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Registered number: 07583744










DELTA GLOBAL SOURCE HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
R Lockyer 
L Lockyer (appointed 18 April 2024)




Registered number
07583744



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 HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Directors' Responsibilities Statement
 
6
Independent Auditor's Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12 - 13
Company Balance Sheet
 
14 - 15
Consolidated Statement of Changes in Equity
 
16
Company Statement of Changes in Equity
 
17
Consolidated Statement of Cash Flows
 
18 - 19
Consolidated Analysis of Net Debt
 
20
Notes to the Financial Statements
 
21 - 42


 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
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. 

Business review
 
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.

Principal risks and uncertainties
 
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.


 
Page 1

 
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.

Financial key performance indicators
 
The director considers the key financial performance indicators to be turnover, profit and cashflow. All of which are available in the financial statements.

Other key performance indicators
 
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.



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

Date: 27 June 2025

Page 2

 
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.

Results and dividends

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.

Directors

The directors who served during the year were:

R Lockyer 
L Lockyer (appointed 18 April 2024)

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

 
Page 3

 
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.

Future developments

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.

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 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.

Post balance sheet events

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

Page 4

 
DELTA GLOBAL SOURCE HOLDINGS 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 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 2006They 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.

Page 6

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE HOLDINGS LIMITED
 

Opinion


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 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's profit 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 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.


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 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.


Page 7

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE HOLDINGS 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 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.


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 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.


Matters on which we are required to report by exception
 

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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 8

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


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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 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.


Page 9

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELTA GLOBAL SOURCE HOLDINGS 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 June 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 HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,964,544
15,642,074

Cost of sales
  
(7,044,289)
(11,116,901)

Gross profit
  
2,920,255
4,525,173

Administrative expenses
  
(2,944,441)
(3,456,506)

Exceptional administrative expenses
 14 
(210,855)
-

Other operating income
 5 
267,838
-

Operating profit
 6 
32,797
1,068,667

Interest receivable and similar income
 10 
39,856
1,714

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

Profit before tax
  
32,140
1,018,907

Tax on profit
 12 
(108,737)
(156,729)

(Loss)/profit for the financial year
  
(76,597)
862,178

(Loss)/profit for the year attributable to:
  

Owners of the parent company
  
(76,597)
862,178

  
(76,597)
862,178

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

The notes on pages 21 to 42 form part of these financial statements.

Page 11

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
REGISTERED NUMBER: 07583744

CONSOLIDATED 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
 18 
1,689,690
1,268,543

Debtors: amounts falling due within one year
 19 
1,368,216
3,832,007

Cash at bank and in hand
 20 
1,183,674
741,689

  
4,241,580
5,842,239

Current liabilities
  

Creditors: amounts falling due within one year
 21 
(2,509,688)
(3,340,897)

Net current assets
  
 
 
1,731,892
 
 
2,501,342

Total assets less current liabilities
  
1,939,899
2,696,994

Creditors: amounts falling due after more than one year
 22 
(154,328)
(242,445)

Provisions for liabilities
  

Deferred tax
 25 
(361)
-

  
 
 
(361)
 
 
-

Net assets
  
1,785,210
2,454,549


Capital and reserves
  

Called up share capital 
 26 
494
494

Capital redemption reserve
  
216
216

Merger reserve
  
50,650
50,650

Profit and loss account
  
1,733,850
2,403,189

  
1,785,210
2,454,549


Page 12

 
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: 




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

Date: 27 June 2025

The notes on pages 21 to 42 form part of these financial statements.

Page 13

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
REGISTERED NUMBER: 07583744

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
939,561
939,561

  
939,561
939,561

Current assets
  

Debtors: amounts falling due within one year
 19 
-
200,000

  
-
200,000

Current liabilities
  

Creditors: amounts falling due within one year
 21 
(157,561)
(357,561)

Net current liabilities
  
 
 
(157,561)
 
 
(157,561)

Total assets less current liabilities
  
782,000
782,000

  

  

Net assets
  
782,000
782,000


Capital and reserves
  

Called up share capital 
 26 
494
494

Capital redemption reserve
  
216
216

Merger reserve
  
581,290
581,290

Profit and loss account
  
200,000
200,000

  
782,000
782,000


Page 14

 
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: 


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

Date: 27 June 2025

The notes on pages 21 to 42 form part of these financial statements.

Page 15

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 

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


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

£
£
£
£
£


At 1 October 2022
518
192
50,650
1,886,553
1,937,913


Comprehensive income for the year

Profit for the year
-
-
-
862,178
862,178

Dividends: Equity capital
-
-
-
(345,542)
(345,542)

Purchase of own shares
-
24
-
-
24

Shares cancelled during the year
(24)
-
-
-
(24)



At 1 October 2023
494
216
50,650
2,403,189
2,454,549


Comprehensive income for the year

Loss for the year
-
-
-
(76,597)
(76,597)

Dividends: Equity capital
-
-
-
(592,742)
(592,742)


At 30 September 2024
494
216
50,650
1,733,850
1,785,210


The notes on pages 21 to 42 form part of these financial statements.

