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Registration number: 11854589

Diamond Investment Management I Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Diamond Investment Management I Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Diamond Investment Management I Limited

Company Information

Directors

D Antoniou

H Antoniou

Registered office

120 Cockfosters Road
Barnet
EN4 0DZ

Accountants

Thomas Alexander & Co Limited
590 Green Lanes
Palmers Green
London
N13 5RY

 

Diamond Investment Management I Limited

(Registration number: 11854589)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

96

96

Current assets

 

Debtors

5

435,064

801,664

Cash at bank and in hand

 

18,202

560

 

453,266

802,224

Creditors: Amounts falling due within one year

6

(162,013)

(509,961)

Net current assets

 

291,253

292,263

Net assets

 

291,349

292,359

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

291,149

292,159

Shareholders' funds

 

291,349

292,359

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

.........................................
D Antoniou
Director

 

Diamond Investment Management I Limited

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
120 Cockfosters Road
Barnet
EN4 0DZ

These financial statements were authorised for issue by the Board on 12 August 2024.

2

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 in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the grounds that it is a small sized group.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Diamond Investment Management I Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investments

2024
£

2023
£

Investments in subsidiaries

80

80

Investments in joint ventures

16

16

96

96

 

Diamond Investment Management I Limited

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

Subsidiaries

£

Cost or valuation

At 1 April 2023

80

Provision

Carrying amount

At 31 March 2024

80

At 31 March 2023

80

Joint ventures

£

Cost

At 1 April 2023

16

Provision

Carrying amount

At 31 March 2024

16

At 31 March 2023

16

Aggregate financial information of joint ventures

2024
£

2023
£

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds an interest in the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Diamond Investment Management Ltd

120 Cockfosters Road,
Barnet, EN4 0DZ

UK

Ordinary shares

80%

80%

Joint ventures

Diamond Corporation No 1 Ltd

120 Cockfoster Road
Barnet, EN4 0DZ

Preference shares

1.6%

1.6%

 

     
 

Diamond Investment Management I Limited

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

Subsidiary undertakings

Diamond Investment Management Ltd

The principal activity of Diamond Investment Management Ltd is property development and management . The loss for the financial period of Diamond Investment Management Ltd was £22,357 and the aggregate amount of Capital and reserves at the end of the period was £2,899.

Joint ventures

Diamond Corporation No 1 Ltd

The principal activity of Diamond Corporation No 1 Ltd is property development & trading.
The profit for the financial period of Diamond Corporation No 1 Ltd was £120,208 and the aggregate amount of Capital and reserves at the end of the period was £371,830.

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

351,064

701,664

Other debtors

 

84,000

100,000

 

435,064

801,664

 

Diamond Investment Management I Limited

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

4,398

Accruals and deferred income

1,000

1,250

Other creditors

161,013

504,313

162,013

509,961

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

8

Related party transactions

Included in debtors is an amount of £351,064 (2023: £701,664) owed to the company from Diamond Investment Management Ltd, a subsidiary. Included in other debtors is an amount of £84,000 (2023: £100,000) owed to the company from Diamond Corporation No 1 Ltd, a company in which Diamond Investment Management I Ltd holds a joint venture interest.

Included in other creditors is an amount of £161,013 (2023: £504,313) owed to Diamond Corporation Ltd, a company with common shareholders.