,795  -27.38%
     
Total Scope 1,2 & 3       3,516  4,831  -27.22%
Intensity Ratio
The chosen intensity measurement ratio is total gross emission in metric tonnes CO2e per £1m of turnover:
tCO2e / £m = 351

 
Page 3

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Qualification and reporting methodology
We calculate our Carbon Footprint, based on the internationally recognised Greenhouse Gas Protocol and using relevant UK Government Conversion factors and international energy agency factors to measure and track our performance across our full carbon footprint. We have contracted with Smart Carbon to support our sustainable journey and to assist with SECR-compliant reporting.
Measures taken to improve energy efficiency
The Company is committed to year on year improvements in their operational energy efficiency, some initiatives we have implemented are:
 
Flexible working arrangements to reduce employee commuting;
EV charging point installed to encourage greener commuting;
Improved customer facing reporting to improve supply chain efficiency reducing storage requirements and reducing distribution related emissions; and
Upgraded all warehouse lighting to energy efficient LEDs.

Future developments

Going forward the directors aim to continue to grow the business whilst keeping a tight control over costs.
Going concern
Whilst the Company is loss making in the current year the directors have secured new contracts and expect trade to return to profitability towards the end of 2025 and into 2026. The Company has sufficient working capital and resources to continue as a going concern for at least 12 months from the approval of the financial statements.
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors have not identified any material uncertainty in relation to going concern and the Company continues to adopt the going concern basis in preparing its financial statements. 

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 4

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Independent Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory  changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA 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.
 





................................................
R Lockyer
Director

Date: 27 June 2025
Page 5

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 judgments 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.

Page 6

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE (UK) LIMITED
 

Opinion


We have audited the financial statements of Delta Global Source (UK) Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion 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 opinion


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 United Kingdom, including the Financial Reporting Council'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.


Page 7

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE (UK) LIMITED (CONTINUED)


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 ReportOur 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.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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 the 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.


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:


adequate accounting records have not been kept, or 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; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE (UK) LIMITED (CONTINUED)


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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims or non-compliance with applicable laws and regulations and fraud;
Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale for significant transactions outside the normal course of business, and reviewing accounting estimates for bias;
Reviewing of financial statements disclosures and testing to support documentation to assess compliance with applicable laws and regulations; and
Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 9

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE (UK) LIMITED (CONTINUED)


Use of our 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 2006Our 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.




Liam Hammond FCA (Senior Statutory Auditor)
for and on behalf of 
MHA
Statutory Auditor,
Leicester, United Kingdom
Date: 27/06/2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).






Page 10

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,501,088
13,434,401

Cost of sales
  
(6,006,339)
(9,557,569)

Gross profit
  
2,494,749
3,876,832

Administrative expenses
  
(2,796,259)
(3,161,446)

Exceptional administrative expenses
 14 
(210,855)
-

Other operating income
 5 
267,838
-

Operating (loss)/profit
 6 
(244,527)
715,386

Interest receivable and similar income
 10 
39,000
-

Interest payable and similar expenses
 11 
(40,513)
(51,474)

(Loss)/profit before tax
  
(246,040)
663,912

Tax on (loss)/profit
 12 
39,315
(148,274)

(Loss)/profit for the financial year
  
(206,725)
515,638

There was no other comprehensive income for 2024 (2023 - £Nil).

