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REGISTERED NUMBER: 02905427 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

DIAMOND TEXTILES LIMITED

DIAMOND TEXTILES LIMITED (REGISTERED NUMBER: 02905427)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


DIAMOND TEXTILES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mrs K Dulkoan-Takhar
Ms A S Dulkoan





SECRETARY: S S Dulkoan





REGISTERED OFFICE: 78 Oakland Avenue
LEICESTER
Leicestershire
LE4 7SF





REGISTERED NUMBER: 02905427 (England and Wales)






DIAMOND TEXTILES LIMITED (REGISTERED NUMBER: 02905427)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 12,649 16,315

CURRENT ASSETS
Stocks 5 268,570 173,240
Debtors 6 153,409 160,095
Cash at bank and in hand 234,118 374,584
656,097 707,919
CREDITORS
Amounts falling due within one year 7 (158,354 ) (141,158 )
NET CURRENT ASSETS 497,743 566,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

510,392

583,076

CREDITORS
Amounts falling due after more than one
year

8

(14,303

)

(24,193

)

PROVISIONS FOR LIABILITIES (1,852 ) (2,685 )
NET ASSETS 494,237 556,198

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 10 493,237 555,198
SHAREHOLDERS' FUNDS 494,237 556,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

DIAMOND TEXTILES LIMITED (REGISTERED NUMBER: 02905427)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2024 and were signed on its behalf by:





Mrs K Dulkoan-Takhar - Director


DIAMOND TEXTILES LIMITED (REGISTERED NUMBER: 02905427)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Diamond Textiles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

DIAMOND TEXTILES LIMITED (REGISTERED NUMBER: 02905427)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st January 2023 16,462 22,791 26,495 9,422 75,170
Additions - 550 - - 550
At 31st December 2023 16,462 23,341 26,495 9,422 75,720
DEPRECIATION
At 1st January 2023 8,581 21,605 22,959 5,710 58,855
Charge for year 1,970 434 884 928 4,216
At 31st December 2023 10,551 22,039 23,843 6,638 63,071
NET BOOK VALUE
At 31st December 2023 5,911 1,302 2,652 2,784 12,649
At 31st December 2022 7,881 1,186 3,536 3,712 16,315

5. STOCKS
2023 2022
£    £   
Stocks 268,570 173,240

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 145,059 152,515
Other debtors and prepayments 2,993 2,189
Other taxation 5,357 5,391
153,409 160,095

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,648 10,648
Trade creditors 114,364 70,978
Tax - 15,969
Social security and other taxes 2,733 2,088
Other creditors and accruals 13,048 17,964
Directors' current accounts 17,561 23,511
158,354 141,158

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 14,303 24,193

DIAMOND TEXTILES LIMITED (REGISTERED NUMBER: 02905427)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. RESERVES
Retained
earnings
£   

At 1st January 2023 555,198
Deficit for the year (36,961 )
Dividends (25,000 )
At 31st December 2023 493,237

11. RELATED PARTY DISCLOSURES

The directors' current account balances are due to Mrs K Dulkoan Takhar £9,005 (2022 £9,881) and Ms A S Dulkoan £8,556 (2022 £13,630).The directors are the ultimate controlling parties.