Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
COMPANY INFORMATION
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
CONTENTS
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The principal activity of the Group during the year continued to be the sale and supply of specialist packaging products.
The principal activity of the Company during the year continued to be that of a holding company.
Turnover decreased from £15,642,074 in FY23 to £9,964,544 in the year with the slowdown in UK retail and the continued range rationalisation of our key customers contributing to this downturn. Our overseas entities were profitable in year which continues to mitigate our exposure to the UK market. 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 £76,597 in year compared to a profit of £862,178 last year.
The downturn has continued into FY25 but the Group continues to invest in new business opportunities and has secured a significant pipeline that will see 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.
The Group 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 Group'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 Group finances its operations through a mixture of retained profits and other borrowings. Liquidity risk The Group 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.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Currency risk The Group 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 Group 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.
The director considers the key financial performance indicators to be turnover, profit and cashflow. All of which are available in the financial statements.
The Group 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 Group 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 Group 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.
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DELTA GLOBAL SOURCE HOLDINGS 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.
The loss for the year, after taxation, amounted to £76,597 (2023 - profit £862,178).
Dividends totalling £592,742 (2023 - £345,542) have been declared in the year.
The directors who served during the year were:
Environmental matters The Group seeks to minimise adverse impacts on the environment from it’s activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations. The Group 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 Group. 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 Group. 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
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DELTA GLOBAL SOURCE HOLDINGS 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.
Going forward, the directors aim to continue to grow the business whilst keeping a tight control over costs.
Going concern Whilst the Group 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 Group 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 Group's forecasts and projections, the directors have a reasonable expectation that the Group 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.
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 Group's auditors are 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 Group's auditors are aware of that information.
There have been no significant events affecting the Group since the year end.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE HOLDINGS LIMITED
We have audited the financial statements of Delta Global Source Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Group 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.
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 Group's or the parent 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.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE HOLDINGS LIMITED (CONTINUED)
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 Group 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, 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 of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.
∙Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Discussion 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.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Leicester, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
REGISTERED NUMBER: 07583744
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
REGISTERED NUMBER: 07583744
CONSOLIDATED 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:
The notes on pages 21 to 42 form part of these financial statements.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
REGISTERED NUMBER: 07583744
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
REGISTERED NUMBER: 07583744
COMPANY 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:
The notes on pages 21 to 42 form part of these financial statements.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Delta Global Source Holdings Limited is a private Company, limited by shares, incorporated and registered in England and Wales, registration number 07583744. The registered office is Unit H Whiteacres, Whetstone, Leicester, LE8 6ZG.
The principal activity of the Company during the year continued to be that of a holding company. The principal activity of the Group during the year continued to be the sale and supply of specialist packing materials and bags.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statement.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Whilst the Group 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 Group 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 Group's forecasts and projections, the directors have a reasonable expectation that the Group 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.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Consolidated Statement of Comprehensive Income over the remaining vesting period. Where equity instruments are granted to persons other than employees, the Consolidated Statement of Comprehensive Income is charged with fair value of goods and services received.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
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 Consolidated Statement of Comprehensive Income.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the Group 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 Consolidated Balance Sheet.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Group 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.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The whole of the turnover is attributable to the principal activity of the Group.
Analysis of turnover by country of destination:
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax changes.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 Group.
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Page 39
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Page 40
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
These financial statements include restatements to the comparative Company Balance Sheet and Company Statement of Changes in Equity for the year ended 30 September 2023. This is due to an error identified in relation to the recognition timing of dividends due from subsidiaries to Delta Global Source Holdings Limited. An additional £200,000 of dividend income should have been recognised by Delta Global Source Holdings Limited during the year ended 30 September 2023.
As a result of this, the following restatements have been made in these financial statements: Company profit for the year ended 30 September 2023 was increased from £345,542 to £545,542. Amounts owed by group undertakings as at 30 September 2023 were increased from £Nil to £200,000. Profit and loss account reserves as at 30 September 2023 were increased from £Nil to £200,000.
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund during the period and amounted to £
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DELTA GLOBAL SOURCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Company is controlled by
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