Diemasters Limited - Period Ending 2012-10-31

Diemasters Limited (Registration number: 02752416)
Abbreviated Balance Sheet
at 31 October 2012

		Note		2012				2011
	£		£		£		£
Fixed assets
Tangible fixed assets						70,186			81,397
Current assets
Stocks				35,000				35,000
Debtors				101,812				42,725
				136,812				77,725
Creditors: Amounts falling due within one year				(259,258)				(235,915)
Net current liabilities						(122,446)			(158,190)
Total assets less current liabilities						(52,260)			(76,793)
Creditors: Amounts falling due after more than one year						(66,960)			(104,136)
Net liabilities						(119,220)			(180,929)
Capital and reserves
Called up share capital		4		60,000				60,000
Profit and loss account				(179,220)				(240,929)
Shareholders' deficit						(119,220)			(180,929)

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Diemasters Limited (Registration number: 02752416)
Abbreviated Balance Sheet
at 31 October 2012

For the year ending 31 October 2012 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 28 October 2013

.........................................
Pauline Hancock
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Diemasters Limited
Notes to the Abbreviated Accounts
for the Year Ended 31 October 2012......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and Buildings	10% straight line basis
Plant and Machinery	10% straight line basis

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

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Diemasters Limited
Notes to the Abbreviated Accounts
for the Year Ended 31 October 2012......... continued

2	Fixed assets

	Tangible assets £	Total £
Cost
At 1 November 2011	590,003	590,003
Additions	7,540	7,540
At 31 October 2012	597,543	597,543
Depreciation
At 1 November 2011	508,606	508,606
Charge for the year	18,751	18,751
At 31 October 2012	527,357	527,357
Net book value
At 31 October 2012	70,186	70,186
At 31 October 2011	81,397	81,397

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2012 £	2011 £

Amounts falling due within one year	83,928	74,999
Amounts falling due after more than one year	51,563	65,642
Total secured creditors	135,491	140,641

4	Share capital

Allotted, called up and fully paid shares

	2012			2011
		No.	£		No.	£
Ordinary shares of £1 each		60,000	60,000		60,000	60,000

5	Related party transactions

Director's advances and credits

	2012 Advance/ Credit £	2012 Repaid £	2011 Advance/ Credit £	2011 Repaid £
Pauline Hancock

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Diemasters Limited
Notes to the Abbreviated Accounts
for the Year Ended 31 October 2012......... continued

Credit	30,892	1,635	29,257	-

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