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Registered number: NI659420
Diamond Chauffeurs Ireland Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Sherwood Accountancy Practice
70 Sherwood Avenue
Newtownabbey
Co Antrim
BT36 5GF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI659420
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,419 43,379
30,419 43,379
CURRENT ASSETS
Debtors 5 1,222 209
Cash at bank and in hand 26,135 16,093
27,357 16,302
Creditors: Amounts Falling Due Within One Year 6 (69,694 ) (57,745 )
NET CURRENT ASSETS (LIABILITIES) (42,337 ) (41,443 )
TOTAL ASSETS LESS CURRENT LIABILITIES (11,918 ) 1,936
Creditors: Amounts Falling Due After More Than One Year 7 (6,178 ) (28,681 )
NET LIABILITIES (18,096 ) (26,745 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (18,097 ) (26,746 )
SHAREHOLDERS' FUNDS (18,096) (26,745)
Page 1
Page 2
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.
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 Robert Craig
Director
24/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Diamond Chauffeurs Ireland Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI659420 . The registered office is 34 Strathmore Park North, Belfast, BT15 5HR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. 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:
Motor Vehicles 18% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 1)
3 1
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 April 2023 72,000
As at 31 March 2024 72,000
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 April 2023 28,621
Provided during the period 12,960
As at 31 March 2024 41,581
Net Book Value
As at 31 March 2024 30,419
As at 1 April 2023 43,379
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,000 -
Other taxes and social security 222 209
1,222 209
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 15,410 8,346
Trade creditors - 1
Bank loans and overdrafts 7,404 1,812
Corporation tax 6 6
Accruals and deferred income 950 475
Director's loan account 45,924 47,105
69,694 57,745
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,366 19,775
Bank loans 1,812 8,906
6,178 28,681
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 15,410 8,346
Later than one year and not later than five years 4,366 19,775
19,776 28,121
19,776 28,121
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Page 5
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5