Silverfin false false 30/04/2024 01/05/2023 30/04/2024 C D Lawford 07/06/2001 S Petrides 01/09/2022 28 January 2025 The principal activity of the Company during the financial year continued to be that of VIP services throughout global airports and train stations. 04134303 2024-04-30 04134303 bus:Director1 2024-04-30 04134303 bus:Director2 2024-04-30 04134303 2023-04-30 04134303 core:CurrentFinancialInstruments 2024-04-30 04134303 core:CurrentFinancialInstruments 2023-04-30 04134303 core:Non-currentFinancialInstruments 2024-04-30 04134303 core:Non-currentFinancialInstruments 2023-04-30 04134303 core:ShareCapital 2024-04-30 04134303 core:ShareCapital 2023-04-30 04134303 core:OtherCapitalReserve 2024-04-30 04134303 core:OtherCapitalReserve 2023-04-30 04134303 core:RetainedEarningsAccumulatedLosses 2024-04-30 04134303 core:RetainedEarningsAccumulatedLosses 2023-04-30 04134303 core:OtherResidualIntangibleAssets 2023-04-30 04134303 core:OtherResidualIntangibleAssets 2024-04-30 04134303 core:LeaseholdImprovements 2023-04-30 04134303 core:FurnitureFittings 2023-04-30 04134303 core:OfficeEquipment 2023-04-30 04134303 core:LeaseholdImprovements 2024-04-30 04134303 core:FurnitureFittings 2024-04-30 04134303 core:OfficeEquipment 2024-04-30 04134303 core:WithinOneYear 2024-04-30 04134303 core:WithinOneYear 2023-04-30 04134303 core:BetweenOneFiveYears 2024-04-30 04134303 core:BetweenOneFiveYears 2023-04-30 04134303 core:MoreThanFiveYears 2024-04-30 04134303 core:MoreThanFiveYears 2023-04-30 04134303 2023-05-01 2024-04-30 04134303 bus:FilletedAccounts 2023-05-01 2024-04-30 04134303 bus:SmallEntities 2023-05-01 2024-04-30 04134303 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04134303 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04134303 bus:Director1 2023-05-01 2024-04-30 04134303 bus:Director2 2023-05-01 2024-04-30 04134303 core:OtherResidualIntangibleAssets 2023-05-01 2024-04-30 04134303 core:LeaseholdImprovements core:TopRangeValue 2023-05-01 2024-04-30 04134303 core:FurnitureFittings core:BottomRangeValue 2023-05-01 2024-04-30 04134303 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 04134303 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 04134303 2022-05-01 2023-04-30 04134303 core:LeaseholdImprovements 2023-05-01 2024-04-30 04134303 core:FurnitureFittings 2023-05-01 2024-04-30 04134303 core:OfficeEquipment 2023-05-01 2024-04-30 04134303 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 04134303 (England and Wales)

DIAMONDAIR INTERNATIONAL LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

DIAMONDAIR INTERNATIONAL LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

DIAMONDAIR INTERNATIONAL LTD

BALANCE SHEET

As at 30 April 2024
DIAMONDAIR INTERNATIONAL LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 102,547 63,194
Tangible assets 4 524,117 391,275
626,664 454,469
Current assets
Debtors 5 2,099,772 2,067,642
Cash at bank and in hand 125,430 243,041
2,225,202 2,310,683
Creditors: amounts falling due within one year 6 ( 1,002,819) ( 995,317)
Net current assets 1,222,383 1,315,366
Total assets less current liabilities 1,849,047 1,769,835
Creditors: amounts falling due after more than one year 7 ( 258,398) ( 362,336)
Provision for liabilities ( 105,686) ( 72,475)
Net assets 1,484,963 1,335,024
Capital and reserves
Called-up share capital 100 100
Other reserves 4,991 0
Profit and loss account 1,479,872 1,334,924
Total shareholder's funds 1,484,963 1,335,024

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of DiamondAir International Ltd (registered number: 04134303) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

C D Lawford
Director
DIAMONDAIR INTERNATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
DIAMONDAIR INTERNATIONAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

DiamondAir International Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 World Business Centre Newall Road, London Heathrow Airport, Hounslow, TW6 2TA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 20 - 25 % reducing balance
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Fixtures and fittings 4 - 10 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 78 50

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 May 2023 423,156 423,156
Additions 81,740 81,740
At 30 April 2024 504,896 504,896
Accumulated amortisation
At 01 May 2023 359,962 359,962
Charge for the financial year 42,387 42,387
At 30 April 2024 402,349 402,349
Net book value
At 30 April 2024 102,547 102,547
At 30 April 2023 63,194 63,194

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 May 2023 370,847 21,240 136,436 528,523
Additions 119,337 3,667 20,561 143,565
At 30 April 2024 490,184 24,907 156,997 672,088
Accumulated depreciation
At 01 May 2023 995 21,212 115,041 137,248
Charge for the financial year 268 410 10,045 10,723
At 30 April 2024 1,263 21,622 125,086 147,971
Net book value
At 30 April 2024 488,921 3,285 31,911 524,117
At 30 April 2023 369,852 28 21,395 391,275

5. Debtors

2024 2023
£ £
Trade debtors 1,285,582 1,128,542
Amounts owed by Group undertakings 121,893 236,386
Other debtors 692,297 702,714
2,099,772 2,067,642

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 169,334 100,339
Trade creditors 142,423 235,774
Amounts owed to Group undertakings 0 28,037
Taxation and social security 112,118 177,207
Other creditors 578,944 453,960
1,002,819 995,317

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 258,398 362,336

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 147,944 129,451
between one and five years 756,038 734,282
after five years 488,521 659,222
1,392,503 1,522,955

9. Related party transactions

The company is a wholly owned subsidiary of Diamond Selection Group Holdings Limited, and as such has taken advantage of the exemption permitted by section 33 of 'FRS102 'Related Party Disclosures', not to provide disclosure of transactions entered into with other wholly owned members of the group.

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 May 2023, the balance owed by C Lawford was £402,629. During the year £137,604 was advanced to the director, and £139,163 was repaid by the director. At 30 April 2024, the balance owed by the director was £401,070.

At 1 May 2022, the balance owed by C Lawford was £412,606. During the year £77,019 was advanced to the director, and £86,996 was repaid by the director. At 30 April 2023, the balance owed by the director was £402,629.