The notes on pages 15 to 34 form part of these financial statements.
Page 11

 
DELTA GLOBAL SOURCE (UK) LIMITED
REGISTERED NUMBER: 06378991

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
79,530
81,680

Tangible assets
 16 
128,477
113,972

  
208,007
195,652

Current assets
  

Stocks
 17 
1,689,690
1,268,543

Debtors: amounts falling due within one year
 18 
1,566,965
4,100,416

Cash at bank and in hand
 19 
816,984
374,403

  
4,073,639
5,743,362

  

Creditors: amounts falling due within one year
 20 
(2,578,635)
(3,348,780)

Net current assets
  
 
 
1,495,004
 
 
2,394,582

Total assets less current liabilities
  
1,703,011
2,590,234

Creditors: amounts falling due after more than one year
 21 
(154,328)
(242,445)

Provisions for liabilities
  

Deferred tax
 24 
(361)
-

  
 
 
(361)
 
 
-

Net assets
  
1,548,322
2,347,789


Capital and reserves
  

Called up share capital 
 25 
100
100

Profit and loss account
  
1,548,222
2,347,689

  
1,548,322
2,347,789

Page 12

 
DELTA GLOBAL SOURCE (UK) LIMITED
REGISTERED NUMBER: 06378991
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

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




................................................
R Lockyer
Director

Date: 27 June 2025

The notes on pages 15 to 34 form part of these financial statements.
Page 13

 
DELTA GLOBAL SOURCE (UK) LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
100
2,177,593
2,177,693


Comprehensive income for the year

Profit for the year
-
515,638
515,638

Dividends
-
(345,542)
(345,542)



At 1 October 2023
100
2,347,689
2,347,789


Comprehensive income for the year

Loss for the year
-
(206,725)
(206,725)

Dividends
-
(592,742)
(592,742)


At 30 September 2024
100
1,548,222
1,548,322


The notes on pages 15 to 34 form part of these financial statements.

Profit and loss account
Includes all current and prior year retained profits and losses. All amounts are distributable.

Page 14

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Delta Global Source (UK) Limited is a private company, limited by shares, incorporated and registered in England and Wales. The Company's registered number is 06378991. The address of its registered office is Unit H Whiteacres, Whetstone, Leicester, LE8 6ZG.
The principal activity of the Company during the year continued to be the sale and supply of specialist packing materials and bags.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
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; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Delta Global Source Holdings Limited as at 30 September 2024 and these financial statements may be obtained from Companies House.

Page 15

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

Whilst the Company is loss making in the current year the directors have secured new contracts and expect trade to return to profitability towards the end of 2025 and into 2026. The Company has sufficient working capital and resources to continue as a going concern for at least 12 months from the approval of the financial statements.
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors have not identified any material uncertainty in relation to going concern and the Company continues to adopt the going concern basis in preparing its financial statements. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (£).

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income  except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

Page 16

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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.

 
2.7

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Page 17

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Pensions

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 18

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
33%
straight line
Website
-
33%
straight line

 
2.14

Tangible fixed assets

Tangible fixed 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.

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:

Leasehold improvements
-
25%
straight line
Other fixed assets
-
25%
straight line

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 the Statement of Comprehensive Income.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.16

Debtors

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

Page 19

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

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

 
2.19

Provisions for liabilities

Provisions are made where an event as taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. 
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.20

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
Page 20

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Key sources of estimation uncertainty
i) Useful economic lives of tangible and intangible assets
The annual depreciation and amortisation charges for tangible and intangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
ii) Recovery of trade debtors
 
Trade debtors relating to amounts falling due from customers are assessed regularly for potential bad debts. Factors considered include the period overdue and discussions with the customers to date, sales terms, payment history and future services.
Judgments in accounting policies
i) Fair value measurement of share-based payments
The Company's ultimate parent's entity has issued share options to certain directors in 2022. Share-based payments arrangements are recognised at fair value at the date of the grant. The fair value so determined is expensed based on the Company's estimate of the number of shares that will vest over the vesting period and take account of non-vesting or conditional vesting conditions attaching to options. Fair value is measured by HMRC's Shares and Assets Valuation division. The annual vesting charge is not considered material to the financial statements and has not been included as a transaction within these financial statements. However, the corresponding disclosures regarding the existence of the share based payments are included in the notes to the financial statements.

Page 22

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company apart from management charge income charged to other members of the Group of £152,149 (2023 - £230,650).

