Diadem Homes Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04587784 (England and Wales)

Financial Statements for the Year Ended 28 November 2022

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 Accountants & Business Advisors

St James House

9-15 St James Road

Surbiton

Surrey

KT6 4QH

BANKERS:

National Westminster Bank plc

5 Market Place

Kingston upon Thames

Surrey

KT1 1JX

FIXED ASSETS

Tangible assets

4

129,810

92,938

CURRENT ASSETS

Debtors

5

1,435,877

1,534,906

Cash at bank and in hand

2,139

34,374

1,438,016

1,569,280

CREDITORS

Amounts falling due within one year

6

1,073,380

1,194,029

NET CURRENT ASSETS

364,636

375,251

TOTAL ASSETS LESS CURRENT LIABILITIES

494,446

468,189

CREDITORS

Amounts falling due after more than one year

7

(100,669

)

(88,978

)

PROVISIONS FOR LIABILITIES

(12,849

)

-

NET ASSETS

380,928

379,211

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

380,728

379,011

SHAREHOLDERS' FUNDS

380,928

379,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 November 2022 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 13 October 2023 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.

Plant and machinery

-

25% on cost

Fixtures, fittings & furniture

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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 year 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 year was 5 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Plant and

fittings

Motor

Computer

machinery

& furniture

vehicles

equipment

Totals

£

£

£

£

£

COST

At 29 November 2021

-

16,609

108,707

16,546

141,862

Additions

28,000

2,557

58,190

6,351

95,098

Disposals

-

-

(34,000

)

-

(34,000

)

At 28 November 2022

28,000

19,166

132,897

22,897

202,960

DEPRECIATION

At 29 November 2021

-

13,101

28,117

7,706

48,924

Charge for year

7,000

1,722

23,403

5,383

37,508

Eliminated on disposal

-

-

(13,282

)

-

(13,282

)

At 28 November 2022

7,000

14,823

38,238

13,089

73,150

NET BOOK VALUE

At 28 November 2022

21,000

4,343

94,659

9,808

129,810

At 28 November 2021

-

3,508

80,590

8,840

92,938

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

Motor

vehicles

£

COST

At 29 November 2021

107,752

Additions

58,190

Disposals

(34,000

)

At 28 November 2022

131,942

DEPRECIATION

At 29 November 2021

27,234

Charge for year

23,385

Eliminated on disposal

(13,282

)

At 28 November 2022

37,337

NET BOOK VALUE

At 28 November 2022

94,605

At 28 November 2021

80,518

5.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

5,915

4,080

Other debtors

564,578

64,449

Directors' current accounts

6,950

-

Tax

23,869

27,153

VAT

17,588

23,591

Deferred tax asset

-

59,097

Prepayments and accrued income

787,260

1,326,819

1,406,160

1,505,189

Amounts falling due after more than one year:

Other debtors

29,717

29,717

Aggregate amounts

1,435,877

1,534,906

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

10,000

Finance leases

25,762

15,320

Trade creditors

109,702

58,663

Social security and other taxes

102,715

135,321

Other creditors

802,478

938,338

Directors' current accounts

-

14,293

Accruals and deferred income

22,723

22,094

1,073,380

1,194,029

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

10,000

10,000

Bank loans - 2-5 years

15,524

25,209

Finance leases

75,145

53,769

100,669

88,978

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 November 2022 and 28 November 2021:

2022

2021

£

£

N J Jarvis

Balance outstanding at start of year

-

163,767

Amounts advanced

522,702

60,453

Amounts repaid

(515,752

)

(224,220

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,950

-

9.	RELATED PARTY DISCLOSURES

During the period under review the company made sales and management charges of £50,000 (2021: £50,000) to Glenwood Homes Ltd of which N Jarvis is a director.

During the period under review the company made sales and management charges of £nil (2021: £58,252) to Glenwood Homes (Oxshott) Ltd of which N Jarvis is a director.

During the period under review the company made sales and management charges of £nil (2021: £51,997) to Glenwood Homes (Hornbeams) Ltd of which N Jarvis is a director.

During the period under review the company made sales and management charges of £535,000 (2021: £440,200) to Glenwood Homes (UPR) Ltd of which N Jarvis is a director.

During the period under review the company made management charges of £nil (2021: £50,000) 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 made sales and management charges of £156,000 (2021: £26,370) to Glenwood Investments Ltd of which N Jarvis is a director.

During the period under review the company incurred rent charges of £27,500 (2021: £26,958) from Glenwood Homes Ltd of which N Jarvis is a director:

During the period under review the company made sales and management charges of £27,500 (2021: £nil) from Glenwood Residential Ltd of which N Jarvis is a director.

During the period under review the company made sales and management charges of £18,000 (2021: £nil) from Glenwood Homes (Surrey) Ltd of which N Jarvis is a director.

All transactions were made on normal commercial terms.

'Other creditors' includes the sum of £510,335 (2021: £508,792) owed to Diadem UK Limited of which C Dines, who is related to N Jarvis, is a director.

'Other creditors' includes the sum of £133,262 (2021: £139,910) owed to Glenwood Homes Limited of which N Jarvis is a director.

'Other creditors' includes the sum of £38,349 (2021: £36,000) owed to Rochester Construction Limited of which N Jarvis is a director.

'Other creditors' includes the sum of £16,200 (2021: £37,413) owed to C Dines who is related to N Jarvis.

'Other creditors' includes the sum of £71,521 (2021: debtor £14,000) owed to Ashton Developments Ltd of which S J Dines, who is related to N Jarvis, is a director.

'Other creditors' includes the sum of £7,878 (2021: £nil) owed to S J Dines who is related to N Jarvis.

'Other debtors' includes the sum of £484,332 (2021: £24,479) owed by Glenwood Homes (UPR) Ltd of which N Jarvis is a director.

'Other debtors' includes the sum of £20,611 (2021: £20,611) owed by E O'Connor who is related to N Jarvis.

'Other debtors' includes the sum of £271 (2021: £271) owed by P O'Connor who is related to N Jarvis.

'Other debtors' includes the sum of £13 (2021: £nil) owed by Ashton Homes Ltd of which S J Dines, who is related to N Jarvis, is a director.

'Other debtors' includes the sum of £13 (2021: £nil) owed by Glenwood Homes (Surrey) Ltd of which N Jarvis is a director.

'Other debtors' includes the sum of £29,016 (2021: £nil) owed by Glenwood Investments Ltd of which N Jarvis is a director.

'Other debtors' includes the sum of £30 (2021: £nil) owed by Glenwood Residential Ltd of which N Jarvis is a director.

10.	ULTIMATE CONTROLLING PARTY