Registration number:
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D G International Holdings Limited
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Brebners
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D G International Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Income Statement |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
D G International Holdings Limited
Company Information
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Directors |
G M Rogers J Rogers |
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Registered office |
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Auditors |
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D G International Holdings Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the group is the design, manufacture and distribution of travel accessories and related products. These products are sold globally with particular emphasis on the duty free and travel retail sectors. The majority of products sold are protected by intellectual property rights owned by the group.
The group's main brand "Go Travel" focuses on designing travel accessories with useful innovation for the everyday commuter, jetsetter, family traveller and even the home. Functional and feature-rich designs that truly benefit each individual. Whether it’s travel adaptors or travel towels, Go Travel has over 150 much-loved accessories. Go Travel’s global operation sees its products distributed in over 110 countries worldwide, across thousands of retail locations.
Operational Streamlining and Digital Transformation
A number of key initiatives have been implemented to enhance operational efficiency and strengthen the company’s infrastructure:
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Asia Expansion and Supply Chain Integration
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Advanced Stock Analytics Implementation
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Automated Business Reporting
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AI Impact Assessment and Digital Transformation
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Our commitment to sustainability and responsible business practices continues to evolve across every area of our operations. We are expanding the use of eco-friendly materials in our range, including GRS-certified rPET fabrics for lightweight bags and travel pillow covers, the introduction of product made from recycled plastics known as rPVC and ensuring that all new packaging is FSC-certified to guarantee responsible sourcing from well-managed forests.
Beyond environmental stewardship, we maintain rigorous social and governance standards through our Ethical Code of Conduct, which extends to all suppliers and manufacturing partners. Our Compliance Team conducts regular factory visits to foster transparency, encourage diversity across our workforce and supply chain, and ensure that all partners are members of Sedex or BSCI, audited annually to recognised international social accountability standards
Product Development - Product development innovation continues and a number of new products have been launched into the portfolio. Our USA memory foam facility in Chattanooga continues to provide major cost competitive advantages, mitigating that affects of new USA tariffs and production output has hit an all-time high. We continue to streamline the product portfolio and aggressively pursue favoured pricing from suppliers.
D G International Holdings Limited
Strategic Report for the Year Ended 31 March 2025
Fair review of the business
The directors aim to present a balanced and comprehensive review of the development and performance of the group's business for the year ended 31 March 2025 and its position at that date.
For the year ended 31 March 2025 group turnover has fallen from £27,380,912 to £21,727,882. The gross profit margin has risen from 36% to 47% despite general price increases globally and the demands from global retailers. The group operates in the travel and leisure industry which is not only recovering from Covid lock downs but continued supply chain disruption. Global conflicts are driving shipping costs and extending delivery lead times from suppliers. The demand for travel products and accessories for both domestic and international travel has returned to pre-pandemic levels and in some areas surpassed it. However, despite this positive passenger number trend, consumer spending is softening as a result of inflation and increased living costs.
The directors have looked to mitigate the impact of the these factors by reducing costs where possible. This has been achieved through continued operational efficiencies, allowing the group to function with a reduced workforce, product consolidation and renegotiations with suppliers. Both income and expenditure continue to be reviewed and measures have been taken to reduce overheads, where possible.
In recent years the group made significant investment in new product design and development in order to ensure the continued growth and success of the Go Travel brand. A number of new products have entered the market Additionally, a major packaging initiative is well under way where products are being moved into environmentally friendly formats as we depart from packaging with plastics. The supply chain is constantly reviewed with particular emphasis on fulfilment, quality and price.
Go Travel is an established and highly respected brand with a loyal, global customer base. The group plans to continue its’ global expansion through organic growth, new distribution channels and strategic partnerships with other leading retailers in the sector.
The group considers its key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit and operating profit and liquidity.
