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COMPANY REGISTRATION NUMBER: 05376723
Diamond Formation Limited
Filleted Unaudited Abridged Financial Statements
31 January 2024
Diamond Formation Limited
Abridged Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
4
1,643,433
1,643,433
Current assets
Debtors
29,422
Cash at bank and in hand
2,801
11,719
--------
--------
32,223
11,719
Creditors: amounts falling due within one year
1,482,357
1,382,195
------------
------------
Net current liabilities
1,450,134
1,370,476
------------
------------
Total assets less current liabilities
193,299
272,957
Creditors: amounts falling due after more than one year
129,513
201,854
---------
---------
Net assets
63,786
71,103
---------
---------
Diamond Formation Limited
Abridged Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
25,000
25,000
Other reserves
25,000
25,000
Profit and loss account
13,786
21,103
--------
--------
Shareholders funds
63,786
71,103
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Mr D Patel
Director
Company registration number: 05376723
Diamond Formation Limited
Notes to the Abridged Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 114 Vyse Street, Hockley, Birmingham, B18 6LP, West Midlands.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
(c) Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
(d) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(e) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Investments
£
Cost
At 1 February 2023 and 31 January 2024
1,643,433
------------
Impairment
At 1 February 2023 and 31 January 2024
------------
Carrying amount
At 31 January 2024
1,643,433
------------
At 31 January 2023
1,643,433
------------
5. Charges on assets
The bank borrowings are secured by a cross guarantee between the group companies by way of a debenture in the bank's standard form. Bank loans and overdrafts included in creditors repayable within one year £72,938 (2023 £132,491). Bank loans and overdrafts included in creditors repayable after more than one year £129,513 (2023 £201,854).
6. Director's advances, credits and guarantees
Included within debtors is an outstanding directors loan account balance of £29,422. The loan is interest free and repayable on demand.
7. Related party transactions
During the year management charges received from the wholly owned subsidiary, E&R Jewellery Limited, amounted to £140,000 (2023 - £95,000). Creditors repayable within one year include £1,348,249 (2023 £1,212,160) payable to this subsidiary.