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Registration number: 05709346

Ace of Diamonds Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Ace of Diamonds Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 9

 

Ace of Diamonds Limited

Company Information

Directors

Mr C Cartwright

Mrs P J Cartwright

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ace of Diamonds Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ace of Diamonds Limited for the year ended 31 March 2024 as set out on pages 3 to 9 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 Ace of Diamonds Limited, 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 Ace of Diamonds Limited and state those matters that we have agreed to state to the Board of Directors of Ace of Diamonds Limited, 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 Ace of Diamonds Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ace of Diamonds Limited 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 Ace of Diamonds Limited. You consider that Ace of Diamonds Limited 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 Ace of Diamonds Limited. 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.

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

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

31 July 2024

 

Ace of Diamonds Limited

(Registration number: 05709346)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

103,805

73,381

Current assets

 

Stocks

13,384

12,818

Debtors

5

213,463

256,181

Cash at bank and in hand

 

76,648

86,202

 

303,495

355,201

Creditors: Amounts falling due within one year

6

(83,517)

(62,306)

Net current assets

 

219,978

292,895

Total assets less current liabilities

 

323,783

366,276

Creditors: Amounts falling due after more than one year

6

(45,003)

(42,530)

Provisions for liabilities

(19,640)

(11,488)

Net assets

 

259,140

312,258

Capital and reserves

 

Called up share capital

105

105

Retained earnings

259,035

312,153

Shareholders' funds

 

259,140

312,258

 

Ace of Diamonds Limited

(Registration number: 05709346)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 July 2024 and signed on its behalf by:
 

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

Mr C Cartwright

Director

 

Ace of Diamonds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

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 financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A- The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and machinery

10% Straight line

Furniture and fittings

20% Reducing balance

Motor vehicles

25% Straight line

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

Goodwill

10% Straight line

Website

33% Reducing balance

 

Ace of Diamonds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

 

Ace of Diamonds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Intangible assets

Goodwill
 £

Website
£

Total
£

Cost or valuation

At 1 April 2023

30,000

2,054

32,054

At 31 March 2024

30,000

2,054

32,054

Amortisation

At 1 April 2023

30,000

2,054

32,054

At 31 March 2024

30,000

2,054

32,054

Carrying amount

At 31 March 2024

-

-

-

At 31 March 2023

-

-

-

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

8,789

187,723

244,452

440,964

Additions

-

40,500

16,864

57,364

At 31 March 2024

8,789

228,223

261,316

498,328

Depreciation

At 1 April 2023

7,855

156,310

203,418

367,583

Charge for the year

484

17,124

9,332

26,940

At 31 March 2024

8,339

173,434

212,750

394,523

Carrying amount

At 31 March 2024

450

54,789

48,566

103,805

At 31 March 2023

934

31,413

41,034

73,381

 

Ace of Diamonds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

109,020

113,429

Prepayments

730

654

Other debtors

103,713

142,098

213,463

256,181

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

48,167

19,392

Trade creditors

 

7,701

3,238

Taxation and social security

 

19,743

35,149

Accruals and deferred income

 

3,458

3,571

Other creditors

 

4,448

956

 

83,517

62,306

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,245

22,088

Hire purchase contracts

32,758

20,442

45,003

42,530

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,194

10,195

Bank overdrafts

23,231

-

Hire purchase contracts

14,742

9,197

48,167

19,392

 

Ace of Diamonds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

During the year the director received advances totalling £81,420 in addition to the opening loan balance. Repayments were made by the director of £74,200. At the year end the outstanding was £66,303(2023:£58,121) Interest charged at the HMRC standard rate on the outstanding balance on a monthly basis . All loans to the directors are repayable on demand.