Financial KPI's
The group's key financial and other performance indicators during the year were as follows:
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Unit |
2025 |
2024 |
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Turnover |
£ |
21,727,882 |
27,380,912 |
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Gross Profit |
£ |
10,221,327 |
9,833,578 |
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Gross Profit Margin |
% |
47 |
36 |
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Operating Profit/(Loss) |
£ |
1,194,106 |
1,653,570 |
The statement of financial position at 31 March 2025 remains robust. The group continues to invest in capital assets in order to maximise efficiency and protect its brand. The overall cash position stood at £2,497,559 and net assets have increased by £212,092, due to the retained profit and other comprehensive income for the year, to £22,470,224.
The group seeks to ensure that responsible business practice is fully integrated into the management of all its operations and into the culture of all parts of its business. It believes that the consistent adoption of reasonable business practice is essential for operational excellence, which in turn, ensures the delivery of its core objectives of sustained profitability.
D G International Holdings Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
The directors remain mindful of the continuing risk to the business from the range of uncertain Brexit repercussions and outcomes which remain ongoing, including volatility in the strength of £ sterling versus the US dollar and Euro, trading tariffs imposed by the EU and economic uncertainty leading to reduced consumer spending. The cost of living crisis and high interest rates are of a concern and the directors will closely monitor ongoing progress, and adapt trading and operational plans accordingly.
The directors are responsible for identifying significant risks to the business and for ensuring that appropriate internal controls and risk management is in place to allow the group to achieve its strategic objectives and determine the level of risk acceptable to the group. This is subject to regular review. The group seeks to mitigate its risks through the application of strict limits, controls and monitoring processes at the operational level.
Operational Risk
Operational risk is caused by failures in business processes, or the systems or physical infrastructure that support them, that have the potential to result in financial loss or reputation damage. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts such as fraud.
The regulated environment in which the group operates imposes reporting requirements and continuing self assessment and appraisal. The group seeks to continually improve its operating efficiencies and standards. Operational risks are also limited by following the working practices required to maintain trading globally.
Credit Risk
Credit risk is the risk of financial loss to the group if a customer fails to meets its contractual obligations and arises principally from its trade debtors.
There is no material concentration of credit risk with any single customer. The group has a credit policy under which new customers are assessed for creditworthiness before credit terms are offered. Larger customers are monitored on a daily basis and accounts are placed on supply hold when appropriate. Sales are made on a proforma basis in circumstances where there is any doubt about the creditworthiness of a customer.
Market Risk and Market Competition
The group operates in competitive markets in the UK and worldwide. The group aims to mitigate these risks through a culture of constant innovation and improvement. Particular importance is given to the design, manufacture and launch of innovative new products. The group also exhibits its products annually at a number of international trade shows which cater principally for the duty free and travel retail sectors. These shows include the International Travel Goods Show in the USA, the TFWA Shows in France and Singapore.
Foreign Currency Risk
The group is exposed to currency risk on sales that are denominated in a currency other than sterling.
The majority of the purchases made by the group are denominated in US dollars. The group is therefore also subject to exchange risk from the movement in the GBP/USD exchange rate. A significant proportion of the sales of the group are denominated in US dollars and the group therefore benefits from a natural hedge against movements in the GBP/USD exchange rate. Where appropriate, the group also mitigates foreign exchange risk through the use of financial instruments such as forward exchange contracts.
Research and Development
The group undertakes research and development in order to improve and diversify of its product offering.
Risk Summary
The directors continuously monitor and respond to changes in the Group's risk environment, so ensuring that the group remains well placed to address operational, reputational, financial and business risks in a timely and appropriate manner.
D G International Holdings Limited
Strategic Report for the Year Ended 31 March 2025
Future Developments and Going Concern
It is clear there are still global issues following the 2020 Covid-19 lockdowns. National debt, interest rates have spiked, the war in Ukraine is ongoing and many western economies are showing signs of economic distress.
The directors are confident that despite the predicted general expected downturn in the global economy coupled with high inflation, the group has come out of the pandemic much stronger and sales are expect to grow from the previous fiscal year.
