Registered number
05972040
SERENDIPITY DIAMONDS LIMITED
Filleted Accounts
31 October 2023
SERENDIPITY DIAMONDS LIMITED
Registered number: 05972040
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,732 14,656
Current assets
Stocks 170,000 126,667
Debtors 4 7,553 4,238
Cash at bank and in hand 15,786 8,794
193,339 139,699
Creditors: amounts falling due within one year 5 (180,157) (122,340)
Net current liabilities 13,182 17,359
Total assets less current liabilities 24,914 32,015
Creditors: amounts falling due after more than one year 6 (21,139) (34,298)
Net liabilities 3,775 (2,283)
Capital and reserves
Called up share capital 100 100
Share premium (98) (98)
Profit and loss account 3,773 (2,285)
Shareholders' funds 3,775 (2,283)
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 M Johnson
Director
Approved by the board on 18 July 2024
SERENDIPITY DIAMONDS LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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:
Leasehold Improvements 25% reducing balance basis
Plant and machinery 25% reducing balance basis
Fixtures, fittings, tools and equipment 25% reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 15,495 40,854 20,034 76,383
Additions - (456) 1,441 985
At 31 October 2023 15,495 40,398 21,475 77,368
Depreciation
At 1 November 2022 12,461 32,583 16,683 61,727
Charge for the year 759 2,313 837 3,909
At 31 October 2023 13,220 34,896 17,520 65,636
Net book value
At 31 October 2023 2,275 5,502 3,955 11,732
At 31 October 2022 3,034 8,271 3,351 14,656
4 Debtors 2023 2022
£ £
Other debtors 7,553 4,238
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 74,522 37,049
Trade creditors 53,442 66,042
Corporation tax 2,519 -
Taxation and social security costs 18,954 19,249
Other creditors 30,720 -
180,157 122,340
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,139 34,298
7 Other information
SERENDIPITY DIAMONDS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
186 High Street
Ryde
Isle of Wight
PO33 2PN
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