DIM 365 Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 08857089

DIM 365 LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2023

DIM 365 LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

DIM 365 LTD

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr R Slabbert

Registered office	168 Church Road
	Hove
	East Sussex
	BN3 2DL

Accountants	UHY Hacker Young
	Chartered Accountants
	168 Church Road
	Hove
	BN3 2DL

DIM 365 LTD

STATEMENT OF FINANCIAL POSITION

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5	1,435,750	1,833,113
Investments	6	130,680	106,021
		-------------	-------------
		1,566,430	1,939,134

Current assets

Debtors	7	1,340,880	896,131
Cash at bank and in hand		2,132	8,358
		-------------	----------
		1,343,012	904,489

Creditors: amounts falling due within one year	8	1,026,534		1,149,673
		-------------		-------------
Net current assets/(liabilities)			316,478	( 245,184)
			-------------	-------------
Total assets less current liabilities			1,882,908	1,693,950

Creditors: amounts falling due after more than one year	9		626,643	1,098,760

Provisions

Taxation including deferred tax	( 3,153)	( 3,253)
	-------------	-------------
Net assets	1,259,418	598,443
	-------------	-------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,259,417	598,442
	-------------	----------
Shareholders funds	1,259,418	598,443
	-------------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

DIM 365 LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2023

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:

Mr R Slabbert
Director

Company registration number: 08857089

DIM 365 LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1. General information

The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is 168 Church Road, Hove, East Sussex BN3 2DL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).

5. Tangible assets

	Land and buildings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2022	1,800,000	78,490	1,878,490
Additions	64,888	–	64,888
Disposals	( 453,973)	–	( 453,973)
	-------------	---------	-------------
At 31 March 2023	1,410,915	78,490	1,489,405
	-------------	---------	-------------
Depreciation
At 1 April 2022	–	45,377	45,377
Charge for the year	–	8,278	8,278
	-------------	---------	-------------
At 31 March 2023	–	53,655	53,655
	-------------	---------	-------------
Carrying amount
At 31 March 2023	1,410,915	24,835	1,435,750
	-------------	---------	-------------
At 31 March 2022	1,800,000	33,113	1,833,113
	-------------	---------	-------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2023	19,139
	---------
At 31 March 2022	33,113
	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 April 2022	106,021
Additions	24,659
	----------
At 31 March 2023	130,680
	----------
Impairment
At 1 April 2022 and 31 March 2023	–
	----------

Carrying amount
At 31 March 2023	130,680
	----------
At 31 March 2022	106,021
	----------

7. Debtors

	2023	2022
	£	£
Trade debtors	–	31,717
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,300,119	826,091
Other debtors	40,761	38,323
	-------------	----------
	1,340,880	896,131
	-------------	----------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	–	41,150
Trade creditors	2,521	1,800
Amounts owed to group undertakings and undertakings in which the company has a participating interest	844,882	900,000
Corporation tax	9,735	24,170
Social security and other taxes	–	507
Amounts due to connected companies	115,952	116,702
Other creditors	53,444	65,344
	-------------	-------------
	1,026,534	1,149,673
	-------------	-------------

The bank loans are secured by a first legal charge over the properties held in assets, guarantees from an individual guarantor and debentures from the company.

The hire purchase loans are secured over the motor vehicles.

9. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	626,643	1,090,427
Other creditors	–	8,333
	----------	-------------
	626,643	1,098,760
	----------	-------------

10. Director's advances, credits and guarantees

At 31st March 2023 the company owed the director Mr R Slabbert £26,924 (2022 £28,518). The loan was interest free and payable on demand.

11. Controlling party

The company regards Woltemade Ltd, incorporated in Guernsey, as it's immediate and ultimate parent undertaking.