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Registered number: 12728249
DIAMOND CUT DETAILING (SW) LTD
Unaudited Financial Statements
For The Year Ended 31 July 2023
Trek Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12728249
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 57,340 59,811
57,340 59,811
CURRENT ASSETS
Stocks 5 5,000 31,185
Debtors 6 6,608 -
Cash at bank and in hand 1,651 835
13,259 32,020
Creditors: Amounts Falling Due Within One Year 7 (109,461 ) (92,874 )
NET CURRENT ASSETS (LIABILITIES) (96,202 ) (60,854 )
TOTAL ASSETS LESS CURRENT LIABILITIES (38,862 ) (1,043 )
Creditors: Amounts Falling Due After More Than One Year 8 (34,125 ) (42,325 )
NET LIABILITIES (72,987 ) (43,368 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (72,988 ) (43,369 )
SHAREHOLDERS' FUNDS (72,987) (43,368)
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lewis Franklin
Director
5th April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
DIAMOND CUT DETAILING (SW) LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12728249 . The registered office is Suite 2 The Barbican Centre Lustleigh Close, Marsh Barton Trading Estate, Exeter, Devon, EX2 8PW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 18% Reducing balance
Motor Vehicles 18% Reducing balance
Fixtures & Fittings 18% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: NIL)
4 -
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2022 5,280 69,000 13,598 87,878
Additions 10,116 - - 10,116
As at 31 July 2023 15,396 69,000 13,598 97,994
Depreciation
As at 1 August 2022 1,682 22,604 3,781 28,067
Provided during the period 2,469 8,351 1,767 12,587
As at 31 July 2023 4,151 30,955 5,548 40,654
Net Book Value
As at 31 July 2023 11,245 38,045 8,050 57,340
As at 1 August 2022 3,598 46,396 9,817 59,811
5. Stocks
2023 2022
£ £
Stock 5,000 31,185
6. Debtors
2023 2022
£ £
Due within one year
Director's loan account 6,608 -
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 8,200 8,200
VAT 823 -
Other creditors 98,638 82,158
Accruals and deferred income 1,800 720
Director's loan account - 1,796
109,461 92,874
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 34,125 42,325
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9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 8,200 8,200
Later than one year and not later than five years 34,125 42,325
42,325 50,525
42,325 50,525
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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