Ace of Diamonds Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Ace of Diamonds Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05709346 . The registered office is 6 Houndiscombe Road, Plymouth, Devon, PL4 6HH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. 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	10% Straight line
Motor Vehicles	25% Straight line
Fixtures & Fittings	20% Reducing balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

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.

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Ace of Diamonds Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2025: 9)

4. Intangible Assets

	Goodwill	Development Costs	Total
	£	£	£
Cost
As at 1 April 2025	30,000	2,054	32,054

As at 31 March 2026	30,000	2,054	32,054

Amortisation
As at 1 April 2025	30,000	2,054	32,054

As at 31 March 2026	30,000	2,054	32,054

Net Book Value
As at 31 March 2026	-	-	-

As at 1 April 2025	-	-	-

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Ace of Diamonds Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 April 2025	232,360	167,272	4,753	404,385
Additions	7,962	-	-	7,962

As at 31 March 2026	240,322	167,272	4,753	412,347

Depreciation
As at 1 April 2025	194,206	119,169	4,409	317,784
Provided during the period	10,272	25,249	207	35,728

As at 31 March 2026	204,478	144,418	4,616	353,512

Net Book Value
As at 31 March 2026	35,844	22,854	137	58,835

As at 1 April 2025	38,154	48,103	344	86,601

6. Stocks

	2026	2025
	£	£
Stock	10,144	13,870

7. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	80,232	62,320
Other debtors	114,552	119,201

	194,784	181,521

8. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	14,505	18,952
Trade creditors	6,643	4,152
Bank loans and overdrafts	29,369	10,348
Other creditors	7,014	7,176
Taxation and social security	34,208	24,583

	91,739	65,211

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Ace of Diamonds Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

9. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	13,539	28,044
Bank loans	-	1,889

	13,539	29,933

10. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	14,505	18,952
Later than one year and not later than five years	13,539	28,044

	28,044	46,996

	28,044	46,996

11. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	105	105

12. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2026
	£	£	£	£	£
Mr Christopher Cartwright	75,219	88,989	(75,550 )	-	88,658

The above loan is unsecured and repayable on demand. Interest is charged at the standard HMRC rate on the outstanding balance on a monthly basis.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		58,835		86,601

			58,835		86,601
CURRENT ASSETS
Stocks	6	10,144		13,870
Debtors	7	194,784		181,521
Cash at bank and in hand		55,575		73,858

		260,503		269,249
Creditors: Amounts Falling Due Within One Year	8	(91,739 )		(65,211 )

NET CURRENT ASSETS (LIABILITIES)			168,764		204,038

TOTAL ASSETS LESS CURRENT LIABILITIES			227,599		290,639

Creditors: Amounts Falling Due After More Than One Year	9		(13,539 )		(29,933 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(9,300 )		(15,797 )

NET ASSETS			204,760		244,909

CAPITAL AND RESERVES
Called up share capital	11		105		105
Profit and Loss Account			204,655		244,804

SHAREHOLDERS' FUNDS			204,760		244,909