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

REGISTERED NUMBER: 06075058 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

11

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 December 2021 and of its profit 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

26 April 2022

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 December 2021, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and the related notes 1 to 0. 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 nil, 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 December 2021 and of its profit 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

26 April 2022

TURNOVER

15,898,630

8,816,008

Cost of sales

(14,275,235

)

(7,554,953

)

GROSS PROFIT

1,623,395

1,261,055

Administrative expenses

(1,309,353

)

(1,025,923

)

314,042

235,132

Other operating income

-

10,000

OPERATING PROFIT

4

314,042

245,132

Interest receivable and similar income

92,706

-

406,748

245,132

Interest payable and similar expenses

(100,913

)

(56,649

)

PROFIT BEFORE TAXATION

305,835

188,483

Tax on profit

5

(53,633

)

(29,060

)

PROFIT FOR THE FINANCIAL YEAR

252,202

159,423

FIXED ASSETS

Tangible assets

6

31,608

-

CURRENT ASSETS

Stocks

7

246,725

207,511

Debtors

8

3,951,922

2,762,966

Cash in hand

2,703,536

272,665

6,902,183

3,243,142

CREDITORS

Amounts falling due within one year

9

(4,601,925

)

(1,900,479

)

NET CURRENT ASSETS

2,300,258

1,342,663

TOTAL ASSETS LESS CURRENT LIABILITIES

2,331,866

1,342,663

CREDITORS

Amounts falling due after more than one year

10

(943,116

)

(210,000

)

PROVISIONS FOR LIABILITIES

11

(3,885

)

-

NET ASSETS

1,384,865

1,132,663

CAPITAL AND RESERVES

Called up share capital

12

80,703

80,703

Share premium

13

426,100

426,100

Retained earnings

13

878,062

625,860

SHAREHOLDERS' FUNDS

1,384,865

1,132,663

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 26 April 2022 and were signed by:

G S De Mowbray - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2020

80,703

466,437

426,100

973,240

Changes in equity

Total comprehensive income

-

159,423

-

159,423

Balance at 31 December 2020

80,703

625,860

426,100

1,132,663

Changes in equity

Total comprehensive income

-

252,202

-

252,202

Balance at 31 December 2021

80,703

878,062

426,100

1,384,865

Cash flows from operating activities

Cash generated from operations

1

1,447,263

(69,539

)

Interest paid

(100,913

)

(56,649

)

Tax paid

(9,837

)

-

Net cash from operating activities

1,336,513

(126,188

)

Cash flows from investing activities

Purchase of tangible fixed assets

(36,557

)

-

Interest received

92,706

-

Net cash from investing activities

56,149

-

Cash flows from financing activities

New loans in year

980,790

279,981

Amount withdrawn by directors

(3,000

)

-

Government grants

-

10,000

Net cash from financing activities

977,790

289,981

Increase in cash and cash equivalents

2,370,452

163,793

Cash and cash equivalents at beginning of year

2

257,243

93,450

Cash and cash equivalents at end of year

2

2,627,695

257,243

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2021

2020

£

£

Profit before taxation

305,835

188,483

Depreciation charges

4,949

1

Government grants

-

(10,000

)

Finance costs

100,913

56,649

Finance income

(92,706

)

-

318,991

235,133

(Increase)/decrease in stocks

(39,214

)

43,323

Increase in trade and other debtors

(1,185,936

)

(101,603

)

Increase/(decrease) in trade and other creditors

2,353,422

(246,392

)

Cash generated from operations

1,447,263

(69,539

)

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 December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

2,703,536

272,665

Bank overdrafts

(75,841

)

(15,422

)

2,627,695

257,243

Year ended 31 December 2020

31.12.20

1.1.20

£

£

Cash and cash equivalents

272,665

93,450

Bank overdrafts

(15,422

)

-

257,243

93,450

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.21

Cash flow

At 31.12.21

£

£

£

Net cash

Cash at bank and in hand

272,665

2,430,871

2,703,536

Bank overdrafts

(15,422

)

(60,419

)

(75,841

)

257,243

2,370,452

2,627,695

Debt

Debts falling due within 1 year

(69,981

)

(247,674

)

(317,655

)

Debts falling due after 1 year

(210,000

)

(733,116

)

(943,116

)

(279,981

)

(980,790

)

(1,260,771

)

Total

(22,738

)

1,389,662

1,366,924

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.

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

-

33% 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 6 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2021

2020

£

£

Depreciation - owned assets

4,949

1

5.

TAXATION

Analysis of the tax charge

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

2021

2020

£

£

Current tax:

UK corporation tax

49,748

29,060

Deferred tax

3,885

-

Tax on profit

53,633

29,060

Reconciliation of total tax charge included in profit and loss

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

2021

2020

£

£

Profit before tax

305,835

188,483

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2020 - 19%)

58,109

35,812

Effects of:

Expenses not deductible for tax purposes

139

-

Capital allowances in excess of depreciation

(8,500

)

(568

)

Utilisation of tax losses

-

(6,184

)

Deferred Tax

3,885

-

Total tax charge

53,633

29,060

6.	TANGIBLE FIXED ASSETS

Fixture &

Office

fittings

equipment

Totals

£

£

£

COST

At 1 January 2021

11,801

51,908

63,709

Additions

-

36,557

36,557

At 31 December 2021

11,801

88,465

100,266

DEPRECIATION

At 1 January 2021

11,801

51,908

63,709

Charge for year

-

4,949

4,949

At 31 December 2021

11,801

56,857

68,658

NET BOOK VALUE

At 31 December 2021

-

31,608

31,608

At 31 December 2020

-

-

-

7.

STOCKS

2021

2020

£

£

Finished goods

246,725

207,511

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

2,770,668

1,670,058

Amounts due from group undertakings

988,344

988,257

Directors' current accounts

3,000

-

Tax

1,656

1,636

VAT

53,011

22,240

Prepayments and accrued income

135,243

80,775

3,951,922

2,762,966

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

264,741

85,403

Other loans

128,755

-

Trade creditors

2,881,644

1,450,173

Corporation tax

79,473

39,542

Social security and other taxes

19,879

21,855

Other creditors

372,077

242,462

Amounts due to group

undertakings

4,874

-

Accruals and deferred income

850,482

61,044

4,601,925

1,900,479

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans due between

1 & 2 years

376,000

144,600

Bank loans due between

2 & 5 years

352,000

65,400

Other loans due between 1 & 2 years

51,736

-

Other loans due between 2 & 5 years

163,380

-

943,116

210,000

11.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

3,885

-

Deferred

tax

£

Provided during year

3,885

Balance at 31 December 2021

3,885

Deferred tax provision arose in respect of accelerated capital allowances.

12.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2021

2020

value:

£

£

80,703

Ordinary shares

£1

80,703

80,703

13.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2021

625,860

426,100

1,051,960

Profit for the year

252,202

252,202

At 31 December 2021

878,062

426,100

1,304,162