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2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC414828
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COMPANY REGISTRATION NUMBER:
SC414828
Duradiamond Software Limited |
|
Filleted Unaudited Financial Statements |
|
Duradiamond Software Limited |
|
Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
|
16,092 |
22,378 |
|
|
|
|
|
Current assets
Stocks |
14,043 |
|
5,280 |
Debtors |
6 |
191,789 |
|
197,616 |
Cash at bank and in hand |
591 |
|
26,751 |
|
--------- |
|
--------- |
|
206,423 |
|
229,647 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
103,223 |
|
296,505 |
|
--------- |
|
--------- |
Net current assets/(liabilities) |
|
103,200 |
(
66,858) |
|
|
--------- |
-------- |
Total assets less current liabilities |
|
119,292 |
(
44,480) |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
714,547 |
473,639 |
|
|
--------- |
--------- |
Net liabilities |
|
(
595,255) |
(
518,119) |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
131 |
118 |
Share premium account |
|
499,971 |
249,995 |
Profit and loss account |
|
(
1,095,357) |
(
768,232) |
|
|
------------ |
--------- |
Shareholders deficit |
|
(
595,255) |
(
518,119) |
|
|
------------ |
--------- |
|
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31 January 2024 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
8 March 2024
, and are signed on behalf of the board by:
Mr J P Pugh |
Mr E A Wardman |
Director |
Director |
|
|
Company registration number:
SC414828
Duradiamond Software Limited |
|
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Steadings Laigh of Rossie, Whitemoss Road, Dunning, PH2 0QY, Perthshire.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. See note titled Going concern for further information.
Research and development
Research and development expenditure is recognised in the profit and loss account in the period in which it is incurred.
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.
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:
|
Fixtures and fittings |
- |
15% reducing balance |
|
Equipment |
- |
33% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors, taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2023:
13
).
5.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 February 2023 |
5,104 |
43,396 |
48,500 |
Additions |
– |
560 |
560 |
|
------- |
-------- |
-------- |
At 31 January 2024 |
5,104 |
43,956 |
49,060 |
|
------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 February 2023 |
1,666 |
24,456 |
26,122 |
Charge for the year |
516 |
6,330 |
6,846 |
|
------- |
-------- |
-------- |
At 31 January 2024 |
2,182 |
30,786 |
32,968 |
|
------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 January 2024 |
2,922 |
13,170 |
16,092 |
|
------- |
-------- |
-------- |
At 31 January 2023 |
3,438 |
18,940 |
22,378 |
|
------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
74,052 |
34,731 |
Other debtors |
117,737 |
162,885 |
|
--------- |
--------- |
|
191,789 |
197,616 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
51,787 |
11,898 |
Trade creditors |
10,213 |
6,360 |
Social security and other taxes |
40,818 |
25,457 |
Other creditors |
405 |
252,790 |
|
--------- |
--------- |
|
103,223 |
296,505 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
11,507 |
23,715 |
Other creditors |
703,040 |
449,924 |
|
--------- |
--------- |
|
714,547 |
473,639 |
|
--------- |
--------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.01 each |
13,072 |
131 |
11,800 |
118 |
|
-------- |
---- |
-------- |
---- |
|
|
|
|
|
10.
Deferred tax asset
There is an unrecognised deferred tax asset of £41,861 (2023: £30,642). This arises as a result of losses carried forward. Losses can only be offset against future profits, which cannot be determined with certainty.
11.
Going concern
The Directors have reviewed the Company's forecasts and projections, taking into account reasonably possible changes in trading performance, which show that the Company has sufficient financial resources. The Company continues to increase turnover and reduce operating costs. The directors of the Company are actively seeking investment to facilitate ongoing growth. The shareholders have formally confirmed they will continue to provide financial support for the ongoing operations of the Company for the twelve months following the date of signature. The shareholders do not intend to call amounts outstanding within that period. On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company continues to adopt the going concern basis in preparing these financial statements.