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COMPANY REGISTRATION NUMBER: 08535393
PERFORMANCE DIAMOND CUT WHEELS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
25 June 2024
PERFORMANCE DIAMOND CUT WHEELS LTD
FINANCIAL STATEMENTS
YEAR ENDED 25 JUNE 2024
CONTENTS
PAGES
Officers and professional advisers
1
Directors' report
2
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of comprehensive income
4
Statement of financial position
5 to 6
Statement of changes in equity
7
Notes to the financial statements
8 to 11
PERFORMANCE DIAMOND CUT WHEELS LTD
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
M Schneider
L C Schneider
K Backhouse
REGISTERED OFFICE
20-22 Bridge End
Leeds
LS1 4DJ
ACCOUNTANTS
Wine & Co
Chartered Accountants
20-22 Bridge End
Leeds
LS1 4DJ
PERFORMANCE DIAMOND CUT WHEELS LTD
DIRECTORS' REPORT
YEAR ENDED 25 JUNE 2024
The directors present their report and the unaudited financial statements of the company for the year ended 25 June 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
M Schneider
L C Schneider
K Backhouse
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 3 June 2025 and signed on behalf of the board by:
M Schneider
Director
Registered office:
20-22 Bridge End
Leeds
LS1 4DJ
PERFORMANCE DIAMOND CUT WHEELS LTD
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PERFORMANCE DIAMOND CUT WHEELS LTD
YEAR ENDED 25 JUNE 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Performance Diamond Cut Wheels Ltd for the year ended 25 June 2024, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Performance Diamond Cut Wheels Ltd, as a body, in accordance with the terms of our engagement letter dated 23 May 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Performance Diamond Cut Wheels Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Performance Diamond Cut Wheels Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Performance Diamond Cut Wheels Ltd 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 Performance Diamond Cut Wheels Ltd. You consider that Performance Diamond Cut Wheels Ltd 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 Performance Diamond Cut Wheels Ltd. 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.
Wine & Co Chartered Accountants
20-22 Bridge End Leeds LS1 4DJ
3 June 2025
PERFORMANCE DIAMOND CUT WHEELS LTD
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 25 JUNE 2024
2024
2023
Note
£
£
TURNOVER
1,062,890
872,945
Cost of sales
( 596,494)
( 511,999)
------------
---------
GROSS PROFIT
466,396
360,946
Administrative expenses
( 344,884)
( 285,505)
---------
---------
OPERATING PROFIT
121,512
75,441
Interest payable and similar expenses
( 26,561)
( 72,392)
---------
---------
PROFIT BEFORE TAXATION
5
94,951
3,049
Tax on profit
--------
-------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
94,951
3,049
--------
-------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
PERFORMANCE DIAMOND CUT WHEELS LTD
STATEMENT OF FINANCIAL POSITION
25 June 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
140,002
135,246
CURRENT ASSETS
Debtors
7
258,154
299,716
Cash at bank and in hand
14,751
10,794
---------
---------
272,905
310,510
CREDITORS: amounts falling due within one year
8
( 269,525)
( 1,001,370)
---------
------------
NET CURRENT ASSETS/(LIABILITIES)
3,380
( 690,860)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
143,382
( 555,614)
CREDITORS: amounts falling due after more than one year
9
( 618,392)
( 14,348)
---------
---------
NET LIABILITIES
( 475,010)
( 569,962)
---------
---------
CAPITAL AND RESERVES
Called up share capital
111
111
Profit and loss account
( 475,121)
( 570,073)
---------
---------
SHAREHOLDERS DEFICIT
( 475,010)
( 569,962)
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 25 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PERFORMANCE DIAMOND CUT WHEELS LTD
STATEMENT OF FINANCIAL POSITION (continued)
25 June 2024
These financial statements were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
M Schneider
Director
Company registration number: 08535393
PERFORMANCE DIAMOND CUT WHEELS LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 25 JUNE 2024
Called up share capital
Profit and loss account
Total
£
£
£
AT 26 JUNE 2022
103
( 573,122)
( 573,019)
Profit for the year
3,049
3,049
----
---------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
3,049
3,049
Issue of shares
8
8
----
---------
---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
8
8
AT 25 JUNE 2023
111
(570,072)
(569,961)
Profit for the year
94,951
94,951
----
---------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
94,951
94,951
----
---------
---------
AT 25 JUNE 2024
111
( 475,121)
( 475,010)
----
---------
---------
PERFORMANCE DIAMOND CUT WHEELS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 25 JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, LS1 4DJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared on the going concern basis. The directors and other creditors consider the going concern basis to be appropriate as they have confirmed their ongoing support.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
20% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 30 (2023: 26 ).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
31,563
43,582
--------
--------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 26 June 2023
135,814
15,396
80,018
231,228
Additions
7,916
26,095
2,191
36,202
---------
--------
---------
-------
---------
At 25 June 2024
143,730
15,396
106,113
2,191
267,430
---------
--------
---------
-------
---------
Depreciation
At 26 June 2023
60,320
9,171
26,491
95,982
Charge for the year
16,682
1,641
12,684
439
31,446
---------
--------
---------
-------
---------
At 25 June 2024
77,002
10,812
39,175
439
127,428
---------
--------
---------
-------
---------
Carrying amount
At 25 June 2024
66,728
4,584
66,938
1,752
140,002
---------
--------
---------
-------
---------
At 25 June 2023
75,494
6,225
53,527
135,246
---------
--------
---------
-------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
153,376
140,421
Other debtors
104,778
159,295
---------
---------
258,154
299,716
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
56,142
34,965
Trade creditors
50,434
173,682
Social security and other taxes
107,661
138,699
Amounts due to related companies
10,613
Other creditors
55,288
643,411
---------
------------
269,525
1,001,370
---------
------------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
14,348
Other creditors
608,392
---------
--------
618,392
14,348
---------
--------