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REGISTERED NUMBER: 05143484 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

DIAMOND CENTRE WALES LIMITED

DIAMOND CENTRE WALES LIMITED (REGISTERED NUMBER: 05143484)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DIAMOND CENTRE WALES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: K F James
S E James





REGISTERED OFFICE: 3 Garth Isaf
Talbot Green Business Park
Talbot Green
Rhondda Cynon Taf
CF72 9FG





REGISTERED NUMBER: 05143484 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

DIAMOND CENTRE WALES LIMITED (REGISTERED NUMBER: 05143484)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 46,250 46,250
Tangible assets 5 483,985 499,861
Investments 6 1 1
530,236 546,112

CURRENT ASSETS
Stocks 1,464,000 1,040,000
Debtors 7 14,883 20,760
Cash at bank and in hand 12,198 14,477
1,491,081 1,075,237
CREDITORS
Amounts falling due within one year 8 1,125,374 608,647
NET CURRENT ASSETS 365,707 466,590
TOTAL ASSETS LESS CURRENT
LIABILITIES

895,943

1,012,702

CREDITORS
Amounts falling due after more than one
year

9

(200,193

)

(224,522

)

PROVISIONS FOR LIABILITIES (24,232 ) (30,708 )

ACCRUALS AND DEFERRED INCOME (5,051 ) (6,047 )
NET ASSETS 666,467 751,425

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 616,467 701,425
SHAREHOLDERS' FUNDS 666,467 751,425

DIAMOND CENTRE WALES LIMITED (REGISTERED NUMBER: 05143484)

BALANCE SHEET - continued
31 MARCH 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 23 November 2023 and were signed on its behalf by:





K F James - Director


DIAMOND CENTRE WALES LIMITED (REGISTERED NUMBER: 05143484)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Diamond Centre Wales 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable of goods sold (net of VAT and trade discounts). Income is recognised when goods have been received by customers such that risks and rewards of ownership have transferred to them.

Intangible assets
Computer software is not yet being amortised as the project is still in development.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price plus any costs directly attributable to making the asset capable of operating as and where intended


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or if held under a finance lease, over the lease term, whichever is shorter:

Long leasehold property - 2% on cost.
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 33% on cost and 10% on cost
Motor vehicles - 20% on cost

It should be noted that the long leasehold property is still under construction and, as a result, no depreciation has been charged this year.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


DIAMOND CENTRE WALES LIMITED (REGISTERED NUMBER: 05143484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates an auto enrolment contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Grants
The company was in receipt of a £996 (2022: £74,188) grant during the year which is recognised on the performance model basis.

Grants that do not impose specified future performance-related conditions are recognised as income when the grant proceeds are received or receivable.

Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met.

Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 16 ) .

DIAMOND CENTRE WALES LIMITED (REGISTERED NUMBER: 05143484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 46,250
NET BOOK VALUE
At 31 March 2023 46,250
At 31 March 2022 46,250

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 332,384 294,556 291,658 - 918,598
Additions - - 1,368 27,077 28,445
At 31 March 2023 332,384 294,556 293,026 27,077 947,043
DEPRECIATION
At 1 April 2022 - 194,627 224,110 - 418,737
Charge for year - 15,540 27,427 1,354 44,321
At 31 March 2023 - 210,167 251,537 1,354 463,058
NET BOOK VALUE
At 31 March 2023 332,384 84,389 41,489 25,723 483,985
At 31 March 2022 332,384 99,929 67,548 - 499,861

DIAMOND CENTRE WALES LIMITED (REGISTERED NUMBER: 05143484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 36,250 - 36,250
Additions - 27,077 27,077
At 31 March 2023 36,250 27,077 63,327
DEPRECIATION
At 1 April 2022 2,718 - 2,718
Charge for year 3,625 1,354 4,979
At 31 March 2023 6,343 1,354 7,697
NET BOOK VALUE
At 31 March 2023 29,907 25,723 55,630
At 31 March 2022 33,532 - 33,532

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,439 -
Other debtors 10,444 20,760
14,883 20,760

DIAMOND CENTRE WALES LIMITED (REGISTERED NUMBER: 05143484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 250,558 202,297
Hire purchase contracts 15,300 13,925
Trade creditors 365,598 135,134
Taxation and social security 35,035 90,104
Other creditors 458,883 167,187
1,125,374 608,647

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 162,949 201,352
Hire purchase contracts 37,244 23,170
200,193 224,522

10. RELATED PARTY DISCLOSURES

Included in creditors is an amount of £259,436 (2022: £1,874) due to a director. The loan is interest free and repayable on demand.