Capital redemption reserve
The capital redemption reserve represents the nominal value of shares that have been purchased out of distributable profits.
Merger Reserve
The merger reserve represents the difference between the nominal value of a share issue and the net assets of the shares acquired in a share for share exchange arising from a group reconstruction.
Profit and loss account
Includes all current and prior year retained profits and losses. All amounts are distributable. 

Page 16

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 

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


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

£
£
£
£
£


At 1 October 2022
518
192
581,290
-
582,000


Comprehensive income for the year

Profit for the year (as restated)
-
-
-
545,542
545,542

Dividends: Equity capital
-
-
-
(345,542)
(345,542)

Purchase of own shares
-
24
-
-
24

Shares cancelled during the year
(24)
-
-
-
(24)



At 1 October 2023 (as restated)
494
216
581,290
200,000
782,000


Comprehensive income for the year

Profit for the year
-
-
-
592,742
592,742

Dividends: Equity capital
-
-
-
(592,742)
(592,742)


At 30 September 2024
494
216
581,290
200,000
782,000


The notes on pages 21 to 42 form part of these financial statements.

Capital redemption reserve
The capital redemption reserve represents the nominal value of shares that have been purchased out of distributable profits.
Merger Reserve
The merger reserve represents the difference between the nominal value of a share issue and the net assets of the shares acquired in a share for share exchange arising from a group reconstruction.
Profit and loss account
Includes all current and prior year retained profits and losses. All amounts are distributable. 

Page 17

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
(76,597)
862,178

Adjustments for:

Amortisation of intangible assets
38,716
28,768

Depreciation of tangible assets
36,916
34,614

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

Interest paid
40,513
51,474

Interest received
(39,856)
(1,714)

Taxation charge
108,737
156,729

(Increase)/decrease in stocks
(421,147)
1,805,083

Decrease in debtors
1,697,963
2,246,202

Decrease in creditors
(506,054)
(3,686,296)

Corporation tax paid
(200,287)
(153,586)

Net cash generated from operating activities

677,592
1,343,612


Cash flows from investing activities

Purchase of intangible fixed assets
(36,566)
(55,497)

Sale of intangible assets
-
3,285

Purchase of tangible fixed assets
(165,812)
(85,383)

Sale of tangible fixed assets
115,703
(160)

Interest received
39,856
1,714

Hire purchase interest paid
(346)
(450)

Net cash from investing activities

(47,165)
(136,491)
Page 18

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of other loans
(85,000)
(28,472)

Repayment of finance leases
(3,117)
(3,012)

Movement in invoice financing facility
532,584
(1,013,294)

Dividends paid
(592,742)
(345,542)

Interest paid
(40,167)
(51,024)

Net cash used in financing activities
(188,442)
(1,441,344)

Net increase/(decrease) in cash and cash equivalents
441,985
(234,223)

Cash and cash equivalents at beginning of year
741,689
975,912

Cash and cash equivalents at the end of year
1,183,674
741,689


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,183,674
741,689

1,183,674
741,689


The notes on pages 21 to 42 form part of these financial statements.

Page 19

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024





At 1 October 2023
Cash flows
Other non-cash changes
At 30 September 2024
£

£

£

£

Cash at bank and in hand

741,689

441,985

-

1,183,674

Bank loans after 1 year

(233,750)

-

85,000

(148,750)

Bank loans within 1 year

(85,000)

85,000

(85,000)

(85,000)

Finance leases

(11,607)

3,117

-

(8,490)

Invoice financing

490,444

(532,584)

-

(42,140)


901,776
(2,482)
-
899,294

The notes on pages 21 to 42 form part of these financial statements.

In the prior year Consolidated Analysis of Net Debt, invoice financing was displayed as debt of £490,444 in error when it was an asset of £490,444. This has been corrected and restated above in the brought forward position as at 1 October 2023.

Page 20

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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.

 
2.3

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. 

Page 21

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's and Group'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 Consolidated 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 Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Page 22

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated 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 Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Consolidated 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 Consolidated Statement of Comprehensive Income in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Consolidated Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
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.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 and the Group operate and generate 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.

 
2.13

Exceptional items

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

Page 24

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

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

 
2.15

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, on the following basis.

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 Consolidated Statement of Comprehensive Income.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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 Consolidated Statement of Comprehensive Income.

Page 25

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

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.

 
2.21

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 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.

Page 26

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.22

Financial instruments

The Group only enters into basic financial instrument 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 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 of the future cash flows 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 that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows 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 a 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.

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 Group 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 Consolidated 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.

 
2.23

Dividends

Equity dividends are recognised when declared.

Page 27

 
DELTA GLOBAL SOURCE HOLDINGS 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 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.

Page 28

 
DELTA GLOBAL SOURCE HOLDINGS 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 Group.

