Blue Diamond I.T. Limited Filleted accounts for Companies House (small and micro)

BLUE DIAMOND I.T. LIMITED - Company Information

7 false false false false false false false false false true false false true true true true true true true true No description of principal activity 2020-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04510177 2020-05-01 2021-04-30 04510177 2021-04-30 04510177 2020-04-30 04510177 2019-05-01 2020-04-30 04510177 2020-04-30 04510177 core:FurnitureFittings 2020-05-01 2021-04-30 04510177 bus:Director1 2020-05-01 2021-04-30 04510177 core:FurnitureFittings 2020-04-30 04510177 core:FurnitureFittings 2021-04-30 04510177 core:WithinOneYear 2021-04-30 04510177 core:WithinOneYear 2020-04-30 04510177 core:ShareCapital 2021-04-30 04510177 core:ShareCapital 2020-04-30 04510177 core:CapitalRedemptionReserve 2021-04-30 04510177 core:CapitalRedemptionReserve 2020-04-30 04510177 core:RetainedEarningsAccumulatedLosses 2021-04-30 04510177 core:RetainedEarningsAccumulatedLosses 2020-04-30 04510177 core:FurnitureFittings 2020-04-30 04510177 bus:SmallEntities 2020-05-01 2021-04-30 04510177 bus:AuditExemptWithAccountantsReport 2020-05-01 2021-04-30 04510177 bus:FullAccounts 2020-05-01 2021-04-30 04510177 bus:SmallCompaniesRegimeForAccounts 2020-05-01 2021-04-30 04510177 bus:PrivateLimitedCompanyLtd 2020-05-01 2021-04-30 04510177 core:OfficeEquipment 2020-05-01 2021-04-30 04510177 core:OfficeEquipment 2021-04-30 04510177 core:OfficeEquipment 2020-04-30

COMPANY REGISTRATION NUMBER: 04510177

BLUE DIAMOND I.T. LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2021

BLUE DIAMOND I.T. LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

BLUE DIAMOND I.T. LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		52		65

CURRENT ASSETS

Debtors	6	98,792	100,049
Cash at bank and in hand		452,852	340,905
		---------	---------
		551,644	440,954

CREDITORS: amounts falling due within one year	7	268,323		215,293
		---------		---------
NET CURRENT ASSETS			283,321		225,661
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			283,373		225,726
			---------		---------
NET ASSETS			283,373		225,726
			---------		---------

CAPITAL AND RESERVES

Called up share capital	66	66
Capital redemption reserve	33	33
Profit and loss account	283,274	225,627
	---------	---------
SHAREHOLDERS FUNDS	283,373	225,726
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

BLUE DIAMOND I.T. LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2021

These financial statements were approved by the board of directors and authorised for issue on 19 October 2021 , and are signed on behalf of the board by:

Mr M Shaffer

Director

Company registration number: 04510177

BLUE DIAMOND I.T. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Furniture and fixtures	-	20% reducing balance
Equipment	-	50% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2020: 8 ).

5. Tangible assets

	Furniture and fixtures	Equipment	Total
	£	£	£
Cost
At 1 May 2020 and 30 April 2021	1,944	35,405	37,349
	-------	--------	--------
Depreciation
At 1 May 2020	1,879	35,405	37,284
Charge for the year	13	–	13
	-------	--------	--------
At 30 April 2021	1,892	35,405	37,297
	-------	--------	--------
Carrying amount
At 30 April 2021	52	–	52
	-------	--------	--------
At 30 April 2020	65	–	65
	-------	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	75,834	74,212
Other debtors	22,958	25,837
	--------	---------
	98,792	100,049
	--------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	49,369	24,565
Corporation tax	76,606	72,430
Social security and other taxes	51,947	47,744
Other creditors	90,401	70,554
	---------	---------
	268,323	215,293
	---------	---------