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Diamond Rental (Management) Limited

Financial Statements for the Year Ended 30 June 2023






Diamond Rental (Management) Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: W L Diamond
L C Diamond-Jenkins





REGISTERED OFFICE: 1 St Fagans Street
Caerphilly
CF83 1LZ





REGISTERED NUMBER: 05930499 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Diamond Rental (Management) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Diamond Rental (Management) Limited for the year ended 30 June 2023 which comprise the Profit & Loss Account, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Diamond Rental (Management) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Diamond Rental (Management) Limited and state those matters that we have agreed to state to the Board of Directors of Diamond Rental (Management) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diamond Rental (Management) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Diamond Rental (Management) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Diamond Rental (Management) Limited. You consider that Diamond Rental (Management) 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 financial statements of Diamond Rental (Management) 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 financial statements.






BPU Limited
Chartered Accountants


31 July 2024

Diamond Rental (Management) Limited (Registered number: 05930499)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 252,950 251,830
252,950 251,830

CURRENT ASSETS
Debtors 5 57,111 58,528
Cash at bank and in hand 45,073 104,044
102,184 162,572
CREDITORS
Amounts falling due within one year 6 57,124 75,301
NET CURRENT ASSETS 45,060 87,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

298,010

339,101

CREDITORS
Amounts falling due after more than
one year

7

-

116,949
NET ASSETS 298,010 222,152

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 248,010 172,152
SHAREHOLDERS' FUNDS 298,010 222,152

Diamond Rental (Management) Limited (Registered number: 05930499)

Balance Sheet - continued
30 June 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





L C Diamond-Jenkins - Director


Diamond Rental (Management) Limited (Registered number: 05930499)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 25% straight line
Motor vehicles - 25% straight line

Freehold property is not depreciated as the property is maintained to ensure the value does not diminish over time. In the directors' opinion, depreciation would be immaterial and has not been charged.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Diamond Rental (Management) Limited (Registered number: 05930499)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 6 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 49,999
AMORTISATION
At 1 July 2022
and 30 June 2023 49,999
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

Diamond Rental (Management) Limited (Registered number: 05930499)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 250,000 27,334 8,959 286,293
Additions - 2,236 - 2,236
At 30 June 2023 250,000 29,570 8,959 288,529
DEPRECIATION
At 1 July 2022 - 25,504 8,959 34,463
Charge for year - 1,116 - 1,116
At 30 June 2023 - 26,620 8,959 35,579
NET BOOK VALUE
At 30 June 2023 250,000 2,950 - 252,950
At 30 June 2022 250,000 1,830 - 251,830

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors & prepayments 57,111 58,528

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,198 23,592
Taxes & social security costs 32,577 39,311
Other creditors & accruals 21,349 12,398
57,124 75,301

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 116,949

Diamond Rental (Management) Limited (Registered number: 05930499)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,198 140,541

The bank loan is secured by a fixed and floating charge over all the assets of the company.