Performance Diamond Cut Wheels Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08535393

PERFORMANCE DIAMOND CUT WHEELS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

23 June 2025

PERFORMANCE DIAMOND CUT WHEELS LTD

STATEMENT OF FINANCIAL POSITION

23 June 2025

	23 Jun 25		25 Jun 24
Note	£	£	£

FIXED ASSETS

Tangible assets	5		96,281	140,002

CURRENT ASSETS

Stocks		43,000	–
Debtors	6	243,291	258,154
Cash at bank and in hand		20,497	14,751
		---------	---------
		306,788	272,905

CREDITORS: amounts falling due within one year	7	( 246,522)		( 269,525)
		---------		---------
NET CURRENT ASSETS			60,266	3,380
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			156,547	143,382

CREDITORS: amounts falling due after more than one year	8	( 595,604)	( 618,392)
		---------	---------
NET LIABILITIES		( 439,057)	( 475,010)
		---------	---------

CAPITAL AND RESERVES

Called up share capital	111	111
Profit and loss account	( 439,168)	( 475,121)
	---------	---------
SHAREHOLDERS DEFICIT	( 439,057)	( 475,010)
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 23 June 2025 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 period 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)

23 June 2025

These financial statements were approved by the board of directors and authorised for issue on 24 April 2026 , and are signed on behalf of the board by:

M Schneider

Director

Company registration number: 08535393

PERFORMANCE DIAMOND CUT WHEELS LTD

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 26 JUNE 2024 TO 23 JUNE 2025

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% reducing balance
Fixtures & Fittings	-	20% reducing balance
Motor Vehicles	-	20% reducing balance
Office equipment	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 period amounted to 25 (2024: 30 ).

5. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 26 June 2024	143,730	15,396	106,113	2,191	267,430
Additions	6,682	180	–	–	6,862
Disposals	–	–	( 32,610)	–	( 32,610)
	---------	--------	---------	-------	---------
At 23 June 2025	150,412	15,576	73,503	2,191	241,682
	---------	--------	---------	-------	---------
Depreciation
At 26 June 2024	77,002	10,812	39,175	439	127,428
Charge for the period	13,662	1,511	13,250	350	28,773
Disposals	–	–	( 10,800)	–	( 10,800)
	---------	--------	---------	-------	---------
At 23 June 2025	90,664	12,323	41,625	789	145,401
	---------	--------	---------	-------	---------
Carrying amount
At 23 June 2025	59,748	3,253	31,878	1,402	96,281
	---------	--------	---------	-------	---------
At 25 June 2024	66,728	4,584	66,938	1,752	140,002
	---------	--------	---------	-------	---------

6. DEBTORS

	23 Jun 25	25 Jun 24
	£	£
Trade debtors	109,880	153,376
Other debtors	133,411	104,778
	---------	---------
	243,291	258,154
	---------	---------

7. CREDITORS: amounts falling due within one year

	23 Jun 25	25 Jun 24
	£	£
Bank loans and overdrafts	44,370	56,142
Trade creditors	88,021	50,434
Social security and other taxes	61,292	107,661
Other creditors	52,839	55,288
	---------	---------
	246,522	269,525
	---------	---------

8. CREDITORS: amounts falling due after more than one year

	23 Jun 25	25 Jun 24
	£	£
Bank loans and overdrafts	–	10,000
Other creditors	595,604	608,392
	---------	---------
	595,604	618,392
	---------	---------