Registered number
05125042
Diva Creations Limited
Report and Accounts
29 February 2024
Diva Creations Limited
Registered number: 05125042
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 143 179
Current assets
Stocks 5,000 8,000
Debtors 4 64,032 35,067
Cash at bank and in hand 5 5
69,037 43,072
Creditors: amounts falling due within one year 5 (115,773) (48,218)
Net current liabilities (46,736) (5,146)
Total assets less current liabilities (46,593) (4,967)
Creditors: amounts falling due after more than one year 6 (46,077) (55,658)
Net liabilities (92,670) (60,625)
Capital and reserves
Called up share capital 15,010 15,010
Profit and loss account (107,680) (75,635)
Shareholder's funds (92,670) (60,625)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
V Karwal
Director
Approved by the board on 29 November 2024
Diva Creations Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government Grants
Grants received as compensation for costs already incurred or for immediate financial support, with no future related costs, are recognised as income in the period in which it is receivable.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 4,072
At 29 February 2024 4,072
Depreciation
At 1 March 2023 3,893
Charge for the year 36
At 29 February 2024 3,929
Net book value
At 29 February 2024 143
At 28 February 2023 179
4 Debtors 2024 2023
£ £
Trade debtors 26,160 4,529
Other debtors 37,872 30,538
64,032 35,067
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 22,431 20,709
Trade creditors 392 5,563
Other taxes and social security costs 55,706 30,460
Other creditors 37,244 (8,514)
115,773 48,218
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 46,077 55,658
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 46,077 55,658
The bank loan is guaranteed by the government to a maximum level of £40,000 being 80% of the principal loan sum.
8 Other information
Diva Creations Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Gunnersby Way
Nuthall
Nottingham
NG16 1QD
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