Company registration number 04021274 (England and Wales)
Diamondcut Limited
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Diamondcut Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Diamondcut Limited
Balance sheet
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,726,500
1,675,791
Current assets
Debtors
5
50,474
15,000
Cash at bank and in hand
310,643
362,356
361,117
377,356
Creditors: amounts falling due within one year
6
(16,867)
(17,754)
Net current assets
344,250
359,602
Total assets less current liabilities
2,070,750
2,035,393
Creditors: amounts falling due after more than one year
7
(963,599)
(972,100)
Provisions for liabilities
(145,213)
(66,783)
Net assets
961,938
996,510
Capital and reserves
Called up share capital
4
4
Fair value reserve
837,247
864,968
Profit and loss reserves
124,687
131,538
Total equity
961,938
996,510
Diamondcut Limited
Balance sheet (continued)
as at 31 December 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 September 2024
Mr A M Stone
Director
Company Registration No. 04021274
Diamondcut Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
Reporting period
The entity has extended its reporting period to align with the calendar year. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year and consists of rents and services charges.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Diamondcut Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Investment property
2023
£
Fair value
At 1 January 2023
1,675,791
Revaluations
50,709
At 31 December 2023
1,726,500
The directors have considered the value of the investment properties and deemed it to be in line with fair value.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
50,474
15,000
Diamondcut Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,500
8,500
Other creditors
8,367
9,254
16,867
17,754
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
963,599
972,100
8
Secured debts
2023
2022
£
£
Bank loans
972,099
980,600
Payable within one year
8,500
8,500
Payable after one year
963,599
972,100
The above secured debts are included within creditors.
Amounts are secured over the assets of the company.
9
Company information
Diamondcut Limited is a private company limited by shares incorporated in England and Wales. The registered office is Townend House, 8 Springwell Court, Leeds, West Yorkshire, LS12 1AL.