DIAMOND_DEVELOPMENTS_(NE) - Accounts

DIAMOND DEVELOPMENTS (NE) LIMITED - Company Information

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Company Registration No. 06323526 (England and Wales)

DIAMOND DEVELOPMENTS (NE) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2016

DIAMOND DEVELOPMENTS (NE) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

DIAMOND DEVELOPMENTS (NE) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

306,935

613,895

Current assets

Debtors

726

Cash at bank and in hand

18,039

119,959

18,039

120,685

Creditors: amounts falling due within one year

(1,131)

(71,849)

Net current assets

16,908

48,836

Total assets less current liabilities

323,843

662,731

Creditors: amounts falling due after more than one year

(287,056)

(693,667)

36,787

(30,936)

Capital and reserves

Called up share capital

100

Profit and loss account

36,687

(31,036)

Shareholders' funds

36,787

(30,936)

For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

Approved by the Board for issue on 4 March 2017

Mr P Naylor

Director

Company Registration No. 06323526

DIAMOND DEVELOPMENTS (NE) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company meets its day to day working capital requirements through cash resources and the support of its director. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover comprises revenue recognised by the company in respect of rents receivable on property leases and property developments.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties valued by the director on an existing use open market value basis, which currently equates to the cost of construction. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33.3% straight line

Fixtures, fittings & equipment

20% straight line

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

DIAMOND DEVELOPMENTS (NE) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 August 2015

676,062

Disposals

(306,217)

At 31 July 2016

369,845

Depreciation

At 1 August 2015

62,167

Charge for the year

743

At 31 July 2016

62,910

Net book value

At 31 July 2016

306,935

At 31 July 2015

613,895

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £53,530).

Share capital

2016

2015

Allotted, called up and fully paid

100 ordinary shares of £1 each

100

Ultimate parent company

The ultimate controlling party is P J P Naylor, the sole director of the company.

Related party relationships and transactions

DIAMOND DEVELOPMENTS (NE) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

Related party relationships and transactions

(Continued)

- 4 -

Loans from directors

The following directors made interest free loans to the company during the year. The movement on these loans are as follows:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr P Naylor -

693,667

66,865

473,476

287,056

693,667

66,865

473,476

287,056