Mia Diamonds Limited

Filleted Accounts Cover
Mia Diamonds Limited
Company No. 08255994
Information for Filing with The Registrar
31 October 2023
Mia Diamonds Limited

Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 October 2023.
Principal activities
The principal activity of the company during the year under review was Wholesale of watches and jewellery.
Statement of Director's Responsibilities
The director is responsible for preparing the report and accounts in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year. In preparing these financial statements, the director is required to; - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Director
The Director who served at any time during the year was as follows:
J.Lazarov
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
J.Lazarov
Director
31 October 2023
Mia Diamonds Limited

Balance Sheet Registrar
at31 October 2023
Company No.08255994Notes20232022
££
Fixed assets
Tangible assets410,6309,180
10,6309,180
Current assets
Stocks5915,715671,125
Debtors6522,132423,451
Cash at bank and in hand95,277157,107
1,533,1241,251,683
Creditors: Amount falling due within one year7
(646,601)
(248,435)
Net current assets886,5231,003,248
Total assets less current liabilities897,1531,012,428
Creditors: Amounts falling due after more than one year8
(147,912)
(223,016)
Net assets749,241789,412
Capital and reserves
Called up share capital100100
Profit and loss account-749,141789,312
Total equity749,241789,412
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 31 October 2023 and signed on its behalf by:
J.Lazarov
Director
31 October 2023
Mia Diamonds Limited

Notes to the Accounts Registrar
for the year ended 31 October 2023
1General information
Mia Diamonds Limited is a private company limited by shares and incorporated in Northern Ireland.
Its registered number is: 08255994
Its registered office is:
100
Hatton Garden,
London,
EC1N 8NX
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery25% Reducing balance
Furniture, fittings and equipment25% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3Employees
20232022
NumberNumber
The average monthly number of employees (including directors) during the year was:22
4Tangible fixed assets
Land and buildingsPlant and machineryMotor vehiclesFixtures, fittings and equipmentTotal
£££££
Cost or revaluation
At 1 November 2022-5,796-13,15518,951
Additions-1,351-2,9244,275
At 31 October 2023-7,147-16,07923,226
Depreciation
At 1 November 2022-2,480-7,2919,771
Charge for the year-898-1,9272,825
At 31 October 2023-3,378-9,21812,596
Net book values
At 31 October 2023-3,769-6,86110,630
At 31 October 2022-3,316-5,8649,180
5Stocks
20232022
££
Finished goods915,715671,125
915,715671,125
6Debtors
20232022
££
Trade debtors391,150146,096
Other debtors116,681262,445
Prepayments and accrued income14,30114,910
522,132423,451
7Creditors:
amounts falling due within one year
20232022
££
Bank loans and overdrafts45,68320,979
Trade creditors233,74478,051
Taxes and social security5,31762,585
Other creditors359,62182,805
Accruals and deferred income2,2364,015
646,601248,435
8Creditors:
amounts falling due after more than one year
20232022
££
Bank loans and overdrafts147,912223,016
147,912223,016
9Share Capital
100
10Dividends
20232022
££
Dividends for the period:
27,79012,000
Dividends by type:
Equity dividends27,79012,000
27,79012,000
11Related party disclosures
Transactions with related parties
Included in other debtor's at the year end is an amount of £57,936 owed from Jonathan Lazarov, a director of the company. The loan was repaid within nine months of the year-end. Included in other debtors's at the year end is an amount of £52,075 owed from Jamind di Lazarov and Ronen Lazarov, relatives of the director. Included in other creditor's at the year end is an amount of £308,238 owed to Mia Diamonds International Ltd, a company under common control.
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