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REGISTERED NUMBER: 05697755 (England and Wales)












DIAMOND DEALER DIRECT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






DIAMOND DEALER DIRECT LIMITED (REGISTERED NUMBER: 05697755)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DIAMOND DEALER DIRECT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mr R M Vora





REGISTERED OFFICE: 41-42 Warstone Lane
Hockley
Birmingham
B18 6JJ





REGISTERED NUMBER: 05697755 (England and Wales)





ACCOUNTANTS: Wallace Crooke Walsall Limited
Chartered Accountants
Wallace House
20 Birmingham Road
Walsall
West Midlands
WS1 2LT

DIAMOND DEALER DIRECT LIMITED (REGISTERED NUMBER: 05697755)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 128,448 55,575

CURRENT ASSETS
Stocks 525,000 555,000
Debtors 5 413,608 352,343
Cash at bank and in hand 115,093 115,840
1,053,701 1,023,183
CREDITORS
Amounts falling due within one year 6 414,964 316,664
NET CURRENT ASSETS 638,737 706,519
TOTAL ASSETS LESS CURRENT
LIABILITIES

767,185

762,094

CREDITORS
Amounts falling due after more than one
year

7

(154,162

)

(116,667

)

PROVISIONS FOR LIABILITIES (5,855 ) (5,855 )
NET ASSETS 607,168 639,572

CAPITAL AND RESERVES
Called up share capital 9 99 99
Retained earnings 607,069 639,473
SHAREHOLDERS' FUNDS 607,168 639,572

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

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 director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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 financial statements, so far as applicable to the company.

DIAMOND DEALER DIRECT LIMITED (REGISTERED NUMBER: 05697755)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 February 2025 and were signed by:





Mr R M Vora - Director


DIAMOND DEALER DIRECT LIMITED (REGISTERED NUMBER: 05697755)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Diamond Dealer Direct Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's financial statements are individual entity financial statements.

The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software has been fully amortised in the current year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowances for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


DIAMOND DEALER DIRECT LIMITED (REGISTERED NUMBER: 05697755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

DIAMOND DEALER DIRECT LIMITED (REGISTERED NUMBER: 05697755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 June 2023 36,455 28,258 29,761
Additions - - -
Disposals - (259 ) -
At 31 May 2024 36,455 27,999 29,761
DEPRECIATION
At 1 June 2023 - 24,532 14,367
Charge for year - 905 3,849
Eliminated on disposal - (150 ) -
At 31 May 2024 - 25,287 18,216
NET BOOK VALUE
At 31 May 2024 36,455 2,712 11,545
At 31 May 2023 36,455 3,726 15,394

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 - 23,145 117,619
Additions 102,530 1,259 103,789
Disposals - - (259 )
At 31 May 2024 102,530 24,404 221,149
DEPRECIATION
At 1 June 2023 - 23,145 62,044
Charge for year 25,633 420 30,807
Eliminated on disposal - - (150 )
At 31 May 2024 25,633 23,565 92,701
NET BOOK VALUE
At 31 May 2024 76,897 839 128,448
At 31 May 2023 - - 55,575

DIAMOND DEALER DIRECT LIMITED (REGISTERED NUMBER: 05697755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 102,530
At 31 May 2024 102,530
DEPRECIATION
Charge for year 25,633
At 31 May 2024 25,633
NET BOOK VALUE
At 31 May 2024 76,897

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 133,973 86,275
Other debtors 200,306 208,858
Corporation Tax Repayable 50,350 50,350
Prepayments and accrued income 28,979 6,860
413,608 352,343

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 63,923 50,000
Hire purchase contracts (see note 8) 6,980 -
Trade creditors 266,943 188,579
Tax 24,555 23,212
Social security and other taxes 2,378 3,274
VAT 26,867 40,382
Other creditors 7,967 1,044
Directors' current accounts 10,451 369
Accruals and deferred income 4,900 9,804
414,964 316,664

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 50,000 50,000
Bank loans - 2-5 years 16,667 66,667
Hire purchase contracts (see note 8) 87,495 -
154,162 116,667

DIAMOND DEALER DIRECT LIMITED (REGISTERED NUMBER: 05697755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 6,980 -
Between one and five years 87,495 -
94,475 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 74,000 74,000
Between one and five years 296,000 296,000
In more than five years 542,667 616,667
912,667 986,667

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
99 Original 1 99 99

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director had advanced £7,879 (2022: £82,594) to the company and were repaid £9,673 (2022: £78,842). At 31 May 2023 the company owed the director £370 (2022: £2,164).