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COMPANY REGISTRATION NUMBER: 08857089
DIM 365 LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 March 2024
DIM 365 LTD
FINANCIAL STATEMENTS
PERIOD FROM 1 APRIL 2023 TO 29 MARCH 2024
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
29 March 2024
29 Mar 24
31 Mar 23
Note
£
£
£
Fixed assets
Tangible assets
5
1,604,271
1,435,750
Investments
6
145,014
130,680
-------------
-------------
1,749,285
1,566,430
Current assets
Debtors
7
1,650,627
1,340,880
Cash at bank and in hand
2,284
2,132
-------------
-------------
1,652,911
1,343,012
Creditors: amounts falling due within one year
8
2,501,483
1,026,534
-------------
-------------
Net current (liabilities)/assets
( 848,572)
316,478
-------------
-------------
Total assets less current liabilities
900,713
1,882,908
Creditors: amounts falling due after more than one year
9
626,643
Provisions
Taxation including deferred tax
( 3,153)
----------
-------------
Net assets
900,713
1,259,418
----------
-------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
900,712
1,259,417
----------
-------------
Shareholders funds
900,713
1,259,418
----------
-------------
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)
29 March 2024
For the period ending 29 March 2024 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 period 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 23 June 2025 , 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
PERIOD FROM 1 APRIL 2023 TO 29 MARCH 2024
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to Nil (2023: 1 ).
5. Tangible assets
Land and buildings
Motor vehicles
Total
£
£
£
Cost or valuation
At 1 April 2023
1,410,915
78,490
1,489,405
Disposals
( 60,490)
( 60,490)
Revaluations
189,085
189,085
-------------
---------
-------------
At 29 March 2024
1,600,000
18,000
1,618,000
-------------
---------
-------------
Depreciation
At 1 April 2023
53,655
53,655
Charge for the period
1,424
1,424
Disposals
( 41,350)
( 41,350)
-------------
---------
-------------
At 29 March 2024
13,729
13,729
-------------
---------
-------------
Carrying amount
At 29 March 2024
1,600,000
4,271
1,604,271
-------------
---------
-------------
At 31 March 2023
1,410,915
24,835
1,435,750
-------------
---------
-------------
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 29 March 2024
----
At 31 March 2023
19,139
---------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023
130,680
Additions
14,334
----------
At 29 March 2024
145,014
----------
Impairment
At 1 April 2023 and 29 March 2024
----------
Carrying amount
At 29 March 2024
145,014
----------
At 31 March 2023
130,680
----------
7. Debtors
29 Mar 24
31 Mar 23
£
£
Trade debtors
324
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,356,408
1,300,119
Other debtors
293,895
40,761
-------------
-------------
1,650,627
1,340,880
-------------
-------------
8. Creditors: amounts falling due within one year
29 Mar 24
31 Mar 23
£
£
Bank loans and overdrafts
1,058,777
Trade creditors
4,143
2,521
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,261,662
844,882
Corporation tax
6,816
9,735
Amounts due to connected companies
115,952
115,952
Other creditors
54,133
53,444
-------------
-------------
2,501,483
1,026,534
-------------
-------------
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
29 Mar 24
31 Mar 23
£
£
Bank loans and overdrafts
626,643
----
----------
10. Director's advances, credits and guarantees
At 31st March 2024 the company owed the director Mr R Slabbert £25,052 (2023 £26,924). 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.