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Registered number: 7112673
RADIANT DIAMONDS LIMITED
Unaudited Financial Statements
For The Year Ended 30 April 2024
JOHN BIRD
Chartered Accountants
26 Brookfield Street
Syston
LEICESTER
LE7 2AD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 7112673
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,752 4,542
Tangible Assets 5 46,626 11,643
50,378 16,185
CURRENT ASSETS
Stocks 6 563,048 547,754
Debtors 7 154,779 182,950
Cash at bank and in hand 122 435
717,949 731,139
Creditors: Amounts Falling Due Within One Year 8 (260,030 ) (362,979 )
NET CURRENT ASSETS (LIABILITIES) 457,919 368,160
TOTAL ASSETS LESS CURRENT LIABILITIES 508,297 384,345
Creditors: Amounts Falling Due After More Than One Year 9 (103,609 ) (105,018 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (11,597 ) (2,155 )
NET ASSETS 393,091 277,172
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 392,991 277,072
SHAREHOLDERS' FUNDS 393,091 277,172
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs C J Onguc
Director
31/01/2025
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
RADIANT DIAMONDS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 7112673 . The registered office is 25 Loseby Lane, Leicester, LE1 5DR. The financial statements are presented in Sterling, which is the functional currency of the company.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the company's brand name and trade marks. They are amortised to profit and loss account over their estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the period of the lease
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 4 years straight line
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Basic financial assets and liabilities, including debtors, creditors, bank loans and borrowings are initially recognised at transaction price including transaction cost unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts/payments discounted at a market rate of interest. Financial assets and liabilities classified as receivable/payable within one year are not amortised.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.9. Pensions
The company operates two defined pension contribution schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets of the pension schemes are held separately from those of the company in independently administered funds.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Other
£
Cost
As at 1 May 2023 8,719
As at 30 April 2024 8,719
Amortisation
As at 1 May 2023 4,177
Provided during the period 790
As at 30 April 2024 4,967
Net Book Value
As at 30 April 2024 3,752
As at 1 May 2023 4,542
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 May 2023 17,774 12,416 - 45,706
Additions - - 48,190 494
As at 30 April 2024 17,774 12,416 48,190 46,200
Depreciation
As at 1 May 2023 17,774 10,466 - 36,487
Provided during the period - 390 12,048 1,943
As at 30 April 2024 17,774 10,856 12,048 38,430
Net Book Value
As at 30 April 2024 - 1,560 36,142 7,770
As at 1 May 2023 - 1,950 - 9,219
Computer Equipment Total
£ £
Cost
As at 1 May 2023 6,120 82,016
Additions 1,271 49,955
As at 30 April 2024 7,391 131,971
Depreciation
As at 1 May 2023 5,646 70,373
Provided during the period 591 14,972
As at 30 April 2024 6,237 85,345
Net Book Value
As at 30 April 2024 1,154 46,626
As at 1 May 2023 474 11,643
6. Stocks
2024 2023
£ £
Materials 563,048 547,754
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,636 21,663
Prepayments and accrued income 3,826 10,642
Other debtors 16 16
Loan to directors 111,925 111,925
VAT recoverable - 2,328
Corporation tax recoverable assets 36,376 36,376
154,779 182,950
The total debtors figure is inclusive of amounts totalling £36,892 (2023: - £37,056) falling due after more than one year.
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 93,473 208,472
Bank loans and overdrafts 35,008 35,006
Corporation tax 62,216 11,268
Other taxes and social security 7,251 2,092
HP creditor 9,598 -
Other creditors (3) 19,810 33,271
Bank overdraft 12,618 34,445
Accruals and deferred income 9,876 17,719
Directors' loan accounts 10,180 20,706
260,030 362,979
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 70,016 105,018
H P Creditor 33,593 -
103,609 105,018
The commercial loans were secured by a floating charge over the diamond stock of the company.
The bank loan outstanding at the reporting date includes instalments due after more than five years of £Nil (2023: £Nil). The bank loan is secured by a fixed and floating charge over the company's assets.
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10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 11,597 2,155
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mrs Carli Onguc 55,963 1,399 1,399 - -
Mr Ercan Onguc 55,962 1,399 1,399 - -
The above loans are unsecured and repayable on demand.Interest is charged on a monthly basis at a rate of 2.5% per annum. During the financial year interest of £2,798 (2023 - £2,810) was due and paid.
Dividends paid to directors
2024 2023
£ £
Mrs C J Onguc 40,777 40,884
Mr E Onguc 40,777 40,884
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