COMPANY REGISTRATION NUMBER:
01388926
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position (continued) |
|
31 January 2024
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
2,446,656 |
2,413,812 |
|
|
------------ |
------------ |
Shareholders funds |
|
2,446,658 |
2,413,814 |
|
|
------------ |
------------ |
|
|
|
|
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:
Company registration number:
01388926
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.
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)
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(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 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)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(e)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & machinery |
- |
25% reducing balance |
|
Computer equipment |
- |
33% straight line |
|
|
|
|
(f)
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(g)
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(h)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2023:
7
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
278,548 |
|
--------- |
Depreciation |
|
At 1 February 2023 |
276,522 |
Charge for the year |
427 |
|
--------- |
At 31 January 2024 |
276,949 |
|
--------- |
Carrying amount |
|
At 31 January 2024 |
1,599 |
|
--------- |
At 31 January 2023 |
2,026 |
|
--------- |
|
|
6.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
27,042 |
27,042 |
Later than 1 year and not later than 5 years |
108,169 |
108,169 |
Later than 5 years |
15,775 |
42,817 |
|
--------- |
--------- |
|
150,986 |
178,028 |
|
--------- |
--------- |
|
|
|
The lease of the business premises is in the name Mr Deepak Patel, a director of the company. The lease is for 25 years, and commenced on 10th August 2004.
7.
Related party transactions
The company is a wholly owned subsidiary of Diamond Formation Limited. During the year management charges amounted to £140,000 (2023 £95,000). Bank borrowings of Diamond Formation Limited are secured by a cross guarantee between the group companies by way of a debenture in the banks standard form. Debtors include £1,348,249 (2023 £1,212,160) due from Diamond Formation Limited.
8.
Controlling party
The company is wholly owned by
Diamond Formation Limited
, a company registered in England & Wales.