Diamond Property Holdings Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02351002 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

FOR

DIAMOND PROPERTY HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

K J Diamond

SECRETARY:

Mrs A Diamond

REGISTERED OFFICE:

Hancock House

34A Jewry Street

Winchester

Hampshire

SO23 8RY

REGISTERED NUMBER:

02351002 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

BANKERS:

HSBC Bank PLC

6 Commercial Way

Woking

Surrey

GU21 1EZ

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

100

100

100

100

CURRENT ASSETS

Debtors

6

1,648,733

1,564,833

Cash at bank and in hand

344,252

290,240

1,992,985

1,855,073

CREDITORS

Amounts falling due within one year

7

265,703

228,120

NET CURRENT ASSETS

1,727,282

1,626,953

TOTAL ASSETS LESS CURRENT LIABILITIES

1,727,382

1,627,053

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,727,282

1,626,953

SHAREHOLDERS' FUNDS

1,727,382

1,627,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 March 2018 and were signed by:

K J Diamond - Director

1.	STATUTORY INFORMATION

Diamond Property Holdings 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In preparing the accounts, the director has considered whether when applying the accounting policies

required by FRS102, restatements of comparative items were required. No such items have been

identified that require restatement.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 June 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 July 2015.

Turnover

Turnover represents the amount derived from ordinary activities and is stated net of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment 3 years straight line

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated

depreciation and impairment losses.

Financial instruments

Basic financial instruments are initially measured at the transaction price, unless the arrangement

constitutes a financing transaction, when it is measured at the present value of the future repayments

discounted at a market rate of interest for a similar debt instrument. Debt instruments are

subsequently measured at amortised 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

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

period of the lease.

Investments

Investments are included at cost less amounts written off. Profits or losses arising from disposals of

fixed asset investments are treated as part of the result from ordinary activities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 July 2016

and 30 June 2017

20,704

DEPRECIATION

At 1 July 2016

and 30 June 2017

20,704

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

-

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2016

and 30 June 2017

100

NET BOOK VALUE

At 30 June 2017

100

At 30 June 2016

100

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

33,341

42,713

Amounts owed by group undertakings

235,000

235,000

Other debtors

1,123,320

1,030,048

1,391,661

1,307,761

Amounts falling due after more than one year:

Other debtors

257,072

257,072

Aggregate amounts

1,648,733

1,564,833

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

20,059

Trade creditors

10,257

6,880

Amounts owed to group undertakings

189,465

144,635

Taxation and social security

54,648

40,938

Other creditors

11,333

15,608

265,703

228,120

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

-

20,059

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

K J Diamond

Balance outstanding at start of year

(2,859

)

35,141

Amounts advanced

5,181

52,000

Amounts repaid

-

(90,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,322

(2,859

)

No interest has been charged on the loan.

During the year the company incurred redevelopment project costs totalling £8,450 in respect of land

attached to Overcross House, a property owned by a close family member of the Director Mr K J

Diamond.

10.	RELATED PARTY DISCLOSURES

Diamond Property Holdings

A partnership of the Director and his wife

During the year Diamond Property Holdings Ltd charged Diamond Property Holdings £276,000 (2016:

£185,750) in respect of management charges for the year and management charges of £186,000

(2016: £265,750) were received from the partnership. At the year end the company was owed

management charges totalling £997,000 (2016: 907,000).

In addition, payments totalling £15,170 (2016: £2,500) were made to the partnership by the company

during the year, and receipts totalling £60,000 (2016: £344,613) were received. The balance due to the

partnership on the inter-entity account at the year end was £189,465 (2016: 144,635).

2017 2016

£ £

Amount due from related party at the balance sheet date 807,535 762,365

RS Developments Perranporth Limited

Joint Venture

The balance due from RS Developments Perranporth Limited at the year end was £235,000 (2016:

£235,000).

During the year Diamond Property Holdings Limited charged RS Developments Perranporth Limited a

total of £3,060 (2016: £2,409) in respect of consultancy fees.

At the year end Diamond Property Holdings Limited was owed £30,544 (2016: 30,544) from RS

Developments Perranporth Limited in respect of the Perranporth Project from RS Developments

Perranporth Limited.

2017 2016

£ £

Amount due from related party at the balance sheet date 265,544265,544

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Director are not required to be filed with the Registrar

of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Diamond Property Holdings Limited for the year ended 30 June 2017 which

comprise the Income Statement, Balance Sheet, and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Diamond Property Holdings Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Diamond Property Holdings Limited and state those matters that we have agreed to state to the director of Diamond Property Holdings Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diamond Property Holdings Limited and its director for our work or for this report.

It is your duty to ensure that Diamond Property Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Diamond Property Holdings Limited. You consider that Diamond Property Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Diamond Property Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothman Pantall LLP

Chartered Accountants

Avebury House

St Peter Street

Winchester

Hampshire

SO23 8BN

27 March 2018