Diadem Homes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04587784 (England and Wales)

Financial Statements

for the Period 30 November 2019 to 28 November 2020

for

Diadem Homes Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N J Jarvis

SECRETARY:

S J Dines

REGISTERED OFFICE:

Como House

Warwick Road

Hampton Wick

Kingston

Surrey

KT1 4DW

REGISTERED NUMBER:

04587784 (England and Wales)

ACCOUNTANTS:

Fallows & Company Chartered Accountants

Archway House

81-82 Portsmouth Road

Surbiton

Surrey

KT6 5PT

BANKERS:

National Westminster Bank plc

5 Market Place

Kingston upon Thames

Surrey

KT1 1JX

FIXED ASSETS

Tangible assets

4

49,657

29,866

CURRENT ASSETS

Debtors

5

2,880,272

3,437,285

Cash at bank and in hand

56,069

8,818

2,936,341

3,446,103

CREDITORS

Amounts falling due within one year

6

2,573,859

3,106,510

NET CURRENT ASSETS

362,482

339,593

TOTAL ASSETS LESS CURRENT LIABILITIES

412,139

369,459

CREDITORS

Amounts falling due after more than one year

7

74,113

21,445

NET ASSETS

338,026

348,014

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

337,826

347,814

SHAREHOLDERS' FUNDS

338,026

348,014

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 November 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 November 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 November 2021 and were signed by:

N J Jarvis - Director

1.	STATUTORY INFORMATION

Diadem Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures, fittings & furniture

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Motor

Computer

& furniture

vehicles

equipment

Totals

£

£

£

£

COST

At 30 November 2019

15,468

53,878

4,124

73,470

Additions

-

36,500

4,044

40,544

Disposals

-

(30,296

)

-

(30,296

)

At 28 November 2020

15,468

60,082

8,168

83,718

DEPRECIATION

At 30 November 2019

10,848

30,381

2,375

43,604

Charge for period

1,117

7,357

1,895

10,369

Eliminated on disposal

-

(19,912

)

-

(19,912

)

At 28 November 2020

11,965

17,826

4,270

34,061

NET BOOK VALUE

At 28 November 2020

3,503

42,256

3,898

49,657

At 29 November 2019

4,620

23,497

1,749

29,866

Fixed assets, included in the above, which are held under finance leases are as follows:

Motor

vehicles

£

COST

At 30 November 2019

41,888

Disposals

(30,296

)

At 28 November 2020

11,592

DEPRECIATION

At 30 November 2019

19,688

Charge for period

4,420

Eliminated on disposal

(19,912

)

At 28 November 2020

4,196

NET BOOK VALUE

At 28 November 2020

7,396

At 29 November 2019

22,200

5.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

-

6,000

Other debtors

38,484

504,225

Directors' current accounts

163,767

-

VAT

14,514

27,358

Deferred tax asset

75,862

53,178

Prepayments and accrued income

2,557,928

2,816,807

2,850,555

3,407,568

Amounts falling due after more than one year:

Other debtors

29,717

29,717

Aggregate amounts

2,880,272

3,437,285

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

5,000

-

Finance leases

6,799

4,555

Trade creditors

121,394

372,823

Tax

(27,153

)

(36,797

)

Social security and other taxes

103,123

35,082

Other creditors

2,309,976

2,410,763

Directors' current accounts

-

263,330

Accruals and deferred income

54,720

56,754

2,573,859

3,106,510

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

30,000

-

Bank loans more 5 yr by instal

5,000

-

Finance leases

29,113

21,445

74,113

21,445

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,000

-

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 28 November 2020 and the year ended 29 November 2019:

2020

2019

£

£

N J Jarvis

Balance outstanding at start of period

-

-

Amounts advanced

347,849

-

Amounts repaid

(184,082

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

163,767

-

9.	RELATED PARTY DISCLOSURES

During the period under review the company made sales and management charges of £70,000 (2019: £30,576) to Glenwood Homes Ltd of which N Jarvis is a director.

During the period under review the company made sales of £1,242,419 (2019: £1,205,192) to Glenwood Homes (Oxshott) Ltd of which N Jarvis is a director.

During the period under review the company made sales of £522,719 (2019: £713,250) to Glenwood Homes (Hornbeams) Ltd of which N Jarvis is a director.

During the period under review the company made management charges of £nil (2019: £150,000) to Ashton Developments Ltd of which S J Dines, who is related to N Jarvis, is a director.

During the period under review the company incurred management charges of £nil (2019: £25,000) from Glenwood Homes Ltd of which N Jarvis is a director:

All transactions were made on normal commercial terms.

'Other creditor' includes the sum of £81,459 (2019 Other debtors: £484,548) owed to Glenwood Homes Limited of which N Jarvis is a director.

'Other creditors' includes the sum of £nil (2019: £43,371) owed to S J Dines who is related to N Jarvis.

'Other creditors' includes the sum of £1,196,459 (2019: £812,005) owed to Glenwood Homes (Oxshott) Ltd of which N Jarvis is a director.

'Other creditors' includes the sum of £309,095 (2019: £461,885) owed to Glenwood Homes (Hornbeams) Limited of which N Jarvis is a director.

'Other creditors' includes the sum of £32,000 (2019: £28,000) owed to Rochester Construction Limited of which N Jarvis is a director.

'Other creditors' includes the sum of £nil (2019: £120,923) owed to J Jarvis who is the spouse of N Jarvis.

'Other creditors' includes the sum of £58,884 (2019: £91,488) owed to C Dines who is related to N Jarvis.

10.	ULTIMATE CONTROLLING PARTY