Analysis of turnover by country of destination:

2024
2023
£
£

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

Rest of the world
4,996,270
5,961,269

9,964,544
15,642,074



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 profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of owned assets
32,360
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
16,419
90,156

Other operating lease rentals
155,998
156,359

Page 29

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
6,500
6,250

Audit of subsidiaries
16,250
15,500

Taxation compliance services
1,750
1,650

All other services
6,250
18,500


8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,241,730
1,497,338
-
-

Social security costs
136,282
140,637
-
-

Cost of defined contribution scheme
58,393
109,336
-
-

1,436,405
1,747,311
-
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Sales and administration
28
30
2
1



Warehouse
3
3
-
-

31
33
2
1

Page 30

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
16,759
15,423

Group contributions to director pension schemes
-
50,000

16,759
65,423


During the year retirement benefits were accruing to no directors (2023 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
39,856
1,714

39,856
1,714


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
3,993

Other loan interest payable
40,167
47,031

Hire purchase contracts
346
450

40,513
51,474

Page 31

 
DELTA GLOBAL SOURCE HOLDINGS 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
13,066
142,759

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

Foreign tax


Foreign tax on income for the year
138,361
-

Total current tax
94,417
142,759

Deferred tax


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

Total deferred tax
14,320
13,970


Tax on profit
108,737
156,729

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
32,140
1,018,907


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
8,035
224,262

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)

Adjustments to tax charge in respect of prior periods
(57,010)
-

Overseas jurisdictions
138,361
(69,680)

Changes in provisions leading to an increase/(decrease) in the tax charge
919
(846)

Other differences leading to an increase in the tax charge
14,320
831

Total tax charge for the year
108,737
156,729

Page 32

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax changes.


13.


Dividends

2024
2023
£
£


Dividends on ordinary A shares
511,552
264,352


Dividends on ordinary D shares
81,190
81,190

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 33

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Intangible assets

Group





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 34

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Tangible fixed assets

Group






Leasehold improvements
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 October 2023
303,151
699,178
1,002,329


Additions
-
165,812
165,812


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



At 30 September 2024

303,151
730,403
1,033,554



Depreciation


At 1 October 2023
303,151
585,206
888,357


Charge for the year on owned assets
-
32,360
32,360


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


Disposals
-
(20,196)
(20,196)



At 30 September 2024

303,151
601,926
905,077



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 35

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
939,561



At 30 September 2024
939,561






Net book value



At 30 September 2024
939,561



At 30 September 2023
939,561


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Delta Global Source (UK) Limited
England
Ordinary
100%
Delta Global Source (China) Limited
England
Ordinary
100%
Delta Global Source (APAC) Limited
Hong Kong
Ordinary
100%
Delta Global Source USA LLC
USA
Ordinary
100%
Delta (Shanghai) Trading Limited
China
Ordinary
100%

The principal activity of all subsidiary undertakings was the sale and supply of specialist packing materials and bags with the exception of Delta Global Source (China) Limited which is dormant.
All subsidiary undertakings have been included within these consolidated financial statements.
The registered office of Delta Global Source (UK) Limited and Delta Global Source (China) Limited is Unit H Whiteacres, Whetstone, Leicester, LE8 6ZG.

Page 36

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Stocks

Group
Group
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.


19.


Debtors

Group
Group
Company
Company
As restated
2024
2023
2024
2023
£
£
£
£


Trade debtors
944,459
2,728,597
-
-

Amounts owed by group undertakings
-
-
-
200,000

Other debtors
211,725
933,197
-
-

Prepayments and accrued income
212,032
156,254
-
-

Deferred taxation
-
13,959
-
-

1,368,216
3,832,007
-
200,000



20.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
1,183,674
741,689

1,183,674
741,689


Page 37

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
85,000
85,000
-
-

Trade creditors
1,478,059
1,359,614
-
-

Amounts owed to group undertakings
-
-
157,561
357,561

Corporation tax
-
105,870
-
-

Other taxation and social security
50,405
274,092
-
-

Obligations under hire purchase contracts
2,912
2,912
-
-

Other creditors
196,194
296,661
-
-

Accruals and deferred income
697,118
1,216,748
-
-

2,509,688
3,340,897
157,561
357,561


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 Group.


22.


Creditors: Amounts falling due after more than one year

Group
Group
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 Group.

Page 38

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
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 Group.


24.


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 39

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Deferred taxation


Group



2024


£






At beginning of year
13,959


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



At end of year
(361)

Group
Group
2024
2023
£
£

Accelerated capital allowances
(361)
13,959

(361)
13,959


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



324 (2023 - 324) Ordinary A shares of £1.00 each
324
324
31 (2023 - 31) Ordinary C shares of £1.00 each
31
31
139 (2023 - 139) Ordinary D shares of £1.00 each
139
139

494

494

All shares are non-redeemable and rank equally in terms of (a) voting rights (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 40

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

27.


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 were exercisable was 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.


28.


Prior year adjustment

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.


29.


Pension commitments

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 £58,393 (2023 - £59,336).


30.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
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
Page 41

 
DELTA GLOBAL SOURCE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

31.


Related party transactions

The directors of the subsidiary companies are considered as key management personnel and their total emoluments amounted to £195,992 (2023 - £289,885).
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 following dividends were paid to the directors £552,151 (2023 - £264,352).
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. 


32.


Controlling party

The Company is controlled by R P Lockyer by way of his majority shareholding. There have been no changes to the controlling party during the year or post year end.

Page 42