REGISTERED NUMBER: |
Diamond Despatch Limited |
Audited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Diamond Despatch Limited |
Audited Financial Statements |
for the Year Ended 31 March 2023 |
Diamond Despatch Limited (Registered number: 02356057) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Diamond Despatch Limited |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Diamond Despatch Limited (Registered number: 02356057) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | 7 |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Diamond Despatch Limited (Registered number: 02356057) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Diamond Despatch Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound. |
Basis other than going concern |
The company ceased trading at close of business on 31 March 2023. The trade was transferred to another group company on 1st April 2023. The company will collect and pay all debts that are in existence at the balance sheet date. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover comprises revenue recognised by the company in respect of courier services supplied during the year in the UK, exclusive of Value Added Tax and trade discounts. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Pensions |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Key sources of estimation uncertainty and judgements |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. The following are the company's key sources of estimation uncertainty: |
Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including: the credit rating of the receivable, the ageing profile of receivables and historical experience. |
Diamond Despatch Limited (Registered number: 02356057) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
5. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 1,000 | 1,000 |
Diamond Despatch Limited (Registered number: 02356057) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
At 31 March 2023 |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
9. | Other financial commitments |
On 28 October 2021 Deltec International Courier Limited provided a limited guarantee to Barclays Bank Plc in respect of Skynet International Holding Limited, Skynet (London) Limited and Diamond Despatch Limited banking facilities. |
10. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
11. | Post balance sheet events |
The trade was transferred to another group company on 1st April 2023. The company will collect and pay all debts that are in existence at the balance sheet date. |
12. | Ultimate controlling party |
The company's immediate parent undertaking is Skynet International Holding Limited, a company incorporated in the United Kingdom. |
The ultimate parent company is Business Venture Investment No. 2220 (PTY) Ltd, registered in South Africa. |
In the opinion of the director, the company is controlled by the ultimate parent company. |