Company Registration No. 0634146 (England and Wales)
DIAL INVESTMENTS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2020
DIAL INVESTMENTS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 14
DIAL INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
B A Osborn
G S Osborn
S A Aucamp
Secretary
B A Osborn
Company number
0634146
Registered office
Deal House
3 Willow Grove
Chislehurst
Kent
BR7 5BN
Accountants
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
Business address
Deal House
3 Willow Grove
Chislehurst
Kent
BR7 5BN
DIAL INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company continued to be that of an investment company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M J Osborn
(Deceased 15 November 2020)
B A Osborn
G S Osborn
S A Aucamp
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the Board
G S Osborn
Director
23 March 2021
DIAL INVESTMENTS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DIAL INVESTMENTS LIMITED FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dial Investments Limited for the year ended 31 March 2020 set out on pages 3 to 14 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Dial Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dial Investments Limited
and state those matters that we have agreed to state to the Board of Directors of Dial Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dial Investments Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Dial Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Dial Investments Limited. You consider that Dial Investments Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Dial Investments Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Cheesmans
23 March 2021
Chartered Accountants
4 Aztec Row
Berners Road
London
N1 0PW
DIAL INVESTMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
2020
2019
Notes
£
£
Turnover
1.2
293,652
321,082
Administrative expenses
(184,050)
(186,227)
Other operating income
25,000
-
Operating profit
134,602
134,855
Interest receivable and similar income
(34,990)
6,000
Interest payable and similar expenses
(24,752)
(25,608)
Profit before taxation
74,860
115,247
Tax on profit
(21,482)
(20,985)
Profit for the financial year
53,378
94,262
DIAL INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 4 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
974
1,768
Investment properties
4
5,714,887
5,714,887
Investments
5
50
50
5,715,911
5,716,705
Current assets
Debtors falling due after more than one year
6
609,010
400,000
Debtors falling due within one year
6
387,921
573,528
Cash at bank and in hand
141,563
192,238
1,138,494
1,165,766
Creditors: amounts falling due within one year
7
(100,583)
(160,070)
Net current assets
1,037,911
1,005,696
Total assets less current liabilities
6,753,822
6,722,401
Creditors: amounts falling due after more than one year
8
(655,781)
(665,738)
Provisions for liabilities
(750,696)
(750,696)
Net assets
5,347,345
5,305,967
Capital and reserves
Called up share capital
10,120
10,120
Profit and loss reserves
5,337,225
5,295,847
Total equity
5,347,345
5,305,967
DIAL INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 5 -
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Directors and authorised for issue on 23 March 2021 and are signed on its behalf by:
G S Osborn
Director
Company Registration No. 0634146
DIAL INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2018
10,120
5,213,585
5,223,705
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
94,262
94,262
Dividends
-
(12,000)
(12,000)
Balance at 31 March 2019
10,120
5,295,847
5,305,967
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
53,378
53,378
Dividends
-
(12,000)
(12,000)
Balance at 31 March 2020
10,120
5,337,225
5,347,345
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
1
Accounting policies
Company information
Dial Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Deal House, 3 Willow Grove, Chislehurst, Kent, BR7 5BN.The financial statements cover the company as an individual entity only.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern, namely th
true
e interruption to the trading activities as a result of the COVID 19 pandemic, including one of the customers of the company going into administration since the year end. It is uncertain when the imposed restrictions will be lifted and what affect this pandemic will have on the trade subsequent to this. The company has been assisted by a Retail and Hospitality Grant from the government in the current year, which is presented in turnover and taxed accordingly.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 8 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 9 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors and
bank loans are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 10 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.15
Rent premiums
Income is recognised on rent premiums over the term of the lease or until the first available break in the lease, which ever is shorter, on a straight line basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 11 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019 and 31 March 2020
8,169
Depreciation and impairment
At 1 April 2019
6,401
Depreciation charged in the year
794
At 31 March 2020
7,195
Carrying amount
At 31 March 2020
974
At 31 March 2019
1,768
4
Investment property
2020
£
Fair value
At 1 April 2019 and 31 March 2020
5,714,887
Investment property comprises freehold land. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at 31 March 20
20
. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
50
50
Fixed asset investments not carried at market value
Investments represents the shareholding in an associated company and is valued at cost, which the directors consider is a fair valuation.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
5
Fixed asset investments
(Continued)
- 12 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2019 & 31 March 2020
50
Carrying amount
At 31 March 2020
50
At 31 March 2019
50
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
29,811
341,326
Other debtors
358,110
232,202
387,921
573,528
2020
2019
Amounts falling due after more than one year:
£
£
Other debtors
609,010
400,000
Total debtors
996,931
973,528
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 13 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
12,727
37,983
Trade creditors
-
6,803
Taxation and social security
26,798
25,539
Other creditors
61,058
89,745
100,583
160,070
The bank loans are secured by fixed charges over the properties of the company.
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
655,781
665,738
The bank loans are secured by fixed charges over the properties of the company.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
-
(511,224)
9
Events after the reporting date
Since the year end, the shareholders of the company have changed, with the directors of the company exchanging their shares in Dial Investments Limited for shares in Dial Investments Holding Limited. The shareholders of the company are now Dial Investments Holding Limited, The Brenda Osborn Discretionary Trust and the Michael Osborn Discretionary Trust.
The company is ultimately controlled by Guy Osborn and his family by virtue of their shareholdings in Dial Investment Holdings Limited.
In addition, Michael Osborn, a director of the company, died on 15 November 2020.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 14 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2020
2019
Amounts due to related parties
£
£
Other related parties
2,607
1,035
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
253,489
361,327
Other related parties
513,043
521,711
All amounts owed to or by the entity are unsecured.
Of the amounts due to the entity, an amount of £400,000
, which has been discounted to present value using an effective interest rate,
is interest-bearing at a rate of 1.5% per annum, rep
ayable in 5 years from 31 March 2020.
Of the amounts due to the entity, an amount of £
250
,000
, which has been discounted to present value using an effective interest rate,
is interest
-free and
rep
ayable in 5 years from 31 March 2020.
All other amounts are interest-free and repayable on demand.
11
Directors' transactions
Interest free
and unsecured
loans have been granted by the company to its directors as follows:
Dividends totalling £8,000 (2019 - £8,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
M J Osborn -
-
31,178
159,552
(32,932)
157,798
B A Osborn -
-
32,473
26,000
(35,204)
23,269
63,651
185,552
(68,136)
181,067
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