Not only has the group remained profitable, it has done so with a reduced workforce, lower cost base and a healthy stock position going forward. Furthermore, its strategic focus and quality proposition continues to resonate with the market - The group has secured several distributors, restructured its USA operation with new senior management, new 3rd Party warehouse leading to considerable savings and the US pillow production facility is on target for record output.
The group continues to conduct a review of all elements of its operations and the potential impact of the UK's withdrawal from the European Union and new visa restrictions entering the Schengen area. That said, better stock management, range consolidation, new products, refreshed packaging along with securing major retail contracts well into 2026, sales growth with improved margins are expected.
The directors intend to continue to make investments in the business to ensure the group maintains its reputation in the travel industry and will continue to be investigating ways to increase turnover through global opportunities as they arise, whilst managing working capital.
Approved by the
.........................................
Director
D G International Holdings Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the for the year ended 31 March 2025.
Directors of the group
The directors who held office during the year were as follows:
Dividends
Interim dividends of £300,000 (2024: £500,000) were declared and paid during the year. No final dividend is proposed.
Information included in the Strategic Report
The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.
Directors' liabilities
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
.........................................
Director
D G International Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
D G International Holdings Limited
Independent Auditor's Report to the Members of D G International Holdings Limited
Opinion
We have audited the financial statements of D G International Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 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 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
D G International Holdings Limited
Independent Auditor's Report to the Members of D G International Holdings Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
D G International Holdings Limited
Independent Auditor's Report to the Members of D G International Holdings Limited
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:
Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, health and safety legislation, anti-bribery legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the Group is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
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 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.
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For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
D G International Holdings Limited
Consolidated Income Statement for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
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|
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
|
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Interest payable and similar expenses |
( |
( |
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(30,408) |
(156,752) |
||
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Profit before tax |
|
|
|
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Tax on profit |
( |
( |
|
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Profit for the financial year |
|
|
|
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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D G International Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2025
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2025 |
2024 |
|
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Profit for the year |
|
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Surplus/deficit on property, plant and equipment revaluation |
( |
|
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Deferred tax movement |
|
( |
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Foreign currency translation gains/losses |
( |
|
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(562,387) |
1,397,859 |
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Total comprehensive income for the year |
|
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Total comprehensive income attributable to: |
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Owners of the company |
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D G International Holdings Limited
Consolidated Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
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Intangible assets |
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Tangible assets |
|
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
1,086 |
1,086 |
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Revaluation reserve |
4,328,095 |
4,819,345 |
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Profit and loss account |
18,141,043 |
17,437,701 |
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Equity attributable to owners of the company |
22,470,224 |
22,258,132 |
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Shareholders' funds |
22,470,224 |
22,258,132 |
Approved and authorised by the
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Company registration number: 05083402
D G International Holdings Limited
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
|||
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Investments |
|
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Current assets |
|||
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Debtors |
|
|
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Cash at bank and in hand |
|
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|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
1,086 |
1,086 |
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Retained earnings |
8,729,197 |
9,042,488 |
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Shareholders' funds |
8,730,283 |
9,043,574 |
The company made a loss after tax for the financial year of £13,291 (2024: loss of £12,451).
Approved and authorised by the
.........................................
Director
Company registration number: 05083402
D G International Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
Total equity |
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At 1 April 2023 |
|
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
|
Other comprehensive income |
- |
|
|
|
|
|
Total comprehensive income |
- |
|
|
|
|
|
Dividends |
- |
- |
( |
( |
( |
|
Transfers |
- |
429,114 |
(429,114) |
- |
- |
|
At 31 March 2024 |
|
|
|
|
|
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
Total equity |
|
|
At 1 April 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
|
Other comprehensive income |
- |
( |
( |
( |
( |
|
Total comprehensive income |
- |
( |
|
|
|
|
Dividends |
- |
- |
( |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
D G International Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
- |
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
(241,502) |
198,163 |
|
|
Foreign exchange gains/losses |
|
( |
|
|
Decrease/(increase) in stocks |
|
( |
|
|
Decrease in trade and other debtors |
|
|
|
|
Decrease in trade and other creditors |
( |
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes received/(paid) |
|
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of intangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Bank borrowing repayments |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
2,497,559 |
2,487,665 |
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the group is that of the design, manufacture and distribution of travel accessories and related products.
