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COMPANY REGISTRATION NUMBER: 07607372
Vanleles Diamonds Ltd
Filleted Unaudited Abridged Financial Statements
31 March 2024
Vanleles Diamonds Ltd
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,194
Current assets
Stocks
6
549,642
437,005
Debtors
51,688
35,426
Cash at bank and in hand
5,929
27,202
---------
---------
607,259
499,633
Creditors: amounts falling due within one year
210,830
138,031
---------
---------
Net current assets
396,429
361,602
---------
---------
Total assets less current liabilities
397,623
361,602
---------
---------
Capital and reserves
Called up share capital
142
142
Share premium account
1,399,958
1,399,958
Profit and loss account
( 1,002,477)
( 1,038,498)
------------
------------
Shareholders funds
397,623
361,602
------------
------------
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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their 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 income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Vanleles Diamonds Ltd
Abridged Statement of Financial Position (continued)
31 March 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Ms V F Leles
Director
Company registration number: 07607372
Vanleles Diamonds Ltd
Notes to the Abridged Financial Statements
Year ended 31 March 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 84 Brook Street, London, W1K 5EH.
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
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
All fixed assets are initially recorded at cost.
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:
Fixtures and fittings
-
25% straight line
Equipment
-
33% straight line
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
£
Cost
At 1 April 2023
130,723
Additions
1,433
---------
At 31 March 2024
132,156
---------
Depreciation
At 1 April 2023
130,723
Charge for the year
239
---------
At 31 March 2024
130,962
---------
Carrying amount
At 31 March 2024
1,194
---------
At 31 March 2023
---------
6. Stocks
2024
2023
£
£
Raw materials and consumables
549,642
437,005
---------
---------
7. Share premium account
There was no movement on the share premium account during the financial year.
8. Related party transactions
The company was under the control of Ms. Vania Leles throughout the current and previous year. Ms Vania Leles is the managing director and majority shareholder. Other creditors include £20,517 (2023:£4,415) owing to the director, Ms. Vania Leles. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.