REGISTERED NUMBER: |
Report of the Directors and |
Audited Financial Statements |
For The Year Ended 31st December 2024 |
for |
Diab Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Audited Financial Statements |
For The Year Ended 31st December 2024 |
for |
Diab Limited |
Diab Limited (Registered number: 01651261) |
Contents of the Financial Statements |
For The Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Diab Limited |
Company Information |
For The Year Ended 31st December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Kings Buildings |
Lydney |
Gloucestershire |
GL15 5HE |
Diab Limited (Registered number: 01651261) |
Report of the Directors |
For The Year Ended 31st December 2024 |
The directors present their report with the financial statements of the company for the year ended 31st December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the suppliers of core materials and technology for the manufacture of lightweight composite structures in the marine, transport, windpower and aerospace industries. |
DIVIDENDS |
The total distribution of dividends for the year ended 31st December 2024 will be £ |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Diab Limited (Registered number: 01651261) |
Report of the Directors |
For The Year Ended 31st December 2024 |
AUDITORS |
The auditors, Wildin (Auditors) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Diab Limited |
Opinion |
We have audited the financial statements of Diab Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note twenty two to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Diab Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Diab Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. |
In relation to fraud , the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. |
However it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
In identifying and assessing risk of material misstatement in respect of irregularities , including fraud, the audit engagement team: |
-obtain an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company complying with the legal and regulatory framework; |
-inquired of management, those charged with governance, about their own identification and assessment of the risk of irregularities, including an known actual, suspected or alleged instances of fraud; |
-inquired of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations by way of data submission report, and whether they are aware of any instances of non-compliance. |
-reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations in direct relation to the company. |
- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
-discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
As a result of these procedures, we considered the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statements disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors. |
The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. We tested a sample of revenue transactions recognised either side of the reporting date to determine whether revenue was recorded in the correct period. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. |
Report of the Independent Auditors to the Members of |
Diab Limited |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Kings Buildings |
Lydney |
Gloucestershire |
GL15 5HE |
Diab Limited (Registered number: 01651261) |
Income Statement |
For The Year Ended 31st December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT |
Interest receivable and similar income |
171,695 | 314,607 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION | 6 |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Diab Limited (Registered number: 01651261) |
Other Comprehensive Income |
For The Year Ended 31st December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Diab Limited (Registered number: 01651261) |
Balance Sheet |
31st December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Owned |
Tangible assets | 10 | 64,952 | 65,881 |
Right-of-use |
Tangible assets | 10, 16 | 3,246 | 16,817 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital Contribution | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorized for issue by the Board of Directors and authorised for issue on |
Diab Limited (Registered number: 01651261) |
Statement of Changes in Equity |
For The Year Ended 31st December 2024 |
Called up |
share | Retained | Capital | Total |
capital | earnings | Contribution | equity |
£ | £ | £ | £ |
Balance at 1st January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st December 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31st December 2024 |
Diab Limited (Registered number: 01651261) |
Notes to the Financial Statements |
For The Year Ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Diab Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraphs 53(a), (h) and (j) of IFRS 16; and |
- | paragraph 79(a)(iv) of IAS 1; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of |
- | paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and |
- | paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group; |
There are no new standard changes to FRS101 that have a direct effect on the company in the year under review. |
Turnover |
Turnover represents amounts receivable from the sale of goods, net of VAT. This includes orders that have only been part fulfilled. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer ( usually on dispatch of goods), the amount of revenue can be measured reliably , it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
The company holds no tangible assets however the assets in the financial statements are a represenative of the requirements under IFRS 16 leases.The leases are for Motor vehicles and office space. |
IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Diab Limited (Registered number: 01651261) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that is probable that they will be recovered against the reversal of deferred tax liabiltiies or future taxable profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or form the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
The carrying amounts of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
Leases |
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. |
Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. |
Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Cash & cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, bank overdrafts, invoice finance facilities. The company has no bank overdraft facilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from supplies. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Diab Limited (Registered number: 01651261) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Basis financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets 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 fixed 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 |
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 company 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 |
3. | TURNOVER |
All revenue is generated in th United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
31.12.24 | 31.12.23 |
£ | £ |
Wages and salaries | 312,370 | 363,296 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.24 | 31.12.23 |
Admin | 5 | 5 |
Directors | 1 | 1 |
31.12.24 | 31.12.23 |
£ | £ |
Directors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.24 | 31.12.23 |
£ | £ |
Bank & Other interest |
Bank Charges | 12,530 | 13,321 |
Diab Limited (Registered number: 01651261) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2024 |
6. | PROFIT BEFORE TAXATION |
The profit before taxation is stated after charging: |
31.12.24 | 31.12.23 |
£ | £ |
Cost of inventories recognised as expense |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
Auditors Remuneration |
7. | TAXATION |
Analysis of tax expense |
31.12.24 | 31.12.23 |
£ | £ |
Current tax: |
Corporation Tax |
Corporation Tax Interest | - | (1,574 | ) |
Total current tax |
Deferred tax |
Total tax expense in income statement |
8. | DIVIDENDS |
31.12.24 | 31.12.23 |
£ | £ |
Final |
9. | FOREIGN EXCHANGE |
All purchases made from within the group outside of the UK are billed in british pounds £. |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2024 |
Additions |
At 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Diab Limited (Registered number: 01651261) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2024 |
11. | STOCKS |
31.12.24 | 31.12.23 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade Debtors |
Deferred tax asset |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Leases (see note 15) |
Trade Creditors |
Corporation Tax Payable |
Social security and other taxes |
VAT | 261,195 | 354,732 |
Amounts Owed to Group | 638,517 | 564,879 |
Accrued Expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Leases (see note 15) |
15. | FINANCIAL LIABILITIES - BORROWINGS |
31.12.24 | 31.12.23 |
£ | £ |
Current: |
Bank overdrafts |
Leases (see note 16) | 52,120 | 40,592 |
Non-current: |
Leases (see note 16) | 23,034 | 49,605 |
Diab Limited (Registered number: 01651261) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2024 |
15. | FINANCIAL LIABILITIES - BORROWINGS - continued |
Terms and debt repayment schedule |
1 year or |
less | 2-5 years | Totals |
£ | £ | £ |
Bank overdrafts | - | 220,200 |
Leases | 52,120 | 23,034 | 75,154 |
23,034 | 295,354 |
16. | LEASING |
Right-of-use assets |
Tangible fixed assets |
31.12.24 | 31.12.23 |
£ | £ |
COST |
At 1st January 2024 | 53,568 | 75,478 |
Disposals | - | (21,910 | ) |
53,568 | 53,568 |
DEPRECIATION |
At 1st January 2024 | 36,751 | 44,549 |
Charge for year | 13,571 | 13,392 |
Eliminated on disposal | - | (21,190 | ) |
50,322 | 36,751 |
NET BOOK VALUE | 3,246 | 16,817 |
Diab Limited (Registered number: 01651261) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2024 |
16. | LEASING - continued |
Lease liabilities |
Minimum lease payments fall due as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Gross obligations repayable: |
Finance charges repayable: |
Within one year | (52,120 | ) | (40,592 | ) |
Between one and five years | (23,034 | ) | (49,605 | ) |
(75,154 | ) | (90,197 | ) |
Net obligations repayable: |
Within one year | 52,120 | 40,592 |
Between one and five years | 23,034 | 49,605 |
75,154 | 90,197 |
The company paid the following in regards to lease interest in the year |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | £1 | 35,000 | 35,000 |
18. | RESERVES |
Retained | Capital |
earnings | Contribution | Totals |
£ | £ | £ |
At 1st January 2024 | 602,839 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31st December 2024 | 569,376 |
19. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for certain members of it's employees. |
20. | ULTIMATE PARENT COMPANY |
The ultimate holding company is DIAB Group AB, registered in Sweden, and that is owned by Ratos AB (publ). |
Diab Limited (Registered number: 01651261) |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2024 |
21. | RELATED PARTY DISCLOSURES |
The company purchased from other members of the group and during this financial period those purchases were as follows: Diab AB £3,917,915 (2023 £3,866,956) Diab SPA £331,774 (2023 £205,683) Diab International AB £261,887 (2023 £286,609), Diab UAB £2,260,733 (2023 £2,485,944), Diab Americas LP £NIL (2023 £518), Diab S.A.S £651 (2023 £533). |
There were the following amounts owing to connected parties in respect of goods and services supplied: |
Diab A B £ 325,825 (2023 £333,409) |
Diab SPA £ 22,235 (2023 £14,755) |
Diab International AB £ 11,549 (2023 £31,534 ) |
Diab UAB £ 278,907 (2023 £185,180) |
22. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate holding company is DIAB Group AB, registered in Sweden, and that is owned by Ratos AB (publ). |