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Registration number: SC239084

Diamond Industrial Supply Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Diamond Industrial Supply Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

Accountants' Report

12

 

Diamond Industrial Supply Company Limited

Company Information

Directors

Mr Colin Andrew Stirling MacMorran

Mr Craig Andrew MacMorran

Mr Gregor James MacMorran

Company secretary

Mr Colin Andrew Stirling MacMorran

Registered office

4 Brown Street
Camelon
Falkirk
FK1 4QF

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Diamond Industrial Supply Company Limited

(Registration number: SC239084)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,050,000

1,200,000

Tangible assets

5

471,599

132,562

 

1,521,599

1,332,562

Current assets

 

Stocks

6

48,210

67,572

Debtors

7

236,552

229,095

Cash at bank and in hand

 

9,790

40,356

 

294,552

337,023

Creditors: Amounts falling due within one year

8

(222,914)

(268,300)

Net current assets

 

71,638

68,723

Total assets less current liabilities

 

1,593,237

1,401,285

Creditors: Amounts falling due after more than one year

8

(53,258)

(43,631)

Provisions for liabilities

(65,854)

(1,437)

Net assets

 

1,474,125

1,356,217

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

243,000

-

Retained earnings

1,231,025

1,356,117

Shareholders' funds

 

1,474,125

1,356,217

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

 

Diamond Industrial Supply Company Limited

(Registration number: SC239084)
Balance Sheet as at 31 January 2024

.........................................
Mr Colin Andrew Stirling MacMorran
Company secretary and director

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

2

Accounting policies

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.

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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.

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Plant and Machinery

Reducing Balance 25%

Motor Vehicles

Reducing Balance 25%

Office Equipment

Reducing Balance 25%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight Line 10%

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 Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

1,500,000

1,500,000

At 31 January 2024

1,500,000

1,500,000

Amortisation

At 1 February 2023

300,000

300,000

Amortisation charge

150,000

150,000

At 31 January 2024

450,000

450,000

Carrying amount

At 31 January 2024

1,050,000

1,050,000

At 31 January 2023

1,200,000

1,200,000

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 February 2023

125,000

204

4,101

31,013

Revaluations

300,000

-

-

-

Additions

-

-

6,727

48,803

At 31 January 2024

425,000

204

10,828

79,816

Depreciation

At 1 February 2023

-

204

3,348

24,204

Charge for the year

-

-

2,591

13,902

At 31 January 2024

-

204

5,939

38,106

Carrying amount

At 31 January 2024

425,000

-

4,889

41,710

At 31 January 2023

125,000

-

753

6,809

Total
£

Cost or valuation

At 1 February 2023

160,318

Revaluations

300,000

Additions

55,530

At 31 January 2024

515,848

Depreciation

At 1 February 2023

27,756

Charge for the year

16,493

At 31 January 2024

44,249

Carrying amount

At 31 January 2024

471,599

At 31 January 2023

132,562

Included within the net book value of land and buildings above is £425,000 (2023 - £125,000) in respect of freehold land and buildings.
 

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Revaluation

The fair value of the company's Freehold property was revalued on 8 August 2024 by an independent valuer.

The name and qualification of the independent valuer is Michael McIntyre BSc MRICS of DM Hall LLP.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £125,000 (2023 - £125,000).
 

6

Stocks

2024
£

2023
£

Other inventories

48,210

67,572

7

Debtors

Current

2024
£

2023
£

Trade debtors

236,552

229,095

 

236,552

229,095

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

28,202

17,017

Trade creditors

 

104,655

131,721

Taxation and social security

 

55,160

79,921

Other creditors

 

34,897

39,641

 

222,914

268,300

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

53,258

43,631

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,280

43,631

Hire purchase contracts

24,978

-

53,258

43,631

Current loans and borrowings

2024
£

2023
£

Bank borrowings

17,016

17,017

Hire purchase contracts

11,186

-

28,202

17,017

10

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
 £

2023
 £

Within one year

1,966

10,965

Between one and five years

337

1,629

2,303

12,594

 

Diamond Industrial Supply Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

11

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Colin Andrew Stirling MacMorran

17,389

13,597

Mr James Duncan R. MacMorran

2,389

13,596

 

19,778

27,193

The maximum balance outstanding during the year amounted to £27,193.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Diamond Industrial Supply Company Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Diamond Industrial Supply Company Limited for the year ended 31 January 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Diamond Industrial Supply Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Diamond Industrial Supply Company Limited and state those matters that we have agreed to state to the Board of Directors of Diamond Industrial Supply Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diamond Industrial Supply Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Diamond Industrial Supply Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Diamond Industrial Supply Company Limited. You consider that Diamond Industrial Supply Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Diamond Industrial Supply Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

27 August 2024