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Registered number: 08577034
Diamond Motors Renault Specialists Limited
Financial Statements
For The Year Ended 30 June 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08577034
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,500 5,000
Tangible Assets 5 23,077 19,354
27,577 24,354
CURRENT ASSETS
Stocks 6 1,470 1,438
Debtors 7 2,730 919
Cash at bank and in hand 12,996 8,892
17,196 11,249
Creditors: Amounts Falling Due Within One Year 8 (34,295 ) (29,334 )
NET CURRENT ASSETS (LIABILITIES) (17,099 ) (18,085 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,478 6,269
Creditors: Amounts Falling Due After More Than One Year 9 (5,945 ) (11,637 )
NET ASSETS/(LIABILITIES) 4,533 (5,368 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 4,433 (5,468 )
SHAREHOLDERS' FUNDS 4,533 (5,368)
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Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Pittman
Director
29 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Diamond Motors Renault Specialists Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08577034 . The registered office is Four Brothers House, 90-100 Wilsthorpe Rd Unit 1, Nottingham, NG10 3JZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 10,000
As at 30 June 2024 10,000
Amortisation
As at 1 July 2023 5,000
Provided during the period 500
As at 30 June 2024 5,500
Net Book Value
As at 30 June 2024 4,500
As at 1 July 2023 5,000
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 43,356 16,414 59,770
Additions 8,411 2,105 10,516
Disposals - (965 ) (965 )
As at 30 June 2024 51,767 17,554 69,321
Depreciation
As at 1 July 2023 30,135 10,281 40,416
Provided during the period 4,326 1,924 6,250
Disposals - (422 ) (422 )
As at 30 June 2024 34,461 11,783 46,244
Net Book Value
As at 30 June 2024 17,306 5,771 23,077
As at 1 July 2023 13,221 6,133 19,354
6. Stocks
2024 2023
£ £
Stock 1,470 1,438
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 2,730 919
2,730 919
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,602 1,602
Trade creditors 5,498 1,246
Bank loans and overdrafts 4,400 4,400
Other creditors 20,847 20,780
Taxation and social security 1,948 1,306
34,295 29,334
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,602 3,204
Bank loans 4,343 8,433
5,945 11,637
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,602 1,602
Later than one year and not later than five years 1,602 3,204
3,204 4,806
3,204 4,806
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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