Company Registration No. 04653042 (England and Wales)
AMC DIAMONDS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
AMC DIAMONDS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AMC DIAMONDS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,068
1,439
Current assets
Stocks
614,113
553,067
Debtors
821,273
732,754
Cash at bank and in hand
145,853
156,788
1,581,239
1,442,609
Creditors: amounts falling due within one year
(1,492,954)
(1,325,026)
Net current assets
88,285
117,583
Total assets less current liabilities
89,353
119,022
89,353
119,022
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
88,353
118,022
Shareholders' funds
89,353
119,022
For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has 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 24 June 2015
Mr D Parnas
Director
Company Registration No. 04653042
AMC DIAMONDS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
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% reducing balance
Fixtures and fittings
25% reducing balance
1.4
Stock
Stock is valued at the lower of cost and net realisable value.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.7
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or forward commitments associated with commodity sales.
AMC DIAMONDS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2014 & at 31 December 2014
11,636
Depreciation
At 1 January 2014
10,197
Charge for the year
371
At 31 December 2014
10,568
Net book value
At 31 December 2014
1,068
At 31 December 2013
1,439
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
490 Ordinary A shares of £1 each
490
490
510 Ordinary B shares of £1 each
510
510
1,000
1,000
The Ordinary A and Ordinary B shares rank pari passu in all respects, except that the A shares are entitled to an annual dividend.
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