Blue A Ltd |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Company information |
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Blue A Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Handford Court, Watford, Hertfordshire, WD25 9EJ. |
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Accounting convention |
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These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
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Turnover |
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Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% Reducing balance |
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Computer equipment |
33% Reducing balance |
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Motor vehicles |
25% Reducing balance |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale |
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proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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Impairment of fixed assets |
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At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Cash and cash equivalents |
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Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Judgements and key sources of estimation uncertainty |
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In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
15 |
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13 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 April 2023 |
80,162 |
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218,197 |
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298,359 |
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Additions |
4,343 |
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36,894 |
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41,237 |
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At 31 March 2024 |
84,505 |
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255,091 |
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339,596 |
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Depreciation |
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At 1 April 2023 |
50,296 |
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138,360 |
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188,656 |
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Charge for the year |
8,854 |
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19,884 |
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28,738 |
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At 31 March 2024 |
59,150 |
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158,244 |
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217,394 |
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Net book value |
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At 31 March 2024 |
25,355 |
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96,847 |
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122,202 |
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At 31 March 2023 |
29,866 |
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79,837 |
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109,703 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
54,169 |
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41,829 |
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Amounts owed by group undertakings |
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181,408 |
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171,408 |
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Staff loans |
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4,700 |
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- |
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Other debtors |
22,956 |
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20,625 |
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263,233 |
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233,862 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Obligations under finance lease and hire purchase contracts |
13,890 |
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10,451 |
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Trade creditors |
51,496 |
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33,605 |
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Taxation and social security costs |
118,148 |
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45,367 |
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Other creditors |
4,843 |
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10,119 |
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188,377 |
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99,542 |
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6 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Bank loans |
26,158 |
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36,667 |
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Obligations under finance lease and hire purchase contracts |
57,324 |
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52,371 |
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83,482 |
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89,038 |
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7 |
Other financial commitments |
2024 |
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2023 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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27,330 |
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27,330 |
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8 |
Other information |
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Blue A Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 1 |
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Handford Court |
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Watford |
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Hertfordshire |
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WD25 9EJ |