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Registration number: 05537017

Diversity Marketplace Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Diversity Marketplace Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Diversity Marketplace Limited

Company Information

Director

Mr Gamiel Ahmed Yafai

Registered office

17 Lockhart Avenue
Oxley Park
Milton Keynes
Bucks
MK4 4TY

Accountants

KRW Accountants Limited
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Diversity Marketplace Limited

(Registration number: 05537017)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

6

4,115

3,710

Current assets

 

Debtors

7

23,954

36,540

Cash at bank and in hand

 

53,926

20,335

 

77,880

56,875

Creditors: Amounts falling due within one year

8

(30,084)

(36,475)

Net current assets

 

47,796

20,400

Net assets

 

51,911

24,110

Capital and reserves

 

Called up share capital

1

1

Retained earnings

51,910

24,109

Shareholders' funds

 

51,911

24,110

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 September 2022
 

.........................................
Mr Gamiel Ahmed Yafai
Director

 

Diversity Marketplace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
17 Lockhart Avenue
Oxley Park
Milton Keynes
Bucks
MK4 4TY

These financial statements were authorised for issue by the director on 8 September 2022.

The company registration number is 05537017

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Diversity Marketplace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Diversity Marketplace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2020 - 2).

 

Diversity Marketplace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Profit before tax

Arrived at after charging/(crediting)

2021
£

2020
£

Depreciation expense

1,103

1,027

 

Diversity Marketplace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2021

7,593

7,593

At 31 December 2021

7,593

7,593

Amortisation

At 1 January 2021

7,593

7,593

At 31 December 2021

7,593

7,593

Carrying amount

At 31 December 2021

-

-

6

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

6,762

8,000

14,762

Additions

1,507

-

1,507

At 31 December 2021

8,269

8,000

16,269

Depreciation

At 1 January 2021

4,242

6,809

11,051

Charge for the year

805

298

1,103

At 31 December 2021

5,047

7,107

12,154

Carrying amount

At 31 December 2021

3,222

893

4,115

At 31 December 2020

2,519

1,191

3,710

 

Diversity Marketplace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Debtors

Current

2021
£

2020
£

Trade debtors

23,152

36,540

Other debtors

802

-

 

23,954

36,540

8

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Taxation and social security

12,788

23,897

Accruals and deferred income

7,239

489

Other creditors

10,057

12,089

30,084

36,475

 

Diversity Marketplace Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1