Registered number
07016762
Diamond Property Rentals Limited
Filleted Accounts
30 September 2024
Diamond Property Rentals Limited
Registered number: 07016762
Balance Sheet
as at 30 September 2024
Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,294,950 2,704,944
Current assets
Debtors 4 72,171 97,183
Cash at bank and in hand 118,834 399,284
191,005 496,467
Creditors: amounts falling due within one year 5 (250,412) (241,783)
Net current (liabilities)/assets (59,407) 254,684
Total assets less current liabilities 3,235,543 2,959,628
Creditors: amounts falling due after more than one year 6 (500,000) (500,000)
Provisions for liabilities (142,794) (137,256)
Net assets 2,592,749 2,322,372
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,592,649 2,322,272
Shareholders' funds 2,592,749 2,322,372
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Stevens
Director
Approved by the board on 25 March 2025
Diamond Property Rentals Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investment property
Investment property is included at market fair value. Gains are recognised in the profit and loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 1 October 2023 2,700,950 26,450 2,727,400
Additions 571,847 - 571,847
Surplus on revaluation 22,153 - 22,153
Disposals - (26,450) (26,450)
At 30 September 2024 3,294,950 - 3,294,950
Depreciation
At 1 October 2023 - 22,456 22,456
Charge for the year - 799 799
On disposals - (23,255) (23,255)
At 30 September 2024 - - -
Net book value
At 30 September 2024 3,294,950 - 3,294,950
At 30 September 2023 2,700,950 3,994 2,704,944
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,723,773 2,151,927
Cumulative depreciation based on historical cost 1,272,563 1,014,459
1,451,210 1,137,468
4 Debtors 2024 2023
£ £
Trade debtors 2,205 520
Other debtors 69,966 96,663
72,171 97,183
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,318 2,944
Taxation and social security costs 85,199 59,366
Other creditors 163,895 179,473
250,412 241,783
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 500,000 500,000
7 Reconciliations of adoption of FRS102 30 Sep 2023
Reconciliation of equity £
Capital and reserves (as previously stated) 1,910,604
Fixed assets 549,024
Deferred tax (137,256)
Capital and reserves (as restated) 2,322,372
Accounting policy changed to recognising investment property at fair value.
Reconciliation of profit or loss for the year 30 Sep 2023
£
Profit for the year (as previously stated) 209,608
Exceptional - Fair value gain/loss 549,024
Deferred tax (137,256)
Profit for the year (as restated) 621,376
Accounting policy changed to recognising investment property at fair value.
8 Other information
Diamond Property Rentals Limited is a private company limited by shares and incorporated in England. Its registered office is:
Office 6
251-255 Church Road
Benfleet
Essex
SS7 4QP
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