Dints International Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06075058 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019

FOR

DINTS INTERNATIONAL LTD

Page

Company Information

1

Director's Responsibilities Statement

2

Independent Chartered Accountants' Review Report

3

Income Statement

4

Balance Sheet

5

Statement of Changes in Equity

6

Cash Flow Statement

7

Notes to the Cash Flow Statement

8

Notes to the Financial Statements

9

DIRECTOR:

G S De Mowbray

REGISTERED OFFICE:

Second Floor

Windsor House

40/41 Great Castle Street

London

W1W 8LU

REGISTERED NUMBER:

06075058 (England and Wales)

ACCOUNTANTS:

Jamieson Stone LLP

Windsor House

40/41 Great Castle Street

London

W1W 8LU

The following reproduces the text of the report prepared for the director and members in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance

Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

I confirm that as a director I have met my duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 May 2019 and of its loss for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

G S De Mowbray - Director

30 May 2020

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Dints International Ltd for the year ended 31 May 2019, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and the related notes 1 to 11. The financial reporting framework that has been applied in their preparation is 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'.

This report is made solely to the company's director in accordance with our terms of engagement. Our review has been undertaken so that we might state to the director those matters that we have agreed with him in our engagement letter 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 director for our work, for this report or the conclusions we have formed.

Director's responsibility for the financial statements

As explained more fully in the Director's Responsibilities Statement set out on page four, the director is responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in

accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical

financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial

statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed

additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of

management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The

procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International

Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 May 2019 and of its loss for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Jamieson Stone LLP

Windsor House

40/41 Great Castle Street

London

W1W 8LU

30 May 2020

TURNOVER

5,015,509

9,483,962

Cost of sales

(4,741,281

)

(8,139,135

)

GROSS PROFIT

274,228

1,344,827

Administrative expenses

(685,593

)

(965,663

)

(411,365

)

379,164

Other operating income

-

100,241

OPERATING (LOSS)/PROFIT

4

(411,365

)

479,405

Interest payable and similar expenses

(100,082

)

(440,876

)

(LOSS)/PROFIT BEFORE TAXATION

(511,447

)

38,529

Tax on (loss)/profit

5

-

(59,407

)

LOSS FOR THE FINANCIAL YEAR

(511,447

)

(20,878

)

FIXED ASSETS

Tangible assets

6

2,426

15,828

CURRENT ASSETS

Stocks

7

68,033

504,002

Debtors

8

1,918,780

1,878,937

Cash in hand

231,741

567,216

2,218,554

2,950,155

CREDITORS

Amounts falling due within one year

9

(1,716,840

)

(1,950,396

)

NET CURRENT ASSETS

501,714

999,759

TOTAL ASSETS LESS CURRENT LIABILITIES

504,140

1,015,587

CAPITAL AND RESERVES

Called up share capital

10

80,703

80,703

Share premium

11

426,100

426,100

Retained earnings

11

(2,663

)

508,784

SHAREHOLDERS' FUNDS

504,140

1,015,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 30 May 2020 and were signed by:

G S De Mowbray - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 June 2017

80,703

529,662

426,100

1,036,465

Changes in equity

Total comprehensive income

-

(20,878

)

-

(20,878

)

Balance at 31 May 2018

80,703

508,784

426,100

1,015,587

Changes in equity

Total comprehensive income

-

(511,447

)

-

(511,447

)

Balance at 31 May 2019

80,703

(2,663

)

426,100

504,140

Cash flows from operating activities

Cash generated from operations

1

(155,612

)

527,370

Interest paid

(100,082

)

(440,876

)

Tax paid

(79,781

)

(9,521

)

Net cash from operating activities

(335,475

)

76,973

Cash flows from investing activities

Purchase of tangible fixed assets

-

(1,302

)

Sale of intangible fixed assets

-

316,750

Sale of tangible fixed assets

-

19,912

Net cash from investing activities

-

335,360

(Decrease)/increase in cash and cash equivalents

(335,475

)