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value or revalued amount and are presented in sterling, which is the functional currency of the entity.
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.
FRS 102 Exemptions
The company has taken advantage of the exemption in Section 408 of Companies Act 2006 from presenting its own individual profit and loss account. |
The company is a qualifying entity under FRS 102 paragraph 1.12 and has taken advantage of the following exemptions in its individual financial statements: |
- From preparing a statement of cashflows. |
- From disclosing company key management personnel compensation. |
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March each year.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The statement of financial position showed the group had net current assets at 31 March 2025 amounting to £13,806,572 and net assets amounting to £22,470,224, including cash at bank of £2,497,559.
The directors have considered the potential effect of the ongoing worldwide economic uncertainty and the directors' view is that the impact is manageable. The group's management accounts for the six month period to 30 September 2025 show continued profitability, and the cashflow forecasts demonstrate that the group has sufficient working capital for a period of at least 12 months from the date of approval of the financial statements.
After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements and key sources of estimation
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainties provide a risk of causing a material adjustment to the carrying values of assets and liabilities. |
Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed 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. |
The group makes an estimate of the recoverable value of trade debtors. When assessing any potential impairment of trade debtors, management considers factors including the ageing profile of debtors and historical experience. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Turnover is recognised when products are delivered to customers.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property is included at revalued amount.
Surpluses arising on revaluation are credited to a revaluation reserve which is not distributable.
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, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
15% to 33% on reducing balance |
|
Fixtures and fittings |
20% on reducing balance |
|
Motor vehicles |
25% on reducing balance |
|
Computer equipment |
33% on cost |
|
Leasehold improvements |
33% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and patents are shown at historical cost.
Trademarks, patents, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, patents and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Patents and trademarks |
10 years straight line |
|
Software development |
3 years straight line |
|
Goodwill |
10 years straight line |
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Leases
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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
Financial instruments are recognised when the group 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 and in the case of liabilities, when the group's obligations are discharged, expire or are cancelled.
|
Revenue |
The analysis of the group's revenue for the year from operations is as follows:
|
2025 |
2024 |
|
|
Sale of travel goods |
|
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
The analysis of the group's revenue for the year by geographic market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Loss on disposal of property, plant and equipment |
- |
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Office and management |
|
|
|
Sales, marketing and distribution |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
168,000 |
168,375 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
37,375 |
35,250 |
|
Audit of the financial statements of group undertakings |
34,100 |
32,750 |
|
|
|
|
|
Other fees |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the consolidated income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Foreign tax |
- |
|
|
Total current income tax |
99,111 |
22,850 |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024: lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of income/expense not deductible in determining taxable profit |
( |
( |
|
Effect of foreign tax rates |
( |
( |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
|
Tax decrease arising from group relief |
- |
( |
|
Tax decrease from effect of unrelieved tax losses carried forward |
( |
( |
|
Total tax charge |
|
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Arising on property revaluations |
870,753 |
|
Accelerated capital allowances |
(88,997) |
|
|
|
2024 |
Liability |
|
Arising on property revaluations |
1,034,503 |
|
Accelerated capital allowances |
(81,282) |
|
|
Tax relating to items recognised in other comprehensive income
|
2025 |
2024 |
|
|
Deferred tax arising from origination of timing differences |
( |
|
|
Intangible assets |
Group
|
Goodwill |
Patents and trademarks |
Software Development |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions acquired separately |
- |
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Amortisation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Amortisation charge |
- |
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
- |
|
|
|
|
At 31 March 2024 |
- |
|
- |
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Group |
Freehold Property |
Fixtures and fittings |
Computer equipment |
Plant and Machinery |
Total |
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Revaluations |
( |
- |
- |
- |
( |
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
- |
- |
( |
( |
|
Foreign exchange movements |
- |
( |
( |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
- |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
Foreign exchange movements |
- |
( |
( |
( |
( |
|
At 31 March 2025 |
- |
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
The owner occupied freehold property was valued by the directors at 31 March 2025 an amount of £7,750,000 based upon professional advice.
