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Registration number: 07641804

Diamond Plumbing & Heating (Southern) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

image-name
 

Diamond Plumbing & Heating (Southern) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Diamond Plumbing & Heating (Southern) Limited

Company Information

Director

Mr Ashley Wright

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Chartered Accountants
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Diamond Plumbing & Heating (Southern) Limited

(Registration number: 07641804)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

8,592

11,689

Current assets

 

Debtors

5

2,613

6,811

Cash at bank and in hand

 

9,455

17,016

 

12,068

23,827

Creditors: Amounts falling due within one year

6

(25,469)

(27,545)

Net current liabilities

 

(13,401)

(3,718)

Total assets less current liabilities

 

(4,809)

7,971

Creditors: Amounts falling due after more than one year

6

(2,866)

(5,733)

Provisions for liabilities

(1,633)

(2,221)

Net (liabilities)/assets

 

(9,308)

17

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

(9,408)

(83)

Shareholders' (deficit)/funds

 

(9,308)

17

For the financial year ending 31 May 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 7 February 2025
 

 

Diamond Plumbing & Heating (Southern) Limited

(Registration number: 07641804)
Balance Sheet as at 31 May 2024

.........................................
Mr Ashley Wright
Director

   
     
 

Diamond Plumbing & Heating (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the director on 7 February 2025.

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

These accounts have been prepared on a going concern basis notwithstanding the company's net liability position at the balance sheet date. The director is confident that with his continued support, the company can remain in operational existence for the foreseeable future.

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.

 

Diamond Plumbing & Heating (Southern) Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying timing differences can be deducted.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

33% On cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Diamond Plumbing & Heating (Southern) Limited

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

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

2

2

2

2

 

Diamond Plumbing & Heating (Southern) Limited

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

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

4,801

46,210

4,137

55,148

Disposals

(2,661)

-

-

(2,661)

At 31 May 2024

2,140

46,210

4,137

52,487

Depreciation

At 1 June 2023

4,097

35,811

3,551

43,459

Charge for the year

351

2,600

147

3,098

Eliminated on disposal

(2,662)

-

-

(2,662)

At 31 May 2024

1,786

38,411

3,698

43,895

Carrying amount

At 31 May 2024

354

7,799

439

8,592

At 31 May 2023

704

10,399

586

11,689

5

Debtors

Current

2024
£

2023
£

Trade Debtors

960

6,204

Prepayments

864

607

Other debtors

789

-

 

2,613

6,811

 

Diamond Plumbing & Heating (Southern) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

23,346

11,254

Trade Creditors

 

31

2,951

Social security and other taxes

 

798

6,121

Outstanding defined contribution pension costs

 

87

91

Other payables

 

227

5,452

Accrued expenses

 

980

920

Corporation tax liability

-

756

 

25,469

27,545

Due after one year

 

Loans and borrowings

2,866

5,733

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

2,866

5,733

 

Diamond Plumbing & Heating (Southern) Limited

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

7

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

11,470

11,470

Repaid

(11,470)

(11,470)

At end of period

-

-

Terms of loans to related parties

During the year the company provided the director with a loan which was unsecured and repayable on demand.
 

Loans from related parties

2024

Key management
£

Total
£

At start of period

8,388

8,388

Repaid

12,093

12,093

At end of period

20,481

20,481

2023

Key management
£

Total
£

Advanced

8,388

8,388

At end of period

8,388

8,388

Terms of loans from related parties

During the year the director provided the company with an interest free loan which was unsecured and repayable on demand.