DT Media Limited

trading as DTM Global

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 8

DT Media Limited

trading as DTM Global

Balance Sheet

31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	6	13,467	5,672
Current assets
Debtors	7	14,527	1,895
Cash at bank and in hand		85,007	358,485
		99,534	360,380
Creditors: Amounts falling due within one year	8	(531,257)	(430,252)
Net current liabilities		(431,723)	(69,872)
Net liabilities		(418,256)	(64,200)
Capital and reserves
Called up share capital	9	76,302	76,302
Share premium reserve		75,684	75,684
Profit and loss account		(570,242)	(216,186)
Shareholders' deficit		(418,256)	(64,200)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

......................................... Mr M A Muhlenbeck Director

Company Registration Number: 03824395

DT Media Limited

trading as DTM Global

Notes to the Financial Statements

Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7
Bowker House
Lee Mill
Ivybridge
Devon
PL21 9EF

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historically known factors and experience.

Any estimates and underlying assumptions used by management such as depreciation rates are reviewed on an ongoing basis. Any revision deemed to be required to any accounting estimates would be recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

A key estimate is considered to be the deferred income in relation to long-term contracts. Management have deferred the income in line with the revenue recognition policy as stated above..

DT Media Limited

trading as DTM Global

Notes to the Financial Statements

Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of
work completed in the year based on the time outlined in the contract, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings & equipment	15% & 33% straight line

DT Media Limited

trading as DTM Global

Notes to the Financial Statements

Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

DT Media Limited

trading as DTM Global

Notes to the Financial Statements

Year Ended 31 December 2024

Going concern

Since acquisition of the company in May 2011, VSD LLC have provided significant support for the company in terms of Finance, Sales and Marketing effort and Executive Management, and will continue to assist the Company in maximizing sales of its existing and new software products and training solutions.

The Company with VSD LLC’s support has prioritized the update and alignment of software products with global maritime training requirements. The Fleetman Bridge Trainer software is now fully capable of meeting international certification requirements. The Fleetman Bridge Trainer will be DNV certified by the end of 2025.

Currently, the Company is in negotiations with several new and existing customers in the Middle East, Southeast Asia and both UK and US based prime contractors for a wide range of products and training solutions including the Flight Deck Officer Trainer, Fleetman Naval Trainer and Fire Control Trainer.

The Company is well placed to yield contracts from its pipeline prospects, primarily from the US, Middle East and the UK. The company is expected to be profitable in the years ending 2026 and 2027.

For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result from any change to the company's circumstances such that the going concern basis would no longer be appropriate.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4	Other interest receivable and similar income

	2024 £	2023 £
Interest income on bank deposits	5,610	9,303
Foreign exchange gains	-	39,963
	5,610	49,266

5	Interest payable and similar expenses

	2024 £	2023 £
Interest expense on other finance liabilities	64	-
Foreign exchange losses	1,472	-
	1,536	-

DT Media Limited

trading as DTM Global

Notes to the Financial Statements

Year Ended 31 December 2024

6	Tangible assets

	Furniture, fittings and equipment  £
Cost or valuation
At 1 January 2024	78,632
Additions	15,597
At 31 December 2024	94,229
Depreciation
At 1 January 2024	72,960
Charge for the year	7,802
At 31 December 2024	80,762
Carrying amount
At 31 December 2024	13,467
At 31 December 2023	5,672

7

Debtors

	2024 £	2023 £
Trade debtors	5,855	-
Prepayments	1,895	1,895
Other debtors	6,777	-
	14,527	1,895

DT Media Limited

trading as DTM Global

Notes to the Financial Statements

Year Ended 31 December 2024

8

Creditors

	Note	2024 £	2023 £
Due within one year
Trade creditors		19	18
Amounts owed to group undertakings	11	447,727	361,668
Taxation and social security		6,980	19,381
Accruals and deferred income		70,388	47,229
Other creditors		6,143	1,956
		531,257	430,252

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	56,111	56,111	56,111	56,111
Ordinary A shares of £1 each	18,705	18,705	18,705	18,705
Ordinary B shares of £0.01 each	11,170	112	11,170	112
Other ordinary shares of £0.01 each	137,400	1,374	137,400	1,374
	223,386	76,302	223,386	76,302

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,064 (2023 - £16,616).

11	Related party transactions

The company has taken advantage of the exemption from disclosing transactions with other wholly owned members of the group.

DT Media Limited

trading as DTM Global

Notes to the Financial Statements

Year Ended 31 December 2024

12	Parent and ultimate parent undertaking

The company's immediate parent is DTM Global Holdings Limited, incorporated in England and Wales.

 The ultimate parent is QED Systems Incorporated, incorporated in United States of America.

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is VSD LLC, incorporated in United States of America.

The address of VSD LLC is:
825 Greenbrier Circle
Suite C
Chesapeake
VA 23320
United States of America

13	Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Tracy Lewis FCA, who signed for and on behalf of PKF Francis Clark on 30 September 2025.