REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DINTS INTERNATIONAL LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DINTS INTERNATIONAL LTD |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 14 |
DINTS INTERNATIONAL LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Windsor House |
40/41 Great Castle Street |
London |
W1W 8LU |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company's principal activities are the supply of machines, engines, drilling equipment & parts and finance solutions to the construction, mining, infrastructure and renewables industries mainly in Africa, Latin America and Central Asia. At country level, we support our customers by working with experienced and knowledgeable local businesses combining an understanding of local markets with our knowledge of industrial equipment, supply chain, logistics, finance and technology to offer a uniquely competitive solution to our customers. Our business is underpinned by a desire to increase trade between countries becoming a trusted partner with our suppliers and end customers to deliver improved business performance throughout the supply chain particularly at a local. |
Key performance indicators |
In line with our operating objectives the company is focused on increasing shareholder value by growing revenue, improving EBITDA and developing market leading technology that delivers accurate data to end users. The company uses Sales, Gross Profit, Net Profit, Free Cash Flow and FX KPIs to manage its business performance. Where relevant, KPIs are used as the primary measures of whether the company is achieving its objectives, however the scale and variety of operations means that many other detailed performance measures are used in addition. |
Sustainability |
Sustainability is an integral part of our business and underpins our strategy and operations. There is a very high level of awareness of the importance of sustainability practices for the future of the company and of our customers amongst our employees. We encourage business travel only when strictly necessary to meet with customers and we have a hybrid working model for our employees. We have made some progress in documenting and measuring sustainability policies and the company is firmly committed to the spirit of sustainability in its operations. Significantly we have developed a program to work with customers to resell redundant and excess machines and machine parts, resell second hand parts and to refurbish equipment prolonging its useful life. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors have considered and reviewed the principal business risks relating to the company. These risks are outlined below: |
Foreign exchange risks |
The company's trading activities are substantially carried out in US Dollars and Euros. The company has a risk from movements in exchange rates as the financial statements are stated in GB Pounds. In order to mitigate the risk of foreign currency exposure on significant transactions the company uses forward currency contracts where appropriate. |
Credit risks |
The company's main financial assets are cash at bank, trade and other debtors. The company has mitigated credit risk by operating bank accounts with different financial institutions, and by carrying out customer credit checks and setting customer credit limits. |
Market risks |
The markets in which the company operate are competitive and there is a risk of the company losing sales and key customers. The company competes with a large number of equipment suppliers both in the United Kingdom, and internationally. The company mitigates this risk by providing a high level of customer service and offering innovative customer financing solutions. In addition some of the countries where the company operates have varying levels of political and economic uncertainty. The company mitigates these risks by doing business in multiple countries and geographies, working closely with its local partners, customers and financial partners to deliver local cost effective business solutions. |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES (continued) |
Operating risks |
The company principally supplies plant, machinery and spare parts and is dependent on continued demand for, and supply of, products. The company is seeking mitigate this risk by developing innovative financial solutions for customers that enables the customer to order at scale and it is continually working with other suppliers to expand its supplier base. In addition the Company is investing in the development of a technology platform that will enable customers to get product pricing, availability, logistics and delivery information with limited manual intervention. |
Key person risk |
The company has a high dependency on a number of its key executives and is working to reduce this dependency with a number of new hires as the business grows. |
Competition |
The Company operates in a very competitive market place with competitors dropping margins to secure market share. The company mitigates this risk by working closely with its local partners to ensure that it is competitive, offering outstanding customer service and developing technology that better serves customer reporting requirements. In addition the development of financial solutions that enables customers to better meet their commercial needs is a competitive differentiator. Management interact regularly with customer and use information gleaned from these meetings to improve its services to customers. |
Economy |
The general economic conditions and other similar factors including access to credit, unemployment rates, consumer confidence, and other macroeconomic factors impact on the business. A challenging economic and financial situation and uncertainty regarding potential economic recovery could undermine customer demand. A loss of customers or a decline in sales could have an adverse effect on the company's financial position, results of operations and cash flow and may ultimately affect its ability to meet its growth targets. |
Capital risk |
In order to maintain liquidity to ensure that sufficient funds are available for ongoing business operations and future developments the company uses a mixture of long term and short term debt finance. |
ON BEHALF OF THE BOARD: |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the international procurement and supply of industrial plant and equipment and related spare parts. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTOR |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DINTS INTERNATIONAL LTD |
Opinion |
We have audited the financial statements of Dints International Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 December 2023 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 financial statements are 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DINTS INTERNATIONAL LTD |
Matters on which we are required to report by exception |
In the light of the 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 or the Report of the Directors. |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 four, 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 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. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
- | we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company being contrary to applicable laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and tax legislation. |
- | we assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by understanding where there was a susceptibility of fraud. |
- | we obtained an understanding of the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. |
- | based on the understanding obtained we designed audit procedures to identify non-compliance with the laws and regulations, as noted above. This included enquiries of management, and reviewing relevant correspondence with regulators and authorities. |
- | we tested manual journal entries, including those to revenue, focusing on journal entries containing characteristics of audit interest. |
- | we tested and challenged the key estimates and judgements made by management in preparing the financial statements for indications of bias or management override when presenting the results and financial position of the company. |
- | we also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DINTS INTERNATIONAL LTD |
Auditors' responsibilities for the audit of the financial statements (continued) |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Windsor House |
40/41 Great Castle Street |
London |
W1W 8LU |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
115,245 | 558,750 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | - | 3,000 |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
5,165,833 |
2,627,695 |
Cash and cash equivalents at end of year | 2 | 4,055,702 |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 80,283 | 101,103 |
Finance income | (47,711 | ) | (107,452 | ) |
78,631 | 468,383 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
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 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 4,055,702 | 5,215,320 |
Bank overdrafts | ( |
) |
4,055,702 | 5,165,833 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 5,215,320 | 2,703,536 |
Bank overdrafts | ( |
) | ( |
) |
5,165,833 | 2,627,695 |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,215,320 | (1,159,618 | ) | 4,055,702 |
Bank overdrafts | (49,487 | ) | 49,487 | - |
5,165,833 | ( |
) | 4,055,702 |
Debt |
Debts falling due within 1 year | (234,977 | ) | (1,184 | ) | (236,161 | ) |
Debts falling due after 1 year | (776,493 | ) | 238,833 | (537,660 | ) |
(1,011,470 | ) | 237,649 | (773,821 | ) |
Total | 4,154,363 | (872,482 | ) | 3,281,881 |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Dints International Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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 |
Fixture & fittings | - |
Office equipment | - |
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 Statement of Comprehensive Income, 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. |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
2023 | 2022 |
£ | £ |
Wages and salaries |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 1 | 1 |
Administration & marketing | 12 | 12 |
2023 | 2022 |
£ | £ |
Director's remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Software amortisation |
Foreign exchange differences | ( |
) |
Auditors' remuneration |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Loan interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit |
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: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Deferred tax | 13,258 | 2,398 |
Total tax charge | 8,389 | 90,550 |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | INTANGIBLE FIXED ASSETS |
Software |
£ |
COST |
Additions |
Reclassification/transfer |
At 31 December 2023 |
AMORTISATION |
Amortisation for year |
Reclassification/transfer |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixture & | Office |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
Reclassification/transfer | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Other loans (see note 14) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Amounts due to group |
undertakings | 81,997 | 103,696 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
Other loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Other loans |
Amounts falling due between one and two years: |
Bank loans due between |
1 & 2 years |
Other loans due between 1 & 2 years | 47,461 |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans due between |
2 & 5 years |
Other loans due between 2 & 5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans due after 5 years |
by instalments | - | 4,818 |
- | 4,818 |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 15,656 | 2,398 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
Deferred tax provision arose in respect of accelerated capital allowances. |
16. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 80,703 | 80,703 |
17. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 682,915 |
Profit for the year |
At 31 December 2023 | 709,488 |
18. | ULTIMATE PARENT COMPANY |
Via.Trade Ltd is regarded by the directors as being the company's ultimate parent company. |
DINTS INTERNATIONAL LTD (REGISTERED NUMBER: 06075058) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |