Company Registration No. 0634146 (England and Wales)
DIAL INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DIAL INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
DIAL INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
G S Osborn
S A Aucamp
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
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
5
6,750,000
6,749,999
Investments
6
50
50
6,750,050
6,750,049
Current assets
Debtors falling due after more than one year
7
633,185
624,990
Debtors falling due within one year
7
48,584
65,182
Cash at bank and in hand
65,578
80,211
747,347
770,383
Creditors: amounts falling due within one year
8
(237,596)
(228,450)
Net current assets
509,751
541,933
Total assets less current liabilities
7,259,801
7,291,982
Creditors: amounts falling due after more than one year
9
(436,812)
(571,973)
Provisions for liabilities
(1,198,683)
(919,218)
Net assets
5,624,306
5,800,791
Capital and reserves
Called up share capital
10,120
10,120
Profit and loss reserves
5,614,186
5,790,671
Total equity
5,624,306
5,800,791
DIAL INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 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.
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.
These financial statements have been prepared and delivered 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 31 December 2023 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 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
10,120
4,948,632
4,958,752
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
842,039
842,039
Balance at 31 March 2022
10,120
5,790,671
5,800,791
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(176,485)
(176,485)
Balance at 31 March 2023
10,120
5,614,186
5,624,306
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
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 amounts 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.3
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.
1.4
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 at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
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.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
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.
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 payments 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. Amounts 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
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.
Group relief
Where tax losses are claimed, the claimant company pays to the surrendering company an amount equal to the corporation tax saved.
1.10
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.
1.11
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.
1.12
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
8,169
Depreciation and impairment
At 1 April 2022 and 31 March 2023
8,169
Carrying amount
At 31 March 2023
At 31 March 2022
5
Investment property
2023
£
Fair value
At 1 April 2022
6,750,000
Additions
43,255
Revaluations
(43,255)
At 31 March 2023
6,750,000
Investment property comprises freehold land and buildings. 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 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2023
2022
£
£
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.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,880
6,450
Amounts owed by group undertakings and undertakings in which the company has a participating interest
29,811
29,811
Other debtors
9,893
28,921
48,584
65,182
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
633,185
624,990
Total debtors
681,769
690,172
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
36,325
39,731
Amounts owed to group undertakings
23,808
19,418
Taxation and social security
32,084
26,600
Other creditors
145,379
142,701
237,596
228,450
The bank loans are secured by fixed charges over the freehold properties owned by the company.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
436,812
571,973
The bank loans are secured by fixed charges over the freehold properties owned by the company.
DIAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2023
2022
Amounts due to related parties
£
£
Other related parties
105,301
90,236
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
268,930
263,668
Other related parties
394,067
391,133
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, repayable 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 repayable in 5 years from 31 March 2020.
All other amounts are interest-free and repayable on demand.
11
Parent company
Dial Investments Holding Limited is the controlling party of Dial Investments Limited.
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