Company Registration No. 06960221 (England and Wales)
DIRECT DIAMOND PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
DIRECT DIAMOND PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DIRECT DIAMOND PRODUCTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,155
19,786
Current assets
Stocks
10,460
10,500
Debtors
4
52,035
38,883
Cash at bank and in hand
62,320
64,066
124,815
113,449
Creditors: amounts falling due within one year
5
(31,035)
(25,019)
Net current assets
93,780
88,430
Total assets less current liabilities
106,935
108,216
Creditors: amounts falling due after more than one year
6
(982)
(3,787)
Provisions for liabilities
(3,280)
(3,750)
Net assets
102,673
100,679
Capital and reserves
Called up share capital
7
750
750
Profit and loss reserves
101,923
99,929
Total equity
102,673
100,679
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DIRECT DIAMOND PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2021
30 June 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 February 2022
P Siddons
Director
Company Registration No. 06960221
DIRECT DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
1
Accounting policies
Company information
Direct Diamond Products Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Oakdale Road, North Anston, Sheffield, United Kingdom, S25 4EY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Straight line
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
DIRECT DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including
creditors
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.7
Government grants
Grants received in relation to the government’s Coronavirus Job Retention Scheme have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
DIRECT DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 July 2020
4,447
26,095
30,542
Disposals
(1,938)
(1,938)
At 30 June 2021
2,509
26,095
28,604
Depreciation and impairment
At 1 July 2020
4,232
6,524
10,756
Depreciation charged in the year
107
6,524
6,631
Eliminated in respect of disposals
(1,938)
(1,938)
At 30 June 2021
2,401
13,048
15,449
Carrying amount
At 30 June 2021
108
13,047
13,155
At 30 June 2020
215
19,571
19,786
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
49,710
35,542
Other debtors
2,325
3,341
52,035
38,883
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
404
7,172
Corporation tax
10,911
7,802
Other taxation and social security
11,594
1,723
Other creditors
8,126
8,322
31,035
25,019
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
DIRECT DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 6 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
982
3,787
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
750
750
750
750
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
400
3,200