Registered number
10727540
Adar Diamond Expertise Ltd
Filleted Accounts
31 July 2023
Adar Diamond Expertise Ltd
Registered number: 10727540
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,788 3,980
Current assets
Stocks 43,000 10,000
Debtors 4 7,183 13,881
Cash at bank and in hand 986 13,851
51,169 37,732
Creditors: amounts falling due within one year 5 (56,336) (41,331)
Net current liabilities (5,167) (3,599)
Net assets 621 381
Capital and reserves
Called up share capital 100 100
Profit and loss account 521 281
Shareholders' funds 621 381
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Emrah Adar
Director
Approved by the board on 12 April 2024
Adar Diamond Expertise Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 1,850 4,281 6,131
Additions 2,959 - 2,959
At 31 July 2023 4,809 4,281 9,090
Depreciation
At 1 August 2022 1,201 950 2,151
Charge for the year 485 666 1,151
At 31 July 2023 1,686 1,616 3,302
Net book value
At 31 July 2023 3,123 2,665 5,788
At 31 July 2022 649 3,331 3,980
4 Debtors 2023 2022
£ £
Funding Circle 523 -
VAT - Input 285 -
EDF Energy 1,020 -
Bate & Albon Solicitors - Rent 4,125 4,125
Director's Account - 9,746
Trade debtors - 10
Other debtors 1,230 -
7,183 13,881
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bounce Back Loan 2,323 6,743
Emrah Adar 141 -
Trade creditors 14,391 28,846
Taxation and social security costs 24,181 5,742
Other creditors 15,300 -
56,336 41,331
6 Other information
Adar Diamond Expertise Ltd is a private company limited by shares and incorporated in England. Its registered office is:
49 Meeting House Lane
Brighton
BN1 1HB
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