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Financial Statements |
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for the Year Ended 31 August 2019 |
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for |
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Diamond Fuel Supplies Limited |
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Financial Statements |
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for the Year Ended 31 August 2019 |
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for |
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Diamond Fuel Supplies Limited |
Diamond Fuel Supplies Limited (Registered number: 01476154) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Diamond Fuel Supplies Limited |
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Company Information |
for the Year Ended 31 August 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Diamond Fuel Supplies Limited (Registered number: 01476154) |
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Balance Sheet |
31 August 2019 |
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31.8.19 | 31.8.18 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Diamond Fuel Supplies Limited (Registered number: 01476154) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2019 |
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1. | STATUTORY INFORMATION |
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Diamond Fuel Supplies Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Diamond Fuel Supplies Limited (Registered number: 01476154) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.19 | 31.8.18 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for disclaimer of opinion |
We were not appointed as auditors of the company until considerably after 31st August 2019 and thus did not observe the counting of physical inventories at the beginning and end of the year plus the previous auditors had not attended any stock take for the previous year. We were unable to confirm the inventory values reported by any other means. As part of our audit we also found some areas of the record keeping, especially in relation to inter company trading, had not always been entered in a timely manner. Whilst we do not believe this materially impacts the results reported we have no mechanism to confirm the accuracy of the intercompany balances at individual company levels. |
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Matters required to report by exception |
Notwithstanding or disclaimer of an opinion on the financial statements in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Directors' Report. |
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Arising from the limitation of our work referred to above: |
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- We have not obtained all the information and explanations that we consider necessary for the purpose of our audit; and |
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- We were unable to determine whether adequate accounting records have been kept. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
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for and on behalf of
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8. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly-owned subsidiary of Bagnalls Group (UK). |