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Registration number: 09675098

Diamond Home Support South Hams Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023

 

Diamond Home Support South Hams Ltd

Company Information

Director

Mr Ralph Karkeek

Registered office

Coach House Cottage
Higher Hulham Road
Exmouth
Devon
EX8 5DZ

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Diamond Home Support South Hams Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Diamond Home Support South Hams Ltd for the year ended 31 July 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Diamond Home Support South Hams Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Diamond Home Support South Hams Ltd and state those matters that we have agreed to state to the Board of Directors of Diamond Home Support South Hams Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diamond Home Support South Hams Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Diamond Home Support South Hams Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Diamond Home Support South Hams Ltd. You consider that Diamond Home Support South Hams Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Diamond Home Support South Hams Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

5 February 2024

 

Diamond Home Support South Hams Ltd

(Registration number: 09675098)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

683

601

Current assets

 

Debtors

6

8,788

8,550

Cash at bank and in hand

 

1,997

1,415

 

10,785

9,965

Creditors: Amounts falling due within one year

(11,318)

(11,070)

Net current liabilities

 

(533)

(1,105)

Total assets less current liabilities

 

150

(504)

Creditors: Amounts falling due after more than one year

(2,987)

(4,514)

Accruals and deferred income

 

(756)

(648)

Net liabilities

 

(3,593)

(5,666)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(3,594)

(5,667)

Shareholders' deficit

 

(3,593)

(5,666)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 5 February 2024
 

.........................................
Mr Ralph Karkeek
Director

 

Diamond Home Support South Hams Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Coach House Cottage
Higher Hulham Road
Exmouth
Devon
EX8 5DZ

These financial statements were authorised for issue by the director on 5 February 2024.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 Home Support South Hams Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 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

Office Equipment

25% Writing Down Basis

Intangible assets

The Director considers that the Franchise acquisition costs have useful lives of 5 years and as such the amortisation thereof is calculated on that judgement.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise Cost

20% Straight Line Basis

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.

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.

Borrowings

 

Diamond Home Support South Hams Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

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 the director) during the year, was 1 (2022 - 1).

 

Diamond Home Support South Hams Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 August 2022

9,294

At 31 July 2023

9,294

Amortisation

At 1 August 2022

9,294

At 31 July 2023

9,294

Carrying amount

At 31 July 2023

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

1,335

1,335

Additions

310

310

At 31 July 2023

1,645

1,645

Depreciation

At 1 August 2022

734

734

Charge for the year

228

228

At 31 July 2023

962

962

Carrying amount

At 31 July 2023

683

683

At 31 July 2022

601

601

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

Diamond Home Support South Hams Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr Ralph Karkeek

Directors Loan

8,550

10,650

(10,412)

8,788

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

Mr Ralph Karkeek

Directors Loan

(90)

12,600

(3,960)

8,550

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,100

10,100