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
4,968,274
9,680,805

Rest of the world
3,532,814
3,753,596

8,501,088
13,434,401



5.


Other operating income

2024
2023
£
£

Insurance claims receivable
267,838
-

267,838
-


Insurance income has been received in relation to damage of stock and contents following a flood that occured during the year. 


6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Depreciation of owned assets
40,111
30,158

Depreciation of assets held under hire purchase
4,556
4,456

Amortisation of intangible fixed assets
38,716
28,768

(Profit)/loss on disposal of fixed assets
(1,312)
160

Exchange differences
3,060
(31,833)

Other operating lease rentals
155,998
156,359

Page 23

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
16,250
15,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,196,766
1,447,129

Social security costs
136,282
140,637

Cost of defined contribution scheme
58,393
109,336

1,391,441
1,697,102


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


        2024
        2023
            No.
            No.







Sales and administration
28
30



Warehouse
3
3

31
33

Page 24

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
165,124
183,802

Company contributions to defined contribution pension schemes
11,700
61,475

176,824
245,277


During the year retirement benefits were accruing to 1 director (2023 - 2) in respect of defined contribution pension schemes. 

The highest paid director received remuneration of £148,365 (2023 - £168,379).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,700 (2023 - £11,475).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
39,000
-

39,000
-


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
3,993

Other loan interest payable
40,167
47,031

Hire purchase interest
346
450

40,513
51,474

Page 25

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
3,375
134,304

Adjustments in respect of previous periods
(57,010)
-


Total current tax
(53,635)
134,304

Deferred tax


Origination and reversal of timing differences
14,320
13,970

Total deferred tax
14,320
13,970


Tax on (loss)/profit
(39,315)
148,274

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(246,040)
663,912


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(61,510)
146,127

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,184
5,006

Capital allowances for year in excess of depreciation
928
(2,844)

Changes in provisions leading to an increase/(decrease) in the tax charge
3,763
(846)

Other differences leading to a (decrease)/increase in the tax charge
14,320
831

Total tax charge for the year
(39,315)
148,274


Factors that may affect future tax charges

There were no factors that may affect future tax changes.

Page 26

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Dividends

2024
2023
£
£


Declared on ordinary A and D shares
592,742
345,542

592,742
345,542


14.


Exceptional items

2024
2023
£
£


Exceptional costs in relation to damaged stock
210,855
-

210,855
-

Exceptional items in the year relate to cost of damaged stock and contents as a result of a flood that occurred in the year. 
Page 27

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Intangible assets




Website
Computer software
Total

£
£
£



Cost


At 1 October 2023
7,000
211,107
218,107


Additions
-
36,566
36,566



At 30 September 2024

7,000
247,673
254,673



Amortisation


At 1 October 2023
7,000
129,427
136,427


Charge for the year
-
38,716
38,716



At 30 September 2024

7,000
168,143
175,143



Net book value



At 30 September 2024
-
79,530
79,530



At 30 September 2023
-
81,680
81,680



Page 28

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Tangible fixed assets





Leasehold improvements
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 October 2023
266,724
699,178
965,902


Additions
-
165,812
165,812


Disposals
-
(134,587)
(134,587)



At 30 September 2024

266,724
730,403
997,127



Depreciation


At 1 October 2023
266,724
585,206
851,930


Charge for the year on owned assets
-
40,113
40,113


Charge for the year on financed assets
-
4,556
4,556


Disposals
-
(27,949)
(27,949)



At 30 September 2024

266,724
601,926
868,650



Net book value



At 30 September 2024
-
128,477
128,477



At 30 September 2023
-
113,972
113,972

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Other fixed assets
760
5,316

760
5,316

Page 29

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,689,690
1,268,543

1,689,690
1,268,543


Stock written off to the Statement of Comprehensive Income for the year was £210,855 (2023 - £Nil). Further details can be found in Note 14.


18.


