Company registration number 07702002 (England and Wales)
DIAMOND GATE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DIAMOND GATE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DIAMOND GATE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
1,875,000
1,875,000
Current assets
Debtors
6
75,812
71,595
Cash at bank and in hand
2,361
125,828
78,173
197,423
Creditors: amounts falling due within one year
7
(767,485)
(690,512)
Net current liabilities
(689,312)
(493,089)
Total assets less current liabilities
1,185,688
1,381,911
Creditors: amounts falling due after more than one year
8
(130,909)
(380,909)
Net assets
1,054,779
1,001,002
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,054,778
1,001,001
Total equity
1,054,779
1,001,002

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
J Samuels
Director
Company registration number 07702002 (England and Wales)
DIAMOND GATE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Diamond Gate Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, E1W 9US.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Turnover

Turnover is recognised at the fair value of the rental income received.

1.3
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:

Computer equipment
25% Straight line

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 credited or charged to profit or loss.

1.4
Investment properties

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

 

Although this accounting policy is in accordance with the FRS 102 " The Financial Reporting Standard applicable in the UK and republic of Ireland" ("FRS 102") it is a departure from the general requirement of the Companies Act for 2006 for all tangible assets to be depreciated. In opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

DIAMOND GATE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
DIAMOND GATE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Related party transactions

At the year end the company owed £130,909 (2023 - £380,909) to the director of the company, in respect of an interest free loan which is repayable on demand.

 

At the year end the company owed £428,784 (2023 - £352,690) to 63 Grays Inn Road Ltd, a company controlled by the director.

 

At the year end the company owed £316,980 (2023 - £319,993) to JNS Holdco Ltd, the parent company, in respect of an interest free loan repayable on demand.

4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
1,278
Depreciation and impairment
At 1 July 2023 and 30 June 2024
1,278
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
5
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
1,875,000

The fair value of the investment property has been arrived at on the basis of valuations carried out in 2023 by the managing agents of the property, who are not connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,834
8,758
Other debtors
1,318
1,177
14,152
9,935
DIAMOND GATE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Debtors
(Continued)
- 5 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
61,660
61,660
Total debtors
75,812
71,595
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,834
-
0
Amounts owed to group undertakings
316,980
319,993
Corporation tax
14,287
14,349
Other creditors
432,384
356,170
767,485
690,512
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
130,909
380,909
9
Financial commitments, guarantees and contingent liabilities

The director holds a fixed charge on the property undertakings of the company.

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