If freehold property had not been revalued it would have been included at the following depreciated historical cost:
|
2025 |
2024 |
||
|
£ |
£ |
||
|
Cost |
3,739,850 |
3,739,850 |
|
|
Aggregate depreciation |
(1,028,459) |
(934,962) |
|
|
Carrying value of freehold property |
2,711,391 |
2,804,888 |
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2024 and 31 March 2025 |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 31 March 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2025 |
2024 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
England and Wales |
|
|
|
|||
|
|
England and Wales |
|
|
|
|||
|
|
England and Wales |
|
|
|
|||
|
|
England and Wales |
|
|
|
|||
|
|
England and Wales |
|
|
|
|||
|
|
England and Wales |
|
|
|
|||
|
|
San Elias, Barcelona, Spain
|
|
|
|
|||
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
|
Frankfurt am Main, Germany
|
|
|
|
|||
|
|
Rue la Boetie, Paris, France
|
|
|
|
|||
|
|
850 Washington St. MA, USA
|
|
|
|
|||
|
|
160 Gloucester Rd, Wanchai, Hong Kong
|
|
|
|
|||
The registered office of the companies based in England and Wales is Unit 1 Mill Hill Industrial Estate, Flower Lane, London. NW7 2HU
All of the above subsidiary undertakings are included in the consolidation.
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Stocks |
|
|
- |
- |
|
Debtors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
- |
- |
|
Amounts owed by group undertakings |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
Corporation tax asset |
|
|
- |
- |
|
|
|
|
|
|
Trade debtors are stated after provision for non-recovery of £808,237 (2024: £595,707).
Other debtors includes an amount of £110,833 (2024: £38,930) recoverable in greater than one year.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
- |
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
163,353 |
68,027 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
- |
|
- |
- |
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase in existing provisions |
( |
( |
|
At 31 March 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
600 |
|
600 |
|
|
|
400 |
|
400 |
|
|
|
43 |
|
43 |
|
|
|
43 |
|
43 |
|
|
|
|
|
|
There are no restrictions on the repayment of capital or the declaration and payment of dividends.
Each class of share ranks pari-passu for voting purposes.
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
- |
|
- |
- |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
- |
|
- |
- |
The bank borrowings were secured by a fixed charge over the freehold properties shown in note 12 and a fixed and floating charge over the other assets and undertakings of the group.
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Commitments, guarantees and contingencies |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Within one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Other financial commitments
The group's bank have issued a deferment bond to H M Customs & Excise for £185,000 and the group has a derivatives facility of £1,500,000. These facilities are secured by a fixed and floating charge over the assets and undertakings of the group.
|
Analysis of changes in net debt |
Group
|
At 1 April 2024 |
Cash Flows |
At 31 March 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
2,487,665 |
9,894 |
2,497,559 |
|
Borrowings |
|||
|
Long term borrowings |
(775,000) |
775,000 |
- |
|
Short term borrowings |
(467,120) |
467,120 |
- |
|
(1,242,120) |
1,242,120 |
- |
|
|
|
|||
|
|
|
|
|
D G International Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Related party transactions |
Group
Exemption has been taken under FRS 102, paragraph 33.1A not to disclose transactions or amounts falling due between companies that are wholly owned within the group.
Key management personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the group. Key management personnel includes the directors of the parent undertaking and the subsidiary undertakings.
Total remuneration in respect of these individuals is £168,000 (2024: £168,376).
The dividends paid in the year as shown in note 21 were paid to the directors.
|
Ultimate control |
The ultimate controlling party is
|
Non adjusting events after the financial period |
|
|