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REGISTERED NUMBER: 04266227 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2024

FOR

CLASSIC DIAMONDS LIMITED

CLASSIC DIAMONDS LIMITED (REGISTERED NUMBER: 04266227)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


CLASSIC DIAMONDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2024







DIRECTORS: Mr K Dearn
Mrs W J Dearn
Mrs E Ross



REGISTERED OFFICE: 16 Vyse Street
Hockley
BIRMINGHAM
B18 6LE



REGISTERED NUMBER: 04266227 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



BANKERS: HSBC Bank Plc
168 Warstone Lane
Birmingham
West Midlands
B18 6NP



INCORPORATED: 7th August 2001

CLASSIC DIAMONDS LIMITED (REGISTERED NUMBER: 04266227)

ABRIDGED BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,870 9,590
Tangible assets 5 13,873 17,103
19,743 26,693

CURRENT ASSETS
Stocks 183,000 286,000
Debtors 10,154 6,163
Cash at bank and in hand 94,434 89,246
287,588 381,409
CREDITORS
Amounts falling due within one year 181,736 225,360
NET CURRENT ASSETS 105,852 156,049
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,595

182,742

CREDITORS
Amounts falling due after more than one
year

-

(8,560

)

PROVISIONS FOR LIABILITIES 9 (4,887 ) (6,382 )
NET ASSETS 120,708 167,800

CAPITAL AND RESERVES
Called up share capital 10 700 700
Retained earnings 120,008 167,100
SHAREHOLDERS' FUNDS 120,708 167,800

CLASSIC DIAMONDS LIMITED (REGISTERED NUMBER: 04266227)

ABRIDGED BALANCE SHEET - continued
31ST OCTOBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th June 2025 and were signed on its behalf by:




Mr K Dearn - Director



Mrs W J Dearn - Director


CLASSIC DIAMONDS LIMITED (REGISTERED NUMBER: 04266227)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024


1. STATUTORY INFORMATION

Classic Diamonds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 15% on reducing balance
Office equipment - 15% on reducing balance
Short leasehold - 21 years straight line

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.


CLASSIC DIAMONDS LIMITED (REGISTERED NUMBER: 04266227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Operating lease commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price.

CLASSIC DIAMONDS LIMITED (REGISTERED NUMBER: 04266227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st November 2023
and 31st October 2024 21,600
AMORTISATION
At 1st November 2023 12,010
Amortisation for year 3,720
At 31st October 2024 15,730
NET BOOK VALUE

At 31st October 2024 5,870
At 31st October 2023 9,590

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st November 2023 112,035
Additions 299
At 31st October 2024 112,334
DEPRECIATION
At 1st November 2023 94,932
Charge for year 3,529
At 31st October 2024 98,461
NET BOOK VALUE
At 31st October 2024 13,873
At 31st October 2023 17,103

CLASSIC DIAMONDS LIMITED (REGISTERED NUMBER: 04266227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


6. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 8,560 14,674

Amounts falling due between one and two years:
Bank loans - 8,560

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 20,248 26,358
Between one and five years 1,029 17,161
21,277 43,519

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 8,560 23,234

There are fixed and floating charges over the company including charges against the bank loan.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,887 6,382

CLASSIC DIAMONDS LIMITED (REGISTERED NUMBER: 04266227)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st November 2023 6,382
Provided during year (1,495 )
Movement during the year
Balance at 31st October 2024 4,887

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary A £1 500 500
100 Ordinary B £1 100 100
100 Ordinary C £1 100 100
700 700