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Registration number: SC239084

Diamond Industrial Supply Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Diamond Industrial Supply Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

Accountants' Report

11

 

Diamond Industrial Supply Company Limited

Company Information

Directors

Mr Colin Andrew Stirling MacMorran

Mr Craig Andrew MacMorran

Mr James Duncan R. MacMorran

Company secretary

Mr Colin Andrew Stirling MacMorran

Registered office

4 Brown Street
Camelon
Falkirk
FK1 4QF

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Diamond Industrial Supply Company Limited

(Registration number: SC239084)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,200,000

1,350,000

Tangible assets

5

132,562

134,144

 

1,332,562

1,484,144

Current assets

 

Stocks

6

67,572

65,080

Debtors

7

229,095

200,941

Cash at bank and in hand

 

40,356

42,175

 

337,023

308,196

Creditors: Amounts falling due within one year

8

(268,300)

(349,719)

Net current assets/(liabilities)

 

68,723

(41,523)

Total assets less current liabilities

 

1,401,285

1,442,621

Creditors: Amounts falling due after more than one year

8

(43,631)

(55,488)

Provisions for liabilities

(1,437)

(1,737)

Net assets

 

1,356,217

1,385,396

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,356,117

1,385,296

Shareholders' funds

 

1,356,217

1,385,396

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

 

Diamond Industrial Supply Company Limited

(Registration number: SC239084)
Balance Sheet as at 31 January 2023

.........................................
Mr Colin Andrew Stirling MacMorran
Company secretary and director

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

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

2

Accounting policies

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 sale of goods and 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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

Plant and Machinery

Reducing Balance 25%

Motor Vehicles

Reducing Balance 25%

Office Equipment

Reducing Balance 25%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

Straight Line 10%

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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.

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Financial instruments

Classification
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.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

1,500,000

1,500,000

At 31 January 2023

1,500,000

1,500,000

Amortisation

At 1 February 2022

150,000

150,000

Amortisation charge

150,000

150,000

At 31 January 2023

300,000

300,000

Carrying amount

At 31 January 2023

1,200,000

1,200,000

At 31 January 2022

1,350,000

1,350,000

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 February 2022

125,000

204

2,978

31,013

Additions

-

-

1,123

-

At 31 January 2023

125,000

204

4,101

31,013

Depreciation

At 1 February 2022

-

201

2,915

21,935

Charge for the year

-

3

433

2,269

At 31 January 2023

-

204

3,348

24,204

Carrying amount

At 31 January 2023

125,000

-

753

6,809

At 31 January 2022

125,000

3

63

9,078

Total
£

Cost or valuation

At 1 February 2022

159,195

Additions

1,123

At 31 January 2023

160,318

Depreciation

At 1 February 2022

25,051

Charge for the year

2,705

At 31 January 2023

27,756

Carrying amount

At 31 January 2023

132,562

At 31 January 2022

134,144

Included within the net book value of land and buildings above is £125,000 (2022 - £125,000) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

67,572

65,080

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

229,095

200,941

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

17,017

53,643

Trade creditors

 

131,721

169,293

Taxation and social security

 

79,921

62,074

Other creditors

 

39,641

64,709

 

268,300

349,719

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

43,631

55,488

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

43,631

55,488

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,017

53,643

10

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

2023
 £

2022
 £

Within one year

10,965

15,280

Between one and five years

674

11,640

11,639

26,920

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

11

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Mr Colin Andrew Stirling MacMorran

13,597

28,518

Mr James Duncan R. MacMorran

13,596

28,518

 

27,193

57,036

The maximum balance outstanding during the year amounted to £57,036.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Diamond Industrial Supply Company Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Diamond Industrial Supply Company Limited for the year ended 31 January 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Diamond Industrial Supply Company 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 accounts of Diamond Industrial Supply Company Limited and state those matters that we have agreed to state to the Board of Directors of Diamond Industrial Supply Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diamond Industrial Supply Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Diamond Industrial Supply Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Diamond Industrial Supply Company Limited. You consider that Diamond Industrial Supply Company 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 accounts of Diamond Industrial Supply Company 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

2 October 2023