COMPANY REGISTRATION NO. 04859620 (England and Wales)
DIAMOND SECURITIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
DIAMOND SECURITIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
DIAMOND SECURITIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,919
1,682
Current assets
Trade and other receivables
4
116,190
83,341
Cash and cash equivalents
156,932
80,164
273,122
163,505
Current liabilities
5
(154,211)
(109,954)
Net current assets
118,911
53,551
Total assets less current liabilities
120,830
55,233
Non-current liabilities
6
(48,333)
(8,333)
Provisions for liabilities
(383)
(328)
Net assets
72,114
46,572
Equity
Called up share capital
7
2
2
Retained earnings
72,112
46,570
Total equity
72,114
46,572
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DIAMOND SECURITIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2020
31 August 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 June 2021 and are signed on its behalf by:
Mrs P Huntley
Director
Company Registration No. 04859620
DIAMOND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 3 -
1
Accounting policies
Company information
Diamond Securities Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for
security
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Property, plant and equipment
Property, plant and equipment
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
- 15% reducing balance
Computer equipment
- 15% reducing balance
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DIAMOND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
24
29
DIAMOND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 5 -
3
Property, plant and equipment
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 September 2019
3,762
540
4,302
Additions
458
458
At 31 August 2020
4,220
540
4,760
Depreciation and impairment
At 1 September 2019
2,573
47
2,620
Depreciation charged in the year
178
43
221
At 31 August 2020
2,751
90
2,841
Carrying amount
At 31 August 2020
1,469
450
1,919
At 31 August 2019
1,189
493
1,682
4
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Trade receivables
52,823
78,770
Amounts owed by group undertakings
41,586
Other receivables
21,781
4,571
116,190
83,341
5
Current liabilities
2020
2019
£
£
Bank loans and overdrafts
1,667
5,000
Trade payables
11,601
5,709
Amounts due to group undertakings
45,178
13,998
Other taxation and social security
92,936
77,340
Other payables
2,829
7,907
154,211
109,954
DIAMOND SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 6 -
6
Non-current liabilities
2020
2019
£
£
Bank loans and overdrafts
48,333
8,333
Amounts included above which fall due after five years are as follows:
Payable by instalments
8,333
-
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
8
Parent company
Diamond Securities Limited is a subsidiary of Cautela Holdings Ltd who's registered office is c/o UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW