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Registration number: 12133914

Diamond Investment Management Limited

Unaudited Filleted Financial Statements

for the Period from 1 September 2022 to 31 March 2023

 

Diamond Investment Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Diamond Investment Management Limited

Company Information

Directors

D Antoniou

H Skaliotis

H Antoniou

Registered office

120 Cockfosters Road
Barnet
EN4 0DZ

Accountants

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

 

Diamond Investment Management Limited

(Registration number: 12133914)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

885

-

Investments

5

280

280

 

1,165

280

Current assets

 

Debtors

6

1,100,778

583,400

Cash at bank and in hand

 

552,994

1,024,702

 

1,653,772

1,608,102

Creditors: Amounts falling due within one year

7

(1,629,681)

(1,633,082)

Net current assets/(liabilities)

 

24,091

(24,980)

Net assets/(liabilities)

 

25,256

(24,700)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

25,156

(24,800)

Shareholders' funds/(deficit)

 

25,256

(24,700)

For the financial period 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 period 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 31 October 2023 and signed on its behalf by:
 

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

 

Diamond Investment Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 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 31 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.

Group accounts not prepared

The company has taken advantage of the exemption in section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the grounds that it is a small sized group.

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.

 

Diamond Investment Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 March 2023

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

Fixtures, fittings & equipment

25% reducing balance method

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 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.

 

Diamond Investment Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 March 2023

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.

3

Staff numbers

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

 

Diamond Investment Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,180

1,180

At 31 March 2023

1,180

1,180

Depreciation

Charge for the period

295

295

At 31 March 2023

295

295

Carrying amount

At 31 March 2023

885

885

5

Investments

2023
£

2022
£

Investments in associates

280

280

Associates

£

Cost

At 1 September 2022

280

Provision

Carrying amount

At 31 March 2023

280

At 31 August 2022

280

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 Investment Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 March 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Associates

Diamond Corporation No 1 Ltd

120 Cockfosters Road,
Barnet,
EN4 0DZ

Ordinary & Preference shares

28%

28%

 

UK

     

Associates

Diamond Corporation No 1 Ltd

The principal activity of Diamond Corporation No 1 Ltd is property development & trading. The profit for the financial period of Diamond Corporation No 1 Ltd was £436,260 and the aggregate amount of Capital and reserves at the end of the period was £251,622.

6

Debtors

Note

2023
£

2022
£

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

10

1,098,995

583,400

Other debtors

 

1,783

-

 

1,100,778

583,400

 

Diamond Investment Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

4,143

19,612

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

10

947,882

1,387,656

Taxation and social security

 

94,197

3,857

Accruals and deferred income

 

24,785

4,639

Other creditors

 

558,674

217,318

 

1,629,681

1,633,082

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £3,770.00 (2022 - £Nil) per ordinary share

 

377,000

 

-

         
 

Diamond Investment Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 March 2023

10

Related party transactions

Included in debtors is an amount of £1,098,995 (2022: £583,400) owed from Diamond Corporation No 1 Ltd, a company in which Diamond Investment Management Ltd holds a participating interest.

Included in creditors is an amount of £701,664 (2022: £400,064) owed to Diamond Investment Management I Ltd, the parent company. Also included in creditors is an amount of £175,416 (2022: £100,016) owed to Diamond Investment Management II Ltd, a company with a participating interest.

Included in creditors is an amount of £70,802 (2022: £887,576) owed to Diamond Corporation No 1 Ltd, a company in which Diamond Investment Management Ltd holds a participating interest.

Included in other creditors is an amount of £557,260 (2022: £217,318) owed to Diamond Corporation Ltd, a company with common shareholders. Also included in other creditors is an amount of £1,416 owed to H Skaliotis, the director of the company.

11

Parent and ultimate parent undertaking

The company's immediate parent is Diamond Investment Management I Ltd, a company incorporated in the UK.

 The ultimate controlling party is D Antoniou, the director of the company.