General Information
Pala Diamond Company Limited is a private company, limited by shares, registered in England and Wales, registration number 07431566, registration address Suite 402f The Big Peg, 120 Vyse Street The Jewellery Quarter, Birmingham, West Midlands, B18 6NF .
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
20% Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
| Computer Equipment |
15% Reducing Balance
|
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
|
| 2. |
Average number of employees
Average number of employees during the year was 2 (2024 : 2).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 December 2024 |
49,700 |
|
80,116 |
|
4,060 |
|
133,876 |
| Additions |
- |
|
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 30 November 2025 |
49,700 |
|
80,116 |
|
4,060 |
|
133,876 |
| Depreciation |
| At 01 December 2024 |
17,892 |
|
40,361 |
|
2,563 |
|
60,816 |
| Charge for year |
6,362 |
|
5,963 |
|
224 |
|
12,549 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 30 November 2025 |
24,254 |
|
46,324 |
|
2,787 |
|
73,365 |
| Net book values |
| Closing balance as at 30 November 2025 |
25,446 |
|
33,792 |
|
1,273 |
|
60,511 |
| Opening balance as at 01 December 2024 |
31,808 |
|
39,754 |
|
1,496 |
|
73,058 |
|
| 4. |
Stocks
|
2025
£ |
|
2024
£ |
| Stocks |
186,916 |
|
229,522 |
|
186,916 |
|
229,522 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
101,396 |
|
51,544 |
| Other Debtors |
55,529 |
|
26,121 |
| Wages & Salaries Control Account |
352 |
|
0 |
| PAYE & Social Security |
0 |
|
872 |
|
157,277 |
|
78,537 |
|
| 5. |
Debtors: amounts falling due after one year
|
2025
£ |
|
2024
£ |
| Prepayments |
3,879 |
|
0 |
|
3,879 |
|
0 |
|
| 6. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
115,037 |
|
77,927 |
| Bank Loans & Overdrafts (Secured) |
155,236 |
|
91,681 |
| Bank Loans & Overdrafts |
0 |
|
20,484 |
| Bank Loans & Overdrafts 2 |
0 |
|
26,645 |
| Corporation Tax |
13,204 |
|
9,996 |
| PAYE & Social Security |
986 |
|
0 |
| VAT |
33,283 |
|
21,525 |
|
317,746 |
|
248,258 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts (secured) |
77,111 |
|
106,325 |
| Obligations Under HP/Financial Leases |
17,078 |
|
34,562 |
| Directors' Loan Accounts |
10,999 |
|
11,417 |
|
105,188 |
|
152,304 |
|
4
|