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REGISTERED NUMBER: 02356057 (England and Wales)















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: T J A Erasmus
J D Meyer





Registered office: Skynet House
18 - 21 Pulborough Way
Hounslow
Middlesex
TW4 6DE





Registered number: 02356057 (England and Wales)





Auditors: Haines Watts
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 2,358,050 2,356,649

Creditors
Amounts falling due within one year 5 113,218 180,168
Net current assets 2,244,832 2,176,481
Total assets less current liabilities 2,244,832 2,176,481

Capital and reserves
Called up share capital 6 1,000 1,000
Retained earnings 7 2,243,832 2,175,481
Shareholders' funds 2,244,832 2,176,481

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 September 2023 and were signed on its behalf by:





J D Meyer - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 21 (2022 - 21 ) .

4. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 55,696 159,171
Amounts owed by group undertakings 2,292,631 2,187,826
Other debtors 4,624 9,652
Deferred tax asset 1,024 -
Prepayments and accrued income 4,075 -
2,358,050 2,356,649

5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 7,974 -
Trade creditors 20,704 25,677
Corporation tax 17,603 53,224
Social security and other taxes 49,500 67,610
Other creditors 17,437 33,657
113,218 180,168

6. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 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 2,175,481
Profit for the year 68,351
At 31 March 2023 2,243,832

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Tara Mellett (Senior Statutory Auditor)
for and on behalf of Haines Watts

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.