Diamond Properties (Sussex) Limited 13167501 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the rental of investment property. Digita Accounts Production Advanced 6.30.9574.0 true 13167501 2023-04-01 2024-03-31 13167501 2024-03-31 13167501 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13167501 bus:SmallEntities 2023-04-01 2024-03-31 13167501 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13167501 bus:FilletedAccounts 2023-04-01 2024-03-31 13167501 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13167501 bus:RegisteredOffice 2023-04-01 2024-03-31 13167501 bus:Director1 2023-04-01 2024-03-31 13167501 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13167501 bus:Agent1 2023-04-01 2024-03-31 13167501 countries:EnglandWales 2023-04-01 2024-03-31 13167501 2023-03-31 13167501 2022-04-01 2023-03-31 13167501 2023-03-31 13167501 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13167501

Diamond Properties (Sussex) Limited

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 31 March 2024

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Diamond Properties (Sussex) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

Diamond Properties (Sussex) Limited

Company Information

Director

H Diamond Jnr

Registered office

Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

Bankers

NatWest Bank Plc
151 High Street
Guildford
Surrey
GU1 3AH

Accountants

Ritchie Phillips LLP
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Diamond Properties (Sussex) Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Diamond Properties (Sussex) Limited for the year ended 31 March 2024 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Diamond Properties (Sussex) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Diamond Properties (Sussex) Limited and state those matters that we have agreed to state to the Board of Directors of Diamond Properties (Sussex) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diamond Properties (Sussex) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Diamond Properties (Sussex) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Diamond Properties (Sussex) Limited. You consider that Diamond Properties (Sussex) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Diamond Properties (Sussex) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Ritchie Phillips LLP
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

26 November 2024

 

Diamond Properties (Sussex) Limited

(Registration number: 13167501)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,133,299

1,133,299

Current assets

 

Cash at bank and in hand

 

55,609

43,994

Creditors: Amounts falling due within one year

5

(1,170,021)

(1,165,385)

Net current liabilities

 

(1,114,412)

(1,121,391)

Net assets

 

18,887

11,908

Capital and reserves

 

Called up share capital

100

100

Retained earnings

18,787

11,808

Shareholders' funds

 

18,887

11,908

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 November 2024
 

.........................................
H Diamond Jnr
Director

 

Diamond Properties (Sussex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Diamond Properties (Sussex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 April

1,133,299

At 31 March 2023

1,133,299

The company owns two investment properties. The director considers that the purchase prices of each of the properties remains the open market value at the year end. The depreciation on this historical cost is £nil (2023: £nil).

There has been no valuation of the investment properties by an independent valuer.
 

 

Diamond Properties (Sussex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6

1,160,000

1,160,000

Taxation and social security

 

4,921

2,385

Accruals and deferred income

 

5,100

3,000

 

1,170,021

1,165,385

6

Related party transactions

At the year end, there was a loan from a related company, Cry for the Moon Limited, of £1,160,000.