412,333

Cash and cash equivalents at beginning of year

2

567,216

154,883

Cash and cash equivalents at end of year

2

231,741

567,216

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2019

2018

£

£

(Loss)/profit before taxation

(511,447

)

38,529

Depreciation charges

13,402

154,394

Finance costs

100,082

440,876

(397,963

)

633,799

Decrease in stocks

435,969

1,207,946

Increase in trade and other debtors

(38,207

)

(663,493

)

Decrease in trade and other creditors

(155,411

)

(650,882

)

Cash generated from operations

(155,612

)

527,370

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance

Sheet amounts:

Year ended 31 May 2019

31.5.19

1.6.18

£

£

Cash and cash equivalents

231,741

567,216

Year ended 31 May 2018

31.5.18

1.6.17

£

£

Cash and cash equivalents

567,216

154,883

1.	STATUTORY INFORMATION

Dints International Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is the total amount receivable by the company excluding value added tax, in the ordinary course of its business

for goods supplied and services provided.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Software IP & Development has been fully amortised in the current year.

Development expenditure

The intangible fixed asset relates to a proportion of staff time spent on a website development project. The website

facilitates the self-placing of orders by customers on real-time bases from remote locations. No amortisation is charged in

the year of capitalisation. The expected useful economic life of the asset, over which the value is being amortised, has been

estimated by management to be 4.5 years from the balance sheet date. No adjustment has been made to recognise these as

deemed costs on transition to FRS102.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixture & fittings

-

25% on cost

Office equipment

-

25% on cost

The computer equipment class of assets represents external costs relating to the same website development as the

capitalised development expenditure. No depreciation is incurred in the year of capitalisation as is consistent with the

amortisation policy of the associated intangible asset.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

2019

2018

£

£

Wages and salaries

352,299

461,993

The average number of employees during the year was as follows:

2019

2018

Office and management

3

5

Production and sales

4

6

7

11

4.	OPERATING (LOSS)/PROFIT

The operating loss (2018 - operating profit) is stated after charging:

2019

2018

£

£

Depreciation - owned assets

13,402

38,533

Software IP & Development amortisation

-

115,862

5.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2019

2018

£

£

Current tax:

UK corporation tax

-

68,406

Deferred tax

-

(8,999

)

Tax on (loss)/profit

-

59,407

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained

below:

2019

2018

£

£

(Loss)/profit before tax

(511,447

)

38,529

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

(97,175

)

7,321

Effects of:

Depreciation in excess of capital allowances

1,772

28,143

Tax losses carried forward

95,403

-

Prior year underprovision

-

33,479

Movement in deferred tax provision

-

(8,999

)

Interest

-

(537

)

Total tax charge

-

59,407

6.	TANGIBLE FIXED ASSETS

Fixture &

Office

fittings

equipment

Totals

£

£

£

COST

At 1 June 2018

and 31 May 2019

11,801

51,908

63,709

DEPRECIATION

At 1 June 2018

11,376

36,505

47,881

Charge for year

425

12,977

13,402

At 31 May 2019

11,801

49,482

61,283

NET BOOK VALUE

At 31 May 2019

-

2,426

2,426

At 31 May 2018

425

15,403

15,828

7.

STOCKS

2019

2018

£

£

Finished goods

68,033

504,002

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

847,202

791,878

Amounts due from group undertakings

984,801

982,180

Tax

1,636

-

VAT

70,287

32,622

Prepayments and accrued income

14,854

72,257

1,918,780

1,878,937

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

703,542

890,173

Corporation tax

25,071

103,216

Social security and other taxes

7,682

27,591

Other creditors

812,477

798,591

Accruals and deferred income

168,068

130,825

1,716,840

1,950,396

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2019

2018

value:

£

£

80,703

Ordinary shares

£1

80,703

80,703

11.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 June 2018

508,784

426,100

934,884

Deficit for the year

(511,447

)

(511,447

)

At 31 May 2019

(2,663

)

426,100

423,437