Diamond Wight Building & Prop Servi Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06903292 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

DIAMOND WIGHT BUILDING & PROPERTY

SERVICES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Hodges

M Hodges

SECRETARY:

Ms L Peach

REGISTERED OFFICE:

24 Landport Terrace

Portsmouth

Hampshire

PO1 2RG

REGISTERED NUMBER:

06903292 (England and Wales)

ACCOUNTANTS:

Leonard Gold

Chartered Accountants

24 Landport Terrace

Portsmouth

Hampshire

PO1 2RG

FIXED ASSETS

Tangible assets

4

22,607

28,088

Investment property

5

190,000

190,000

212,607

218,088

CURRENT ASSETS

Stocks

30,000

30,000

Debtors

6

166,539

91,623

Cash at bank

1

1

196,540

121,624

CREDITORS

Amounts falling due within one year

7

169,608

96,793

NET CURRENT ASSETS

26,932

24,831

TOTAL ASSETS LESS CURRENT LIABILITIES

239,539

242,919

CREDITORS

Amounts falling due after more than one year

8

(25,029

)

(33,161

)

PROVISIONS FOR LIABILITIES

(4,296

)

(5,618

)

NET ASSETS

210,214

204,140

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

60,778

60,778

Retained earnings

149,336

143,262

SHAREHOLDERS' FUNDS

210,214

204,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 18 April 2018 and were signed on its behalf by:

M Hodges - Director

G Hodges - Director

1.	STATUTORY INFORMATION

Diamond Wight Building & Property Services Ltd 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 as modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in

respect of goods and services supplied during the period, exclusive of vat and trade discount.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Land is not depreciated.

The directors consider that due to the continuing maintenance of the buildings, a depreciation charge

would be immaterial to the accounts.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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.

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.

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 8 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

Equipment

vehicles

Totals

£

£

£

£

COST

At 1 June 2016

34,129

9,264

28,519

71,912

Additions

1,324

572

-

1,896

At 31 May 2017

35,453

9,836

28,519

73,808

DEPRECIATION

At 1 June 2016

21,390

4,305

18,129

43,824

Charge for year

3,445

1,333

2,599

7,377

At 31 May 2017

24,835

5,638

20,728

51,201

NET BOOK VALUE

At 31 May 2017

10,618

4,198

7,791

22,607

At 31 May 2016

12,739

4,959

10,390

28,088

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2016

and 31 May 2017

190,000

NET BOOK VALUE

At 31 May 2017

190,000

At 31 May 2016

190,000

Fair value at 31 May 2017 is represented by:

£

Valuation in 2015

60,778

Cost

129,222

190,000

If investment property had not been revalued they would have been included at the following historical

cost:

2017

2016

£

£

Cost

120,194

120,194

Investment property was valued on an open market basis on 31 May 2016 by the Directors of the company.

.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

38,798

40,382

Other debtors

122,147

22,993

Directors' current accounts

-

23,196

Corporation Tax recoverable

2,329

2,329

Prepayments and accrued income

3,265

2,723

166,539

91,623

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

14,688

9,986

Trade creditors

35,903

38,221

Corporation tax

41,818

28,568

Social security and other taxes

27,341

2,059

VAT

27,369

8,794

Other creditors

2,761

4,815

Intercompany account

12,904

-

Directors' current accounts

2,614

-

Accruals and deferred income

4,210

4,350

169,608

96,793

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loan - 1-2 years

25,029

33,161

9.

RESERVES

Revaluation

reserve

£

At 1 June 2016

and 31 May 2017

60,778

10.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 May 2017 are the first financial statements that

comply with FRS 102 Section 1A "Small Entities". The date of transition is 1 June 2015.

The transition to FRS 102 Section 1A "Small Entities" has not resulted in any changes in accounting

policies to those used previously.

There are no reconciling items to report in either equity or profit during the transitional period to FRS

102 Section 1A "Small Entities".