Diamond Designs of London Ltd 06483988 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of the wholesale and retail of jewellery Digita Accounts Production Advanced 6.30.9574.0 true 06483988 2023-01-01 2023-12-31 06483988 2023-12-31 06483988 bus:OrdinaryShareClass1 2023-12-31 06483988 core:CurrentFinancialInstruments 2023-12-31 06483988 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06483988 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06483988 core:BetweenTwoFiveYears 2023-12-31 06483988 core:WithinOneYear 2023-12-31 06483988 core:FurnitureFittingsToolsEquipment 2023-12-31 06483988 core:LandBuildings 2023-12-31 06483988 bus:SmallEntities 2023-01-01 2023-12-31 06483988 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06483988 bus:FilletedAccounts 2023-01-01 2023-12-31 06483988 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06483988 bus:RegisteredOffice 2023-01-01 2023-12-31 06483988 bus:Director1 2023-01-01 2023-12-31 06483988 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06483988 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06483988 core:FurnitureFittings 2023-01-01 2023-12-31 06483988 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 06483988 core:LandBuildings 2023-01-01 2023-12-31 06483988 core:LeaseholdImprovements 2023-01-01 2023-12-31 06483988 core:OfficeEquipment 2023-01-01 2023-12-31 06483988 core:OtherRelatedParties 2023-01-01 2023-12-31 06483988 countries:AllCountries 2023-01-01 2023-12-31 06483988 2022-12-31 06483988 core:FurnitureFittingsToolsEquipment 2022-12-31 06483988 core:LandBuildings 2022-12-31 06483988 2022-01-01 2022-12-31 06483988 2022-12-31 06483988 bus:OrdinaryShareClass1 2022-12-31 06483988 core:CurrentFinancialInstruments 2022-12-31 06483988 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06483988 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06483988 core:BetweenTwoFiveYears 2022-12-31 06483988 core:WithinOneYear 2022-12-31 06483988 core:FurnitureFittingsToolsEquipment 2022-12-31 06483988 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06483988

Diamond Designs of London Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Diamond Designs of London Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Diamond Designs of London Ltd

Company Information

Director

J Richter

Registered office

Suite 256
56 Gloucester Road
London
SW7 4UB

Accountants

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

 

Diamond Designs of London Ltd

(Registration number: 06483988)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

44,131

414

Current assets

 

Stocks

5

116,544

126,122

Debtors

6

22,430

2,529

Cash at bank and in hand

 

96,952

110,893

 

235,926

239,544

Creditors: Amounts falling due within one year

7

(142,611)

(125,350)

Net current assets

 

93,315

114,194

Total assets less current liabilities

 

137,446

114,608

Creditors: Amounts falling due after more than one year

7

(37,483)

(37,483)

Net assets

 

99,963

77,125

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

99,962

77,124

Shareholders' funds

 

99,963

77,125

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2024
 

.........................................
J Richter
Director

 

Diamond Designs of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Suite 256
56 Gloucester Road
London
SW7 4UB

These financial statements were authorised for issue by the director on 27 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Diamond Designs of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipments

20% Straight Line Basis

Long leasehold property

over 5 years

Fixtures and fittings

25% Reducing Balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Diamond Designs of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 the director) during the year, was 1 (2022 - 1).

 

Diamond Designs of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

-

3,281

3,281

Additions

13,432

44,195

57,627

At 31 December 2023

13,432

47,476

60,908

Depreciation

At 1 January 2023

-

2,867

2,867

Charge for the year

2,686

11,224

13,910

At 31 December 2023

2,686

14,091

16,777

Carrying amount

At 31 December 2023

10,746

33,385

44,131

At 31 December 2022

-

414

414

Included within the net book value of land and buildings above is £10,746 (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

116,544

126,122

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,800

2,221

Prepayments

18,880

308

Other debtors

1,750

-

 

22,430

2,529

 

Diamond Designs of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

234

192

Trade creditors

 

42,980

2,026

Taxation and social security

 

1,695

9,392

Accruals and deferred income

 

2,000

22,336

Other creditors

 

95,702

91,404

 

142,611

125,350

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

37,483

37,483

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

24,000

-

Later than one year and not later than five years

78,000

-

102,000

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £18,000 (2022 - £Nil).

 

Diamond Designs of London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Summary of transactions with other related parties


Included in other creditors is an amount of £95,702 (2022: £91,404) owed to J Richter, the director of the company.