2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,000 2,400 150 2,550 450 600 33,830 28,285 831 29,116 4,714 5,545 xbrli:pure xbrli:shares iso4217:GBP NI062409 2023-01-01 2023-12-31 NI062409 2023-12-31 NI062409 2022-12-31 NI062409 2022-01-01 2022-12-31 NI062409 2022-12-31 NI062409 2021-12-31 NI062409 core:FurnitureFittings 2023-01-01 2023-12-31 NI062409 bus:Director1 2023-01-01 2023-12-31 NI062409 core:NetGoodwill 2022-12-31 NI062409 core:NetGoodwill 2023-12-31 NI062409 core:FurnitureFittings 2022-12-31 NI062409 core:FurnitureFittings 2023-12-31 NI062409 core:WithinOneYear 2023-12-31 NI062409 core:WithinOneYear 2022-12-31 NI062409 core:ShareCapital 2023-12-31 NI062409 core:ShareCapital 2022-12-31 NI062409 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI062409 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI062409 core:NetGoodwill 2023-01-01 2023-12-31 NI062409 core:NetGoodwill 2022-12-31 NI062409 core:FurnitureFittings 2022-12-31 NI062409 bus:SmallEntities 2023-01-01 2023-12-31 NI062409 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI062409 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI062409 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI062409 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: NI062409
Diamond (Belfast) Limited
Filleted Unaudited Financial Statements
31 December 2023
Diamond (Belfast) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
450
600
Tangible assets
6
4,714
5,545
-------
-------
5,164
6,145
Current assets
Debtors
7
33,270
39,882
Cash at bank and in hand
85,578
78,677
---------
---------
118,848
118,559
Creditors: amounts falling due within one year
8
14,881
17,493
---------
---------
Net current assets
103,967
101,066
---------
---------
Total assets less current liabilities
109,131
107,211
Provisions
Taxation including deferred tax
951
1,121
---------
---------
Net assets
108,180
106,090
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
108,080
105,990
---------
---------
Shareholders funds
108,180
106,090
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Diamond (Belfast) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
P P D Branagh
Director
Company registration number: NI062409
Diamond (Belfast) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 33 Strathmore Park North, Antrim Road, Belfast, BT15 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
(d) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
written off over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture, fittings & equipment
-
15% reducing balance
(h) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
3,000
-------
Amortisation
At 1 January 2023
2,400
Charge for the year
150
-------
At 31 December 2023
2,550
-------
Carrying amount
At 31 December 2023
450
-------
At 31 December 2022
600
-------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
33,830
33,830
--------
--------
Depreciation
At 1 January 2023
28,285
28,285
Charge for the year
831
831
--------
--------
At 31 December 2023
29,116
29,116
--------
--------
Carrying amount
At 31 December 2023
4,714
4,714
--------
--------
At 31 December 2022
5,545
5,545
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
4,800
930
Other debtors
28,470
38,952
--------
--------
33,270
39,882
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
560
2,762
Corporation tax
1,125
Social security and other taxes
4,550
6,133
Other creditors
8,646
8,598
--------
--------
14,881
17,493
--------
--------
9. Director's advances, credits and guarantees
Creditors include a balance of £7,535 due to P P D Branagh (2021 - £9,155). During the year dividends of £2,000 have been paid to the director (2021 - £2,000).