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Company Registration No. 05278629 (England and Wales)
Diamond Palace . Com Ltd Unaudited accounts for the year ended 31 January 2024
Diamond Palace . Com Ltd Unaudited accounts Contents
Page
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Diamond Palace . Com Ltd Company Information for the year ended 31 January 2024
Director
Tri Phuong Nguyen
Secretary
Nhi Thi Dao Nguyen
Company Number
05278629 (England and Wales)
Registered Office
36 Greville Street London EC1N 8TB
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Diamond Palace . Com Ltd Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
8,786 
9,462 
Tangible assets
20,104 
24,555 
28,890 
34,017 
Current assets
Inventories
461,290 
544,000 
Debtors
75,208 
46,632 
Cash at bank and in hand
124,483 
71,263 
660,981 
661,895 
Creditors: amounts falling due within one year
(187,690)
(180,225)
Net current assets
473,291 
481,670 
Total assets less current liabilities
502,181 
515,687 
Creditors: amounts falling due after more than one year
(13,328)
(23,328)
Net assets
488,853 
492,359 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
488,753 
492,259 
Shareholders' funds
488,853 
492,359 
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 January 2025 and were signed on its behalf by
Tri Phuong Nguyen Director Company Registration No. 05278629
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Diamond Palace . Com Ltd Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Diamond Palace . Com Ltd is a private company, limited by shares, registered in England and Wales, registration number 05278629. The registered office is 36 Greville Street, London, EC1N 8TB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Other tangible fixed assets
Over 15 years
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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Diamond Palace . Com Ltd Notes to the Accounts for the year ended 31 January 2024
4
Intangible fixed assets
Other 
£ 
Cost
At 1 February 2023
10,138 
At 31 January 2024
10,138 
Amortisation
At 1 February 2023
676 
Charge for the year
676 
At 31 January 2024
1,352 
Net book value
At 31 January 2024
8,786 
At 31 January 2023
9,462 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 February 2023
19,765 
15,000 
91,721 
126,486 
Additions
- 
- 
30 
30 
At 31 January 2024
19,765 
15,000 
91,751 
126,516 
Depreciation
At 1 February 2023
18,890 
7,934 
75,107 
101,931 
Charge for the year
219 
1,766 
2,496 
4,481 
At 31 January 2024
19,109 
9,700 
77,603 
106,412 
Net book value
At 31 January 2024
656 
5,300 
14,148 
20,104 
At 31 January 2023
875 
7,066 
16,614 
24,555 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
55,197 
27,882 
Other debtors
20,011 
18,750 
75,208 
46,632 
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Diamond Palace . Com Ltd Notes to the Accounts for the year ended 31 January 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
31,947 
16,066 
Obligations under finance leases and hire purchase contracts
99 
2,432 
Trade creditors
137,199 
79,371 
Taxes and social security
8,443 
10,835 
Other creditors
2 
374 
Loans from directors
- 
61,147 
187,690 
180,225 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
13,328 
23,328 
9
Average number of employees
During the year the average number of employees was 8 (2023: 6).
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