Diamond Corporation No 1 Limited 12502475 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property development and trading Digita Accounts Production Advanced 6.30.9574.0 true false false 12502475 2022-04-01 2023-03-31 12502475 2023-03-31 12502475 bus:OrdinaryShareClass1 2023-03-31 12502475 bus:PreferenceShareClass1 2023-03-31 12502475 core:CurrentFinancialInstruments 2023-03-31 12502475 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12502475 core:Non-currentFinancialInstruments 2023-03-31 12502475 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12502475 core:AdditionsToInvestments 2023-03-31 12502475 bus:SmallEntities 2022-04-01 2023-03-31 12502475 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12502475 bus:FullAccounts 2022-04-01 2023-03-31 12502475 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12502475 bus:RegisteredOffice 2022-04-01 2023-03-31 12502475 bus:Director1 2022-04-01 2023-03-31 12502475 bus:Director2 2022-04-01 2023-03-31 12502475 bus:Director3 2022-04-01 2023-03-31 12502475 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12502475 bus:PreferenceShareClass1 2022-04-01 2023-03-31 12502475 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12502475 core:Subsidiary1 2022-04-01 2023-03-31 12502475 core:Subsidiary1 1 2022-04-01 2023-03-31 12502475 core:Subsidiary1 countries:AllCountries 2022-04-01 2023-03-31 12502475 countries:AllCountries 2022-04-01 2023-03-31 12502475 2021-04-01 2022-03-31 12502475 2022-03-31 12502475 bus:OrdinaryShareClass1 2022-03-31 12502475 bus:PreferenceShareClass1 2022-03-31 12502475 core:CurrentFinancialInstruments 2022-03-31 12502475 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12502475 core:Non-currentFinancialInstruments 2022-03-31 12502475 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 12502475 core:Subsidiary1 1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12502475

Diamond Corporation No 1 Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Diamond Corporation No 1 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Diamond Corporation No 1 Limited

Company Information

Directors

D Antoniou

H Antoniou

H Skaliotis

Registered office

120 Cockfosters Road
Barnet
EN4 0DZ

Accountants

Thomas Alexander & Company Limited
590 Green Lanes
London
N13 5RY

 

Diamond Corporation No 1 Limited

(Registration number: 12502475)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

1

-

Current assets

 

Stocks

5

5,243,211

5,355,856

Debtors

6

516,053

492,175

Cash at bank and in hand

 

141,772

1,062,976

 

5,901,036

6,911,007

Creditors: Amounts falling due within one year

7

(649,415)

(95,645)

Net current assets

 

5,251,621

6,815,362

Total assets less current liabilities

 

5,251,622

6,815,362

Creditors: Amounts falling due after more than one year

7

(5,000,000)

(7,000,000)

Net assets/(liabilities)

 

251,622

(184,638)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

250,622

(185,638)

Shareholders' funds/(deficit)

 

251,622

(184,638)

For the financial year ending 31 March 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 30 October 2023 and signed on its behalf by:
 

.........................................
D Antoniou
Director

 

Diamond Corporation No 1 Limited

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

1

General information

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

The address of its registered office is:
120 Cockfosters Road
Barnet
EN4 0DZ

These financial statements were authorised for issue by the Board on 30 October 2023.

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 sale of properties 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.

 

Diamond Corporation No 1 Limited

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 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 Corporation No 1 Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Investments

2023
£

2022
£

Investments in subsidiaries

1

-

Subsidiaries

£

Cost or valuation

Additions

1

Provision

Carrying amount

At 31 March 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Diamond Corporation No 1 Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Sapphire Corporation No 1 Ltd

120 Cockfosters Road
Barnet, EN4 0DZ

UK

Ordinary shares

100%

0%

5

Stocks

2023
£

2022
£

Closing stock of properties

5,243,211

5,355,856

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

467,232

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

10,145

448,895

Other debtors

 

31,930

37,930

Prepayments

 

6,746

5,350

 

516,053

492,175

 

Diamond Corporation No 1 Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,017

22,743

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

528,193

-

Taxation and social security

 

61,198

-

Accruals and deferred income

 

59,007

72,902

 

649,415

95,645

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

5,000,000

7,000,000

Creditors include other loans of £5,000,000 secured by way of fixed and floating charges over the assets of the company.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

Preference shares of £1 each

800

800

800

800

 

1,000

1,000

1,000

1,000

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

2,000,000

Other borrowings

5,000,000

5,000,000

5,000,000

7,000,000

 

Diamond Corporation No 1 Limited

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

10

Related party transactions

Include in debtors is an amount of £10,145 owed from Sapphire Corporation No 1 Ltd, a wholly owned subsidiary.

Included in creditors is an amount of £528,193 (2022: -£448,895) owed to Diamond Investment Management Ltd, a company which holds an interest in Diamond Corporation No 1 Ltd.