Registration number:
Diamond Industrial Supply Company Limited
for the Year Ended 31 January 2025
Diamond Industrial Supply Company Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Diamond Industrial Supply Company Limited
Company Information
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Directors |
Mr Colin Andrew Stirling MacMorran Mr Craig Andrew MacMorran Mr Gregor James MacMorran |
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Company secretary |
Mr Colin Andrew Stirling MacMorran |
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Registered office |
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Accountants |
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Diamond Industrial Supply Company Limited
(Registration number: SC239084)
Balance Sheet as at 31 January 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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- |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Diamond Industrial Supply Company Limited
(Registration number: SC239084)
Balance Sheet as at 31 January 2025
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Diamond Industrial Supply Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Diamond Industrial Supply Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and Machinery |
Reducing Balance 25% |
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Motor Vehicles |
Reducing Balance 25% |
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Office Equipment |
Reducing Balance 25% |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
Straight Line 10% |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Diamond Industrial Supply Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
Financial instruments
Classification
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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Employees and Directors |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 February 2024 |
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At 31 January 2025 |
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Amortisation |
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At 1 February 2024 |
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Amortisation charge |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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Diamond Industrial Supply Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Tangible assets |
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Land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 February 2024 |
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Disposals |
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( |
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At 31 January 2025 |
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Depreciation |
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At 1 February 2024 |
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Charge for the year |
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- |
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Eliminated on disposal |
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- |
- |
( |
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At 31 January 2025 |
- |
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Carrying amount |
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At 31 January 2025 |
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- |
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At 31 January 2024 |
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Total |
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Cost or valuation |
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At 1 February 2024 |
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Disposals |
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At 31 January 2025 |
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Depreciation |
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At 1 February 2024 |
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Charge for the year |
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Eliminated on disposal |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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Included within the net book value of land and buildings above is £425,000 (2024 - £425,000) in respect of freehold land and buildings.
Diamond Industrial Supply Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
Revaluation
The fair value of the company's Freehold property was revalued on
The name and qualification of the independent valuer is Michael McIntyre BSc MRICS of DM Hall LLP.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
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Stocks |
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2025 |
2024 |
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Other inventories |
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Diamond Industrial Supply Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Hire purchase contracts |
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Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows:
Diamond Industrial Supply Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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2025 |
2024 |
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Within one year |
9,958 |
1,966 |
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Between one and five years |
18,000 |
337 |
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27,958 |
2,303 |
Diamond Industrial Supply Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Related party transactions |
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
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2025 |
2024 |
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Mr Colin Andrew Stirling MacMorran |
213,530 |
17,389 |
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Mr James Duncan R. MacMorran |
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2,389 |
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213,530 |
19,778 |
The maximum balance outstanding during the year amounted to £213,530.
The directors current accounts are repayable on demand.
Included within other creditors is an amount owed to a shareholder of £409 (2024: £Nil).
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Diamond Industrial Supply Company Limited
for the Year Ended 31 January 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Diamond Industrial Supply Company Limited for the year ended 31 January 2025 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Diamond Industrial Supply Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Diamond Industrial Supply Company Limited and state those matters that we have agreed to state to the Board of Directors of Diamond Industrial Supply Company Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diamond Industrial Supply Company Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Diamond Industrial Supply Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Diamond Industrial Supply Company Limited. You consider that Diamond Industrial Supply Company Limited 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 accounts of Diamond Industrial Supply Company Limited. 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 accounts.
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Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX