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Diemasters Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2013
 

Registration number: 02752416

 

Diemasters Limited
Contents

Abbreviated Balance Sheet

1 to 2

Notes to the Abbreviated Accounts

3 to 5

 

Diemasters Limited (Registration number: 02752416)
Abbreviated Balance Sheet
at 31 October 2013

 

Note

   

2013

   

2012

 
 

£

   

£

   

£

   

£

 

Fixed assets

 

   

   

   

   

 

Tangible fixed assets

 

   

   

63,981

   

   

70,186

 

Current assets

 

   

   

   

   

 

Stocks

 

   

45,000

   

   

35,000

   

 

Debtors

 

   

215,290

   

   

101,812

   

 

Cash at bank and in hand

 

   

2,321

   

   

-

   

 

 

   

262,611

   

   

136,812

   

 

Creditors: Amounts falling due within one year

 

   

(220,918)

   

   

(259,258)

   

 

Net current assets/(liabilities)

 

   

   

41,693

   

   

(122,446)

 

Total assets less current liabilities

 

   

   

105,674

   

   

(52,260)

 

Creditors: Amounts falling due after more than one year

 

   

   

(40,984)

   

   

(66,960)

 

Net assets/(liabilities)

 

   

   

64,690

   

   

(119,220)

 

Capital and reserves

 

   

   

   

   

 

Called up share capital

 

4

   

60,000

   

   

60,000

   

 

Profit and loss account

 

   

4,690

   

   

(179,220)

   

 

Shareholders' funds/(deficit)

 

   

   

64,690

   

   

(119,220)

 

For the year ending 31 October 2013 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.

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 2013

Approved by the director on 23 July 2014

.........................................
Ms P 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 2013......... 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.

 

Diemasters Limited
Notes to the Abbreviated Accounts
for the Year Ended 31 October 2013......... continued

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.

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 November 2012

 

597,543

   

597,543

 

Additions

 

4,578

   

4,578

 

At 31 October 2013

 

602,121

   

602,121

 

Depreciation

           

At 1 November 2012

 

527,357

   

527,357

 

Charge for the year

 

10,783

   

10,783

 

At 31 October 2013

 

538,140

   

538,140

 

Net book value

           

At 31 October 2013

 

63,981

   

63,981

 

At 31 October 2012

 

70,186

   

70,186

 

3

Creditors

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

 

2013
£

   

2012
£

 

 

   

 

Amounts falling due within one year

 

13,662

   

83,928

 

Amounts falling due after more than one year

 

40,246

   

51,563

 

Total secured creditors

 

53,908

   

135,491

 
 

Diemasters Limited
Notes to the Abbreviated Accounts
for the Year Ended 31 October 2013......... continued

4

Share capital

Allotted, called up and fully paid shares

 

2013

2012

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

60,000

   

60,000

   

60,000

   

60,000

 
                         

5

Related party transactions

Director's advances and credits

 

2013
Advance/ Credit
£

2013
Repaid
£

2012
Advance/ Credit
£

2012
Repaid
£

Ms P Hancock

Credit

39,569

8,677

30,892

1,635