THE DIAMOND RING COMPANY LTD - Filleted accounts

Registered number

07615105

THE DIAMOND RING COMPANY LTD

Filleted Accounts

31 March 2025

THE DIAMOND RING COMPANY LTD
Registered number:		07615105
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		32,257			31,904

Current assets
Stocks		88,624			51,184
Debtors	4	9,792			8,490
Cash at bank and in hand		666,596			409,393
		765,012			469,067

Creditors: amounts falling due within one year	5	(229,808)			(2,163)

Net current assets			535,204			466,904

Total assets less current liabilities			567,461			498,808

Creditors: amounts falling due after more than one year	6		(36,205)			(51,159)



Net assets			531,256			447,649

Capital and reserves
Called up share capital			100			100
Profit and loss account			531,156			447,549

Shareholder's funds			531,256			447,649

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Michael Andrew O'SULLIVAN
Director
Approved by the board on 17 April 2025

THE DIAMOND RING COMPANY LTD
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	15% RBM
	Motor Vehicles	15% RBM

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	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.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			5		4


3	Tangible fixed assets
		Motor vehicles		Plant and machinery etc
£			£		£
	Cost
	At 1 April 2024	32,955		7,615		40,570
	Additions	-		6,046		6,046
	At 31 March 2025	32,955		13,661		46,616

	Depreciation
	At 1 April 2024	4,943		3,724		8,667
	Charge for the year	4,202		1,490		5,692
	At 31 March 2025	9,145		5,214		14,359

	Net book value
	At 31 March 2025	23,810		8,447		32,257
	At 31 March 2024	28,012		3,891		31,903


4	Debtors			2025		2024
£					£

	Trade debtors			-		4,260
	Other debtors			9,792		4,230
				9,792		8,490


5	Creditors: amounts falling due within one year			2025		2024
£					£

	Bank loans and overdrafts			10,648		10,648
	Directors' Loan Account			20		(159,082)
	Trade creditors			97,086		73,848
	Taxation and social security costs			103,342		71,701
	Pension Payable			317		61
	Deferred Income			9,017		-
	Other creditors			9,378		4,987
				229,808		2,163


6	Creditors: amounts falling due after one year			2025		2024
£					£

	Bank loans			1,559		11,664
	Obligations under finance lease and hire purchase contracts			34,646		39,495
				36,205		51,159


7	Other information

	THE DIAMOND RING COMPANY LTD is a private company limited by shares and incorporated in England. Its registered office is:
	Suite 124 100 Hatton Garden, London
	England
	EC1N 8NX