2 false false false false false false false false false false true false false false false true true No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 126,165 122,181 996 123,177 2,988 3,984 3,619,172 3,619,172 3,619,172 xbrli:pure xbrli:shares iso4217:GBP 01402936 2023-04-01 2024-03-31 01402936 2024-03-31 01402936 2023-03-31 01402936 2022-04-01 2023-03-31 01402936 2023-03-31 01402936 2022-03-31 01402936 core:FurnitureFittings 2023-04-01 2024-03-31 01402936 bus:Director1 2023-04-01 2024-03-31 01402936 bus:Director3 2023-04-01 2024-03-31 01402936 core:FurnitureFittings 2023-03-31 01402936 core:FurnitureFittings 2024-03-31 01402936 core:AfterOneYear 2024-03-31 01402936 core:AfterOneYear 2023-03-31 01402936 core:WithinOneYear 2024-03-31 01402936 core:WithinOneYear 2023-03-31 01402936 core:ShareCapital 2024-03-31 01402936 core:ShareCapital 2023-03-31 01402936 core:RevaluationReserve 2024-03-31 01402936 core:RevaluationReserve 2023-03-31 01402936 core:RetainedEarningsAccumulatedLosses 2024-03-31 01402936 core:RetainedEarningsAccumulatedLosses 2023-03-31 01402936 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 01402936 core:Non-currentFinancialInstruments 2024-03-31 01402936 core:Non-currentFinancialInstruments 2023-03-31 01402936 core:FurnitureFittings 2023-03-31 01402936 bus:Director1 2023-03-31 01402936 bus:Director1 2024-03-31 01402936 bus:Director3 2023-03-31 01402936 bus:Director3 2024-03-31 01402936 bus:Director1 2022-03-31 01402936 bus:Director1 2023-03-31 01402936 bus:Director3 2022-03-31 01402936 bus:Director3 2023-03-31 01402936 bus:Director1 2022-04-01 2023-03-31 01402936 bus:Director3 2022-04-01 2023-03-31 01402936 bus:Director2 2023-04-01 2024-03-31 01402936 bus:SmallEntities 2023-04-01 2024-03-31 01402936 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01402936 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01402936 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01402936 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 01402936
DIPKIT LIMITED
Filleted Unaudited Financial Statements
31 March 2024
DIPKIT LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,988
3,984
Investments
6
3,619,172
3,619,172
------------
------------
3,622,160
3,623,156
Current assets
Debtors
7
11,005
31,982
Cash at bank and in hand
1,001
1,303
--------
--------
12,006
33,285
Creditors: amounts falling due within one year
8
17,405
20,426
--------
--------
Net current (liabilities)/assets
( 5,399)
12,859
------------
------------
Total assets less current liabilities
3,616,761
3,636,015
Creditors: amounts falling due after more than one year
9
2,115,378
2,125,100
Provisions
Taxation including deferred tax
1,809
1,809
------------
------------
Net assets
1,499,574
1,509,106
------------
------------
Capital and reserves
Called up share capital
50,000
50,000
Revaluation reserve
791,502
791,502
Profit and loss account
658,072
667,604
------------
------------
Shareholders funds
1,499,574
1,509,106
------------
------------
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.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DIPKIT LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr Amichand Shah
Mr Laxmichand Shah
Director
Director
Company registration number: 01402936
DIPKIT LIMITED
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 59 Wentworth Park, London, N3 1YH.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Fixtures and fittings
-
25% reducing balance
No depreciation or amortisation is provided in respect of freehold and leasehold investment properties. Although this accounting policy is in accordance with the applicable accounting standard, FRS 102, Accounting for investment properties, it is departure from the general requirement of the Companies Act 2006, which requires all fixed assets to be depreciated. However the directors consider that the calculation of systematic annual depreciation would fail to give a true and fair view of investment properties for which the current value, and changes in that value are of prime importance. The accounting policy adopted is therefore necessary for the financial statements to give true and fair view.
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.
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
126,165
126,165
---------
---------
Depreciation
At 1 April 2023
122,181
122,181
Charge for the year
996
996
---------
---------
At 31 March 2024
123,177
123,177
---------
---------
Carrying amount
At 31 March 2024
2,988
2,988
---------
---------
At 31 March 2023
3,984
3,984
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
3,619,172
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
3,619,172
------------
At 31 March 2023
3,619,172
------------
The freehold and leasehold land and building investments were valued on an open market value basis by directors on 31 March 2024. No timing differences arise and no provision has been made for deferred tax in respect of the revaluation as the company has no intention of disposing of the properties in the foreseeable future. The historical cost of assets included at valuation at the balance sheet date is as follows:-
7. Debtors
2024
2023
£
£
Other debtors
11,005
31,982
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
578
Corporation tax
7,618
Social security and other taxes
2,337
Other creditors
15,068
12,230
--------
--------
17,405
20,426
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,115,378
2,125,100
------------
------------
The loans are secured by fixed charges over the freehold and leasehold properties of the company,floating charge over the assets of the company and Directors personal guarantees.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Amichand Shah
1,585
1,585
Mr Laxmichand Shah
1,584
1,584
-------
----
-------
3,169
3,169
-------
----
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr Amichand Shah
463
1,122
1,585
Mr Laxmichand Shah
462
1,122
1,584
----
-------
-------
925
2,244
3,169
----
-------
-------
11. Related party transactions
The company was under the control of Mr Amichand Shah and Laxmichand Shah throughout the current and previous year. Mr Amichand Shah and Laxmichand Shah are the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.