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REGISTERED NUMBER: OC316426 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Diamond Hire and Sales LLP

Diamond Hire and Sales LLP (Registered number: OC316426)

Contents of the Financial Statements
for the year ended 30 June 2024










Page

General Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Diamond Hire and Sales LLP

General Information
for the year ended 30 June 2024







Designated members: M R Castle
Mrs J A Castle
Ms J A Newman





Registered office: Elles House
4B Invincible Road Ind. Est.
Farnborough
Hampshire
GU14 7QU





Registered number: OC316426 (England and Wales)





Accountants: Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP

Accountants' Report to the Members
on the Unaudited Financial Statements of
Diamond Hire and Sales LLP


The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Diamond Hire and Sales LLP for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

This report is made solely to the members of Diamond Hire and Sales LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Diamond Hire and Sales LLP and state those matters that we have agreed to state to the members of Diamond Hire and Sales LLP, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Diamond Hire and Sales LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Diamond Hire and Sales LLP. You consider that Diamond Hire and Sales LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Diamond Hire and Sales LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP


5 February 2025

Diamond Hire and Sales LLP (Registered number: OC316426)

Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 1,368,301 1,179,849

Current assets
Stocks 30,316 45,474
Debtors 5 324,169 258,066
Cash at bank 547,951 415,927
902,436 719,467
Creditors
Amounts falling due within one year 6 756,834 717,309
Net current assets 145,602 2,158
Total assets less current liabilities 1,513,903 1,182,007

Creditors
Amounts falling due after more than one
year

7

285,654

270,048
Net assets attributable to members 1,228,249 911,959

Loans and other debts due to members 8 1,228,249 911,959

Total members' interests
Loans and other debts due to members 8 1,228,249 911,959

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 June 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Diamond Hire and Sales LLP (Registered number: OC316426)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 5 February 2025 and were signed by:




M R Castle - Designated member




Ms J A Newman - Designated member


Diamond Hire and Sales LLP (Registered number: OC316426)

Notes to the Financial Statements
for the year ended 30 June 2024


1. Limited liability partnership information

Diamond Hire and Sales LLP is a limited liability partnership incorporated in England and Wales. The registered office and business address is Elles House, 4B Invincible Road Industrial Estate, Farnborough, Hampshire, GU14 7QU.

The limited liability partnership's principal activities are disclosed in the Members' Report.

2. Accounting policies

Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Included within other income are amounts received under the coronavirus job retention scheme. This is recognised when received.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery15% to 25% reducing balance
Computer equipment25% reducing balance
Motor vehicles25% reducing balance
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 recognised in the profit and loss account. No depreciation is charged in the year of disposal.

Impairment of fixed assets
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Diamond Hire and Sales LLP (Registered number: OC316426)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Diamond Hire and Sales LLP (Registered number: OC316426)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership's obligations expire or are discharged or cancelled.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Retirement benefits and post retirement payments to members
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Diamond Hire and Sales LLP (Registered number: OC316426)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.

3. Employee information

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

4. Tangible fixed assets
Plant and
machinery
etc
£
Cost
At 1 July 2023 2,109,391
Additions 526,438
Disposals (227,637 )
At 30 June 2024 2,408,192
Depreciation
At 1 July 2023 929,542
Charge for year 218,239
Eliminated on disposal (107,890 )
At 30 June 2024 1,039,891
Net book value
At 30 June 2024 1,368,301
At 30 June 2023 1,179,849

Diamond Hire and Sales LLP (Registered number: OC316426)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


5. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 305,755 239,333
Other debtors 18,414 18,733
324,169 258,066

6. Creditors: amounts falling due within one year
2024 2023
£ £
Hire purchase contracts 250,310 283,075
Trade creditors 163,904 55,998
Taxation and social security 43,652 57,902
Other creditors 298,968 320,334
756,834 717,309

The aggregate amount of creditors for which security has been given amounted to £250,310 (2023 - £283,075).
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts 285,654 270,048

The aggregate amount of creditors for which security has been given amounted to £285,654 (2023 - £270,048).
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned

8. Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.