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  DIAMOND COATINGS LIMITED
   
   
   
  UNAUDITED FINANCIAL STATEMENTS
   
   
  FOR THE YEAR ENDED 31 MAY 2024
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  DIAMOND COATINGS LIMITED
  FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 MAY 2024
       
       
  DIRECTORS
       
  J A Eite
  V Ioannou
       
       
  SECRETARY
       
  V Ioannou
       
  REGISTERED OFFICE
       
  78 Birmingham Street,
Oldbury
West Midlands
B69 4EB
       
       
  COMPANY REGISTERED NUMBER
       
  04437633
       
       
  BANKERS
       
  Lloyds Bank plc
       
       
  ACCOUNTANTS
       
  Lyness Accountancy Practice Limited
  Chartered Certified Accountants
  78 Birmingham Street
Oldbury
West Midlands
B69 4EB
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
  page 1
  DIAMOND COATINGS LIMITED
  FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 MAY 2024
       
       
  CONTENTS
       
  Pages
       
       
  3-4 Statement of Financial Position  
       
       
  5-7 Notes to the Financial Statements  
       
     
  page 2
  DIAMOND COATINGS LIMITED
  Company registered number: 04437633
  STATEMENT OF FINANCIAL POSITION AT 31 May 2024
           
    Note 2024 2023
      £ £ £
  FIXED ASSETS
  Property, plant and equipment 3 1,177,590 1,223,201
  CURRENT ASSETS    
  Inventories   39,356 192,026
  Debtors 4 1,251,910 1,110,248
  Cash at bank and in hand   1,610,278 1,512,864
      2,901,544 2,815,138
  CREDITORS: Amounts falling due within one year 5 1,293,329 1,183,176
  NET CURRENT ASSETS   1,608,215 1,631,962
  TOTAL ASSETS LESS CURRENT LIABILITIES   2,785,805 2,855,163
           
  CREDITORS: Amounts falling due after more than one year 6 (101,281) (262,551)
  NET ASSETS   £2,684,524 £2,592,612
       
  CAPITAL AND RESERVES
  Called up share capital   100 100
  Retained earnings   2,684,424 2,592,512
  SHAREHOLDERS' FUNDS   £2,684,524 £2,592,612
       
  The notes on pages 5-7 form part of these financial statements
   
  page 3
  DIAMOND COATINGS LIMITED
  Company registered number: 04437633
  STATEMENT OF FINANCIAL POSITION AT 31 May 2024 (CONT.)
           
    Note 2024 2023
      £ £ £
       
       
  In approving these financial statements as directors of the company we hereby confirm the following:
       
  For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
       
  The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with section 476 of the Companies Act 2006.
       
  The directors acknowledge their responsibilities for: 1) ensuring that the company keeps accounting records which comply with Sections 386 and 386 of the Companies Act 2006, and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements, so far as they are applicable to the company.
 
 
  These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies
       
  In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
       
  The financial statements were approved and authorised for issue by the board of directors on 27 February 2025
 
  Signed on behalf of the board of directors
 
 
       
  J A Eite, Director
       
       
  The notes on pages 5-7 form part of these financial statements
   
  page 4
  DIAMOND COATINGS LIMITED
  NOTES TO THE ACCOUNTS
  FOR THE YEAR ENDED 31 MAY 2024
       
 
1. SIGNIFICANT ACCOUNTING POLICIES
       
         
1a. Statement of compliance
         
  Diamond Coatings Limited is a private company limited by shares incorporated in England & Wales, company number 04437633.
         
  Registered office:
  78 Birmingham Street,
Oldbury
West Midlands
B69 4EB
         
         
1b. Basis of accounting
         
  These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
         
  The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.
         
         
1c. Revenue recognition
         
  Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
         
1d. Taxation
         
         
  Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
       
1e. Property, plant and equipment
       
  Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
       
  Plant and machinery Reducing balance 5%  
  Vehicles Reducing balance 25%  
  Fixtures and fittings Reducing balance 5%  
  Equipment Reducing balance 25%  
         
1f. Inventories
         
  Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition.
         
  The notes on pages 5-7 form part of these financial statements
   
  page 5
  DIAMOND COATINGS LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 MAY 2024
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1g. Short term debtors and creditors
         
  Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.
         
         
1h. Foreign currencies
         
  Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
         
       
       
2. DIRECTORS AND EMPLOYEES
       
  The average weekly number of employees during the year were as follows:
    2024 2023
    No. No.
  Management and administration 8 8
  Production and sales 22 20
    30 28
   
         
3. PROPERTY, PLANT AND EQUIPMENT
    Plant & Fixtures &  
    Machinery Equipment Total
    £ £ £
  Cost
         
  At 1 June 2023 1,825,526 107,975 1,933,501
  Additions other than through business combinations 33,189 1,664 34,853
         
  At 31 May 2024 1,858,715 109,639 1,968,354
   
  Depreciation
         
  At 1 June 2023 655,927 54,373 710,300
  For the year 66,648 13,816 80,464
  At 31 May 2024 722,575 68,189 790,764
   
  Net Book Amounts
         
  At 31 May 2024 1,136,140 41,450 1,177,590
  At 31 May 2023 1,169,599 53,602 1,223,201
   
  The notes on pages 5-7 form part of these financial statements
   
  page 6
  DIAMOND COATINGS LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 MAY 2024
       
       
4. DEBTORS 2024 2023
    £ £
  Amounts falling due within one year:
  Trade debtors 482,675 462,533
  Social security and other taxes 10,684 -
  Other debtors 183,323 159,120
    £676,682 £621,653
  Amounts falling due after more than one year:
  Amounts owed by other participating interests 575,228 488,595
    £575,228 £488,595
   
       
       
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
    2024 2023
    £ £
  Bank loans and overdrafts 163,214 163,214
  Trade creditors 616,551 523,290
  Corporation tax 25,644 47,965
  Other taxes and social security - 5,886
  Other creditors 240,846 219,098
  Accruals and deferred income 247,074 223,723
    £1,293,329 £1,183,176
   
       
       
       
6. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
    2024 2023
    £ £
  Bank loans and overdrafts 101,281 262,551
    £101,281 £262,551
   
       
       
  Analysis of borrowings:
       
  Due within five years:
  within 1 year
  bank 163,214 163,214
  within 2-5 years
  bank 101,281 262,551
    £264,495 £425,765
   
  The notes on pages 5-7 form part of these financial statements
   
  page 7