OWEN_&_DIAMOND_LIMITED - Accounts


Company Registration No. 04682819 (England and Wales)
OWEN & DIAMOND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
OWEN & DIAMOND LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OWEN & DIAMOND LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,331
23,561
Current assets
Stocks
1,915,091
1,814,172
Debtors
5
37,235
129,016
Cash at bank and in hand
1,302,802
1,006,461
3,255,128
2,949,649
Creditors: amounts falling due within one year
6
(199,006)
(183,947)
Net current assets
3,056,122
2,765,702
Total assets less current liabilities
3,077,453
2,789,263
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
3,077,353
2,789,163
Total equity
3,077,453
2,789,263

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2019 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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 26 September 2019 and are signed on its behalf by:
Mr H Diamond
Director
Company Registration No. 04682819
OWEN & DIAMOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information

Owen & Diamond Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.

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 amounts 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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable from sale of jewellery provided in the normal course of business, and is shown net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

OWEN & DIAMOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

OWEN & DIAMOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2018 - 18).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
162,750
Amortisation and impairment
At 1 April 2018 and 31 March 2019
162,750
Carrying amount
At 31 March 2019
-
At 31 March 2018
-
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2018
7,621
74,331
81,952
Additions
-
3,109
3,109
At 31 March 2019
7,621
77,440
85,061
Depreciation and impairment
At 1 April 2018
7,519
50,872
58,391
Depreciation charged in the year
25
5,314
5,339
At 31 March 2019
7,544
56,186
63,730
Carrying amount
At 31 March 2019
77
21,254
21,331
At 31 March 2018
102
23,459
23,561
OWEN & DIAMOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,074
113,432
Prepayments and accrued income
36,161
15,584
37,235
129,016
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
9,257
8,972
Amounts owed to group undertakings
44,576
44,576
Corporation tax
91,574
92,078
Other taxation and social security
38,754
16,547
Other creditors
562
7,244
Accruals and deferred income
14,283
14,530
199,006
183,947
7
Called up share capital
2019
2018
£
£
Issued and fully paid
26 Ordinary A shares of £1 each
26
26
24 Ordinary B shares of £1 each
24
24
50 Ordinary C shares of £1 each
50
50
100
100
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2019
2018
£
£
55,000
62,000
2019-03-312018-04-01false15 October 2019CCH SoftwareCCH Accounts Production 2019.301No description of principal activityMr H DiamondMrs C DiamondMrs C Diamond046828192018-04-012019-03-31046828192019-03-31046828192018-03-3104682819core:PlantMachinery2019-03-3104682819core:FurnitureFittings2019-03-3104682819core:PlantMachinery2018-03-3104682819core:FurnitureFittings2018-03-3104682819core:CurrentFinancialInstrumentscore:WithinOneYear2019-03-3104682819core:CurrentFinancialInstrumentscore:WithinOneYear2018-03-3104682819core:CurrentFinancialInstruments2019-03-3104682819core:CurrentFinancialInstruments2018-03-3104682819core:ShareCapital2019-03-3104682819core:ShareCapital2018-03-3104682819core:RetainedEarningsAccumulatedLosses2019-03-3104682819core:RetainedEarningsAccumulatedLosses2018-03-3104682819core:ShareCapitalOrdinaryShares2019-03-3104682819core:ShareCapitalOrdinaryShares2018-03-3104682819bus:Director12018-04-012019-03-3104682819core:PlantMachinery2018-04-012019-03-3104682819core:FurnitureFittings2018-04-012019-03-3104682819core:Goodwill2018-03-3104682819core:PlantMachinery2018-03-3104682819core:FurnitureFittings2018-03-31046828192018-03-3104682819bus:PrivateLimitedCompanyLtd2018-04-012019-03-3104682819bus:SmallCompaniesRegimeForAccounts2018-04-012019-03-3104682819bus:FRS1022018-04-012019-03-3104682819bus:AuditExemptWithAccountantsReport2018-04-012019-03-3104682819bus:Director22018-04-012019-03-3104682819bus:CompanySecretary12018-04-012019-03-3104682819bus:FullAccounts2018-04-012019-03-31xbrli:purexbrli:sharesiso4217:GBP