Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false55falsetruefalse 04209973 2023-01-01 2023-12-31 04209973 2022-01-01 2022-12-31 04209973 2023-12-31 04209973 2022-12-31 04209973 2022-01-01 04209973 c:Director1 2023-01-01 2023-12-31 04209973 d:Buildings 2023-01-01 2023-12-31 04209973 d:Buildings 2023-12-31 04209973 d:Buildings 2022-12-31 04209973 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04209973 d:PlantMachinery 2023-01-01 2023-12-31 04209973 d:PlantMachinery 2023-12-31 04209973 d:PlantMachinery 2022-12-31 04209973 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04209973 d:MotorVehicles 2023-01-01 2023-12-31 04209973 d:MotorVehicles 2023-12-31 04209973 d:MotorVehicles 2022-12-31 04209973 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04209973 d:FurnitureFittings 2023-01-01 2023-12-31 04209973 d:FurnitureFittings 2023-12-31 04209973 d:FurnitureFittings 2022-12-31 04209973 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04209973 d:OfficeEquipment 2023-01-01 2023-12-31 04209973 d:OfficeEquipment 2023-12-31 04209973 d:OfficeEquipment 2022-12-31 04209973 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04209973 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04209973 d:CurrentFinancialInstruments 2023-12-31 04209973 d:CurrentFinancialInstruments 2022-12-31 04209973 d:Non-currentFinancialInstruments 2023-12-31 04209973 d:Non-currentFinancialInstruments 2022-12-31 04209973 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04209973 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04209973 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04209973 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04209973 d:ShareCapital 2023-12-31 04209973 d:ShareCapital 2022-12-31 04209973 d:RetainedEarningsAccumulatedLosses 2023-12-31 04209973 d:RetainedEarningsAccumulatedLosses 2022-12-31 04209973 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04209973 c:OrdinaryShareClass1 2023-12-31 04209973 c:OrdinaryShareClass1 2022-12-31 04209973 c:OrdinaryShareClass2 2023-01-01 2023-12-31 04209973 c:OrdinaryShareClass2 2023-12-31 04209973 c:OrdinaryShareClass2 2022-12-31 04209973 c:FRS102 2023-01-01 2023-12-31 04209973 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04209973 c:FullAccounts 2023-01-01 2023-12-31 04209973 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04209973 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 04209973 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 04209973 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 04209973 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 04209973 2 2023-01-01 2023-12-31 04209973 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04209973 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04209973 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 04209973 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 04209973 d:LeasedAssetsHeldAsLessee 2023-12-31 04209973 d:LeasedAssetsHeldAsLessee 2022-12-31 04209973 e:PoundSterling 2023-01-01 2023-12-31 04209973 d:OtherGroupMember1 d:SettlementLiabilities 2023-01-01 2023-12-31 04209973 d:OtherGroupMember1 d:SettlementLiabilities 2023-12-31 04209973 d:OtherGroupMember1 d:SettlementLiabilities 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04209973










DIAMOND LEASING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DIAMOND LEASING LIMITED
REGISTERED NUMBER: 04209973

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
408,318
323,533

  
408,318
323,533

Current assets
  

Debtors: amounts falling due within one year
 5 
108,649
257,700

Cash at bank and in hand
 6 
102,131
3,023

  
210,780
260,723

Creditors: amounts falling due within one year
 7 
(296,607)
(297,091)

Net current liabilities
  
 
 
(85,827)
 
 
(36,368)

Total assets less current liabilities
  
322,491
287,165

Creditors: amounts falling due after more than one year
 8 
(100,371)
(26,017)

Provisions for liabilities
  

Deferred tax
 11 
(34,658)
(30,355)

  
 
 
(34,658)
 
 
(30,355)

Net assets
  
187,462
230,793


Capital and reserves
  

Called up share capital 
 12 
160
160

Profit and loss account
  
187,302
230,633

  
187,462
230,793


Page 1

 
DIAMOND LEASING LIMITED
REGISTERED NUMBER: 04209973
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
J A Gray MCIOB MIOD
Director

Date: 24 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Diamond Leasing Limited is a private company limited by shares incorporated in England and Wales, registration number 04209973. The registered office and principal place of business is Unit 2 2 Constable Crescent, London,  England N15 4QZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. In addition, the directors have confirmed their willingness and ability to support the company for the foreseeable future.
Based on the above, the directors consider that the going concern basis is appropriate in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25% straight line
Motor vehicles
-
25% / 12.5% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
Page 6

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 7

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Investment property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
175,000
118
454,303
3,416
57,807
690,644


Additions
-
-
181,945
-
-
181,945



At 31 December 2023

175,000
118
636,248
3,416
57,807
872,589



Depreciation


At 1 January 2023
-
118
306,934
3,416
56,643
367,111


Charge for the year on owned assets
-
-
96,637
-
523
97,160



At 31 December 2023

-
118
403,571
3,416
57,166
464,271



Net book value



At 31 December 2023
175,000
-
232,677
-
641
408,318



At 31 December 2022
175,000
-
147,369
-
1,164
323,533

The net book value of investment property relates to a property valued by the directors at £175,000 at 31 December 2023 (2022: £175,000).
The directors consider the cost to be the fair value of the property.

Page 8

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
232,677
147,369

232,677
147,369


5.


Debtors

2023
2022
£
£


Trade debtors
99,970
246,385

Other debtors
7,179
9,815

Prepayments
1,500
1,500

108,649
257,700



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
102,131
3,023

102,131
3,023


Page 9

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
29,451
4,605

Amounts owed to related undertakings
1
40,689

Other taxation and social security
-
2,745

Obligations under finance lease and hire purchase contracts
73,733
56,930

Other creditors
189,222
187,122

Accruals and deferred income
4,200
5,000

296,607
297,091


The loan provided by the director, John Gray, of £166,045 (2022: £166,045) is secured on the assets of the company.
Hire purchase creditors of £73,733 (2022: £56,930) are secured on the assets on which they relate.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
100,371
26,017

100,371
26,017


Hire purchase creditors of £100,371 (2022: £26,017) are secured on the assets on which they relate.


9.


Bank guarantees

There is a fixed and floating charge secured over the assets of the company.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
73,733
56,930

Between 1-5 years
100,371
26,017

174,104
82,947

Page 10

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
30,355
52,274


Charged to profit or loss
4,303
(21,919)



At end of year
34,658
30,355

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
34,658
30,355

34,658
30,355


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



40 (2022 - 40) Ordinary A shares shares of £1.00 each
40
40
120 (2022 - 120) Ordinary B shares shares of £1.00 each
120
120

160

160

Except as otherwise stated in the articles of association of the company, all classes of shares rank pari passu.



13.


Transactions with directors

As at the year end, £166,045 (2022: £166,045) was due to the director, John Gray. Interest has been charged in respect of this loan, at commercial rates.
The loan from John Gray is secured on the assets of the company and is repayable on demand.

Page 11

 
DIAMOND LEASING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Related party transactions


2023
2022
£
£

Sales to related parties
99,211
100,411
Management charges payable
(38,794)
(18,000)
Amounts due from related parties
99,970
246,385
Amounts due to related parties
(1)
(40,689)

Included in amounts due from related parties is £99,970 (2022: £246,385) which is included in trade debtors.

At the balance sheet date, the director, J A Gray, has an interest in the above companies.


15.


Controlling party

The company was under the control of the directors.

 
Page 12