Mx Diamonds Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 11733004

		2024		2023
	Notes	$	$	$	$
FIXED ASSETS
Intangible Assets	4		1,403		6,150
Tangible Assets	5		-		263

			1,403		6,413
CURRENT ASSETS
Stocks	6	-		7,020
Debtors	7	3,038		581,482
Cash at bank and in hand		88,978		119,812

		92,016		708,314
Creditors: Amounts Falling Due Within One Year	8	(7,880,603 )		(7,882,111 )

NET CURRENT ASSETS (LIABILITIES)			(7,788,587 )		(7,173,797 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(7,787,184 )		(7,167,384 )

NET LIABILITIES			(7,787,184 )		(7,167,384 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			(7,787,284 )		(7,167,484 )

SHAREHOLDERS' FUNDS			(7,787,184)		(7,167,384)

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Mx Diamonds Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Thomas O'Donohoe

Director

29th September 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Mx Diamonds Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11733004 . The registered office is Holbrook House, 32 Oakley Lane, Oakley, Basingstoke, Hampshire, RG23 7JY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in US Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets arising from development are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Software development costs Over the estimated useful life of 5 years

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

20% Straight Line

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: NIL)

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Mx Diamonds Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Development Costs
	$
Cost
As at 1 January 2024	23,735

As at 31 December 2024	23,735

Amortisation
As at 1 January 2024	17,585
Provided during the period	4,747

As at 31 December 2024	22,332

Net Book Value
As at 31 December 2024	1,403

As at 1 January 2024	6,150

5. Tangible Assets

	Plant & Machinery
	$
Cost
As at 1 January 2024	8,564

As at 31 December 2024	8,564

Depreciation
As at 1 January 2024	8,301
Provided during the period	263

As at 31 December 2024	8,564

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	263

6. Stocks

	2024	2023
	$	$
Materials	-	7,020

7. Debtors

	2024	2023
	$	$
Due within one year
Trade debtors	2,487	-
Prepayments and accrued income	551	57,235
Amount Owed by Group Undertakings	-	524,231
VAT	-	16

	3,038	581,482

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Mx Diamonds Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	$	$
Trade creditors	185	2,249
VAT	574	-
Other Borrowings	1,196,000	1,196,000
Dividends Payable	1,736,835	1,736,835
Accruals and deferred income	4,947,009	4,947,027

	7,880,603	7,882,111

Other borrowings relate to $1,196,000 (2021: $1,196,000) non voting redeemable preference shares of $1 each.

9. Share Capital

	2024	2023
	$	$
Allotted, Called up and fully paid	100	100

10. Ultimate Controlling Party

The company's ultimate controlling party is MX Diamonds BV by virtue of his ownership of 100% of the issued share capital in the company.

MX Diamonds BV

Hoveniersstraat 2 Suite 422

Box 122 2018 Anvers

Belgium

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