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COMPANY REGISTRATION NUMBER: 12798168
THE DIAMOND & JEWELLERY EXCHANGE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2021
THE DIAMOND & JEWELLERY EXCHANGE LTD
BALANCE SHEET
30 September 2021
30 Sep 21
Note
£
£
FIXED ASSETS
Investment properties
4
197,347
CURRENT ASSETS
Debtors
5
169,701
Cash at bank and in hand
87,446
----------
257,147
CREDITORS: amounts falling due within one year
6
( 457,368)
----------
NET CURRENT LIABILITIES
( 200,221)
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 2,874)
-------
CAPITAL AND RESERVES
Profit and loss account
( 2,874)
-------
SHAREHOLDERS DEFICIT
( 2,874)
-------
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 period ending 30 September 2021 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 1 September 2022 , and are signed on behalf of the board by:
Mr R Babaev
Director
Company registration number: 12798168
THE DIAMOND & JEWELLERY EXCHANGE LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 6 AUGUST 2020 TO 30 SEPTEMBER 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU, United Kingdom.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows: (i) Property valuation The valuation of the company's investment property is inherently subjective, depending on many factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. (ii) Trade and other debtors Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. This treatment, as regards the company's investment properties, may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. INVESTMENT PROPERTIES
Fixtures and fittings
Total
£
£
Cost
At 6 August 2020
Additions
197,347
197,347
----------
----------
At 30 September 2021
197,347
197,347
----------
----------
Carrying amount
At 30 September 2021
197,347
197,347
----------
----------
5. DEBTORS
30 Sep 21
£
Other debtors
169,701
----------
6. CREDITORS: amounts falling due within one year
30 Sep 21
£
Trade creditors
117,926
Other creditors
339,442
----------
457,368
----------
7. RELATED PARTY TRANSACTIONS
Included in creditors is £250,000 due to companies connected with the director.