Registered number
11196595
DIAMOND ACES LIMITED
Filleted Accounts
31 January 2024
DIAMOND ACES LIMITED
Registered number: 11196595
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 22,806 9,817
Current assets
Stocks 84,560 68,222
Debtors 4 68,027 40,739
Cash at bank and in hand 3,697 2,487
156,284 111,448
Creditors: amounts falling due within one year 5 (129,533) (34,679)
Net current assets 26,751 76,769
Total assets less current liabilities 49,557 86,586
Creditors: amounts falling due after more than one year 6 (63,578) (88,095)
Net liabilities (14,021) (1,509)
Capital and reserves
Called up share capital 1 1
Profit and loss account (14,022) (1,510)
Shareholder's funds (14,021) (1,509)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mandip Singh Sehra
Director
Approved by the board on 29 October 2024
DIAMOND ACES LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18% reducing balance
Fixtures, fittings, tools and equipment 18% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 February 2023 14,600
Additions 17,995
At 31 January 2024 32,595
Depreciation
At 1 February 2023 4,783
Charge for the year 5,006
At 31 January 2024 9,789
Net book value
At 31 January 2024 22,806
At 31 January 2023 9,817
4 Debtors 2024 2023
£ £
Other debtors 68,027 40,739
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 136,038 41,399
Taxation and social security costs (6,505) (7,320)
Other creditors - 600
129,533 34,679
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 63,578 88,095
7 Other information
DIAMOND ACES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
211 Station Road
Harrow
Middlesex
HA1 2TP
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