Dimon Investments Limited - Period Ending 2023-03-31

Dimon Investments Limited

(Registration number: NI022422)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Investments	4	11,697,082	11,936,555
Current assets
Debtors	5	2	2
Creditors: due within one year	6	(19,842)	(881,766)
Net current liabilities		(19,840)	(881,764)
Total assets less current liabilities		11,677,242	11,054,791
Creditors : due after more than one year	7	(6,676,659)	(5,594,591)
Provisions for liabilities		(470,106)	(456,913)
Net assets		4,530,477	5,003,287
Capital and reserves
Called up share capital	8	2	2
Profit and loss account	9	4,530,475	5,003,285
Total equity		4,530,477	5,003,287

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 June 2023 and signed on its behalf by:
 

............................................ Mr EA Lonergan Director

............................................ Mr RJ Faloon Director

Dimon Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 4 Annadale Avenue, Belfast, Co. Antrim, BT7 3JH.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 June 2023 was Peter Stevenson, who signed for and on behalf of Stevenson and Wilson.

Foreign currency transactions and balances

Transactions in foreign currencies are translated using the spot rate at the date of the transaction. At the end of the reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Non-monetary items measured on an historical costs basis are translated using the exchange rate at the transaction date.

Exchange gains and losses arising on the settlement of monetary items are recognised through the Profit and Loss Account in the period in which they arise.

Investments

The Company’s investment in shares in the UK and worldwide markets have been included in the balance sheet at market value, based on external professional valuations.

Dimon Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 company operates and generates taxable income.

Deferred tax is accounted for on all differences arising from the inclusion of items of revaluation in taxation computations in periods different from those in which they are included in the financial statements.

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 profit and loss account 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

Dimon Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4	Investments

	2023 £	2022 £
Opening balance at 1st April 2022	11,936,555	10,451,595
Additions	2,666,599	2,324,878
Disposals	(2,074,245)	(2,166,874)
Movement in revaluation for shares held in portfolio	(318,429)	1,126,335
Movement in revaluation for shares sold during the year	(239,497)	(176,337)
Movement in cash funds	(273,901)	376,958
Valuation at 31st March 2023	11,697,082	11,936,555

The company’s investment in shares in the UK and worldwide markets have been included in the balance sheet at market value, based on external professional valuations. Provision for deferred tax has been made in respect of the unrealised revaluation gains. At 31st March 2023 this provision amounted to £470,106 (2022: £456,913).

5

Debtors

	2023 £	2022 £
Other debtors	2	2

6	Creditors: due within one year

	2023 £	2022 £
Bank loans and overdrafts	-	836,212
Accruals	19,842	20,109
Corporation tax	-	25,445
	19,842	881,766

The bank loan was secured against the company's investment portfolio.

Dimon Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7	Creditors: due after more than one year

	2023 £	2022 £
Due to parent company	6,675,859	5,593,791
Director's current account	800	800
	6,676,659	5,594,591

Balance due to parent company is payable on demand with one year and one day's notice.

8	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

9	Profit and loss account reserves

	2023  £	2022  £
Distributable reserve	3,057,344	2,959,035
Non-distributable reserve	1,473,131	2,044,250
	4,530,475	5,003,285

10	Related party transactions

Amounts due to parent company and directors are disclosed in note 7 above.

11	Ultimate controlling party

The Company’s ultimate controlling party is Mr. E.A. Lonergan.