Debtors

2024
2023
£
£


Trade debtors
849,235
2,547,279

Amounts owed by group undertakings
328,228
558,529

Other debtors
186,036
829,123

Prepayments and accrued income
203,466
151,526

Deferred taxation
-
13,959

1,566,965
4,100,416



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
816,984
374,403

816,984
374,403


Page 30

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
85,000
85,000

Trade creditors
1,392,214
1,214,499

Amounts owed to group undertakings
180,027
191,944

Corporation tax
-
103,841

Other taxation and social security
50,405
274,092

Obligations under hire purchase contracts
2,912
2,912

Other creditors
188,486
287,441

Accruals and deferred income
679,591
1,189,051

2,578,635
3,348,780


Hire purchase creditors are secured on the assets to which they relate.
The invoice financing creditor of £42,140 (2023 - £261,425), included within other creditors, and bank loans are secured by a debenture consisting of fixed and floating charges over all assets of the Company.


21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
148,750
233,750

Obligations under hire purchase contracts
5,578
8,695

154,328
242,445


Hire purchase creditors are secured on the assets to which they relate.
The bank loan is secured by a debenture consisting of fixed and floating charges over all assets of the Company.

Page 31

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
85,000
85,000

Amounts falling due 1-2 years

Bank loans
148,750
233,750

233,750
318,750


The bank loan is secured by a debenture consisting of fixed and floating charges over all assets of the Company.


23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
2,912
2,912

Between 1-5 years
5,578
8,695

8,490
11,607

Hire purchase creditors are secured on the assets to which they relate.
Page 32

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Deferred taxation




2024


£






At beginning of year
13,959


Charged to the Statement of Comprehensive Income
(14,320)



At end of year
(361)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(361)
13,959

(361)
13,959


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



92 (2023 - 92) Ordinary A shares of £1.00 each
92
92
1 (2023 - 1) Ordinary B share of £1.00 
1
1
3 (2023 - 3) Ordinary C shares of £1.00 each
3
3
4 (2023 - 4) Ordinary D shares of £1.00 each
4
4

100

100

All shares are non-redeemable and rank equally in terms of (a) voting rights - one vote for each share; (b) rights to participate in all approved dividend distributions for that class of share; and (c) rights to participate in any capital distribution on winding up.


Page 33

 
DELTA GLOBAL SOURCE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Share based payments

On the 2 November 2022 share options were granted to a director of a subsidiary company to purchase ordinary B shares of £1 each in the Company under an Enterprise Management Scheme (EMI). The last date on which these shares are exercisable is 2 November 2025. The options vested upon the sale of the Company and no options were exercisable by the end of the period.
The number of shares in the scheme was 54 (2023 - 54) and the weighted average exercise price was £868 (2023 - £868).

The fair value per share option at date of inception was £913 (2023 - £913). The total value of the share options was £49,318 (2023 - £49,318). These share options have a vesting period of 3 years.


27.


Pension commitments

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 during the period and amounted to £58,393 (2023 - £59,336).


28.


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:

2024
2023
£
£


Not later than 1 year
67,616
162,279

Later than 1 year and not later than 5 years
-
67,616

67,616
229,895


29.


Related party transactions

At 30 September 2024 there were loan account balances amounting to £105,584 (2023 - £1,886) owing to the directors. This is interest free and repayable on demand. This is included within other creditors.
The Company has taken advantage of the exemption available under Section 33 of FRS 102 not to disclose transactions with group entities who are wholly owned by the Group. 


30.


Controlling party

The ultimate and immediate parent undertaking is Delta Global Source Holdings Limited, a company incorporated and registered in England and Wales. The largest and smallest group of undertakings for which group accounts have been drawn up is headed by Delta Global Source Holdings Limited. The registered office is Unit H Whiteacres, Whetstone, Leicester, LE8 6ZG.
The ultimate controlling party is R Lockyer by virtue of his majority shareholding in the parent undertaking. There have been no changes to the controlling party during the year or post year end.
 
Page 34