Company Registration No. 11318569 (England and Wales)
Diamondway Ltd
Unaudited accounts
for the year ended 30 April 2020
Diamondway Ltd
Unaudited accounts
Contents
Diamondway Ltd
Company Information
for the year ended 30 April 2020
Directors
Mr A Grunwald
Mr M Damen
Company Number
11318569 (England and Wales)
Registered Office
Unit 5
2a Northfield Road
London
N16 5RN
United Kingdom
Diamondway Ltd
Statement of financial position
as at 30 April 2020
Investment property
189,145
189,145
Cash at bank and in hand
695
5,603
Creditors: amounts falling due within one year
(16,022)
(205,947)
Net current liabilities
(14,827)
(197,764)
Total assets less current liabilities
174,318
(8,619)
Creditors: amounts falling due after more than one year
(186,502)
-
Net liabilities
(12,184)
(8,619)
Called up share capital
2
2
Profit and loss account
(12,186)
(8,621)
Shareholders' funds
(12,184)
(8,619)
For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 January 2021 and were signed on its behalf by
Mr M Damen
Director
Company Registration No. 11318569
Diamondway Ltd
Notes to the Accounts
for the year ended 30 April 2020
Diamondway Ltd is a private company, limited by shares, registered in England and Wales, registration number 11318569. The registered office is Unit 5, 2a Northfield Road, London, N16 5RN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Directors do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Notwithstanding the adverse financial position of the company, the Financial Statements have been prepared in accordance with the accounting principles appropriate to a going concern. This being dependant upon the continued provision of financial support by the company's creditors in respect of which the directors are confident that continued support will be made available or alternative facilities could be obtained.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Diamondway Ltd
Notes to the Accounts
for the year ended 30 April 2020
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Fair value at 1 May 2019
189,145
The investment property at 30 April 2020 is stated at director's estimation of open market value. The historical cost of the property is £189,145 (2019: £189,145).
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
-
179,680
Other creditors
14,141
24,488
7
Creditors: amounts falling due after more than one year
2020
2019
The bank loan is secured on the company's investment property.
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Average number of employees
During the year the average number of employees was 0 (2019: 0).
