77_DIAMONDS_LIMITED - Accounts

77DIAMONDS LIMITED - Company Information

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Company Registration No. 05142579 (England and Wales)

77 DIAMONDS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

77 DIAMONDS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

77 DIAMONDS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Intangible assets

182,840

154,043

Tangible assets

92,138

111,931

274,978

265,974

Current assets

Stocks

634,247

333,030

Debtors

540,906

367,815

Cash at bank and in hand

79,069

106,953

1,254,222

807,798

Creditors: amounts falling due within one year

(1,519,347)

(1,050,131)

Net current liabilities

(265,125)

(242,333)

Total assets less current liabilities

9,853

23,641

Provisions for liabilities

(373)

(12,841)

9,480

10,800

Capital and reserves

Called up share capital

5,000

Profit and loss account

4,480

5,800

Shareholders' funds

9,480

10,800

77 DIAMONDS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2014

- 2 -

For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 28 September 2015

Mr T Kormind

Mr V Weinig

Director

Company Registration No. 05142579

77 DIAMONDS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company has a net current liability of £265,126 (2013: £242,333) on the balance sheet and made a profit of £131,680 (2013: £148,695) during the year. On the basis of current financial projections and financial support available from the owners of the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result from a withdrawal of the financial support from the owners of the company.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Website Development

Website development cost is written off in equal annual instalments over its estimated useful economic life of 3 years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

over 10 years

Computer equipment

50% reducing balance

Fixtures, fittings & equipment

50% reducing balance

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

77 DIAMONDS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2014

604,834

182,109

786,943

Additions

155,612

12,920

168,532

At 31 December 2014

760,446

195,029

955,475

Depreciation

At 1 January 2014

450,791

70,178

520,969

Charge for the year

126,815

32,713

159,528

At 31 December 2014

577,606

102,891

680,497

Net book value

At 31 December 2014

182,840

92,138

274,978

At 31 December 2013

154,043

111,931

265,974

Share capital

2014

2013

Allotted, called up and fully paid

5,000 Ordinary of £1 each

5,000

Ultimate parent company

The ultimate controlling party is Mr T Kormind, by virtue of his directorship and aggregate shareholding with Mrs I Kormind.