Company registration number 04090477 (England and Wales)
BLUE DIAMOND PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BLUE DIAMOND PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
BLUE DIAMOND PRODUCTS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,653,851
1,675,358
Current assets
Stocks
3,678,903
5,646,931
Debtors
6
1,221,643
1,918,936
Cash at bank and in hand
4,133
287,334
4,904,679
7,853,201
Creditors: amounts falling due within one year
7
(3,820,693)
(6,452,933)
Net current assets
1,083,986
1,400,268
Total assets less current liabilities
2,737,837
3,075,626
Creditors: amounts falling due after more than one year
8
(189,229)
(615,299)
Net assets
2,548,608
2,460,327
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
2,547,608
2,459,327
Total equity
2,548,608
2,460,327
BLUE DIAMOND PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
For the financial year ended 30 November 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
B Turner
Director
Company registration number 04090477 (England and Wales)
BLUE DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
Blue Diamond Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Brick Park, Bretfield Court, Bretton Street Industrial Estate, Dewsbury, WF12 9BY.
The principal activity of the Company continued to be that of camping and outdoor equipment.
1.1
Accounting convention
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
BLUE DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and machinery
20% straight line
Motor vehicles
25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase using an average cost method.
At each reporting date, an assessment is made for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
BLUE DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BLUE DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
BLUE DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
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.
The judgements and estimates with the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit rating, previous experience of recoverability and where applicable the ability of the asset to be operated as planned.
(ii) Determining residual values and useful economic lives of tangible fixed assets
The company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectation about future use and thus requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a wide variety of factors including technological innovation, product life cycles and maintenance programmes to plant and machinery.
Judgement is also applied when determining the residual values for fixed assets. When determining the residual value the directors have assessed the amount that the company would currently obtain for the disposal of the asset if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
(iii) Determining the future demand of stock items to calculate a stock provision
In determining whether a stock provision is required, the directors have considered both internal and external sources of information including quantity of stock held, current orders of the stock item, historic saleability of the stock item and wider market conditions. Where there is evidence that the ability of a stock item to be sold is reduced (for example due to physical damage or obsolescence) an appropriate revision to the realisable value is made. Where this is less than the cost of the stock item, an expense is recognised in the statement of comprehensive income.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
21
BLUE DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
228,730
Amortisation and impairment
At 1 December 2023 and 30 November 2024
228,730
Carrying amount
At 30 November 2024
At 30 November 2023
5
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
1,520,872
485,148
141,737
2,147,757
Additions
57,080
2,146
59,226
Disposals
(11,286)
(19,882)
(31,168)
At 30 November 2024
1,566,666
487,294
121,855
2,175,815
Depreciation and impairment
At 1 December 2023
393,304
79,095
472,399
Depreciation charged in the year
29,455
35,437
64,892
Eliminated in respect of disposals
(15,327)
(15,327)
At 30 November 2024
422,759
99,205
521,964
Carrying amount
At 30 November 2024
1,566,666
64,535
22,650
1,653,851
At 30 November 2023
1,520,872
91,844
62,642
1,675,358
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,060,204
1,760,756
Amounts owed by group undertakings and undertakings in which the company has a participating interest
56,034
31,844
Other debtors
92,114
126,336
1,208,352
1,918,936
BLUE DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
6
Debtors
(Continued)
- 9 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
13,291
Total debtors
1,221,643
1,918,936
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
672,788
969,991
Trade creditors
300,867
271,634
Taxation and social security
391,228
561,695
Other creditors
2,455,810
4,649,613
3,820,693
6,452,933
The company is subject to a fixed and floating charge with HSBC Bank plc over all assets dated 16 May 2013.
The company entered a general pledge with HSBC Bank plc on 25 March 2014.
The invoice financing creditor is secured by way of a fixed and floating charge and negative pledge dated 18 December 2019.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
165,009
572,509
Other creditors
24,220
42,790
189,229
615,299
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
BLUE DIAMOND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
10
Related party transactions
Amounts owed by companies under common control at the year end totalled £56,034 (2023: £31,844). Amounts owed to companies under common control at the year end totalled £74,420 (2023: £74,420).
Fixed asset additions of £nil were purchased from a connected company by virtue of common directorship during the period (2023: £39,650).
At the year end amounts due to the directors' from the Company totalled £404,033 (2023: £502,477) which is included in other creditors. Amounts due from the directors' to the Company totalled £nil (2023: £nil) which is included within other debtors.
Dividends totalling £nil were paid to the directors during the period (2023: £nil).
The directors’ loan accounts where these balances have arisen are active accounts with both payments and receipts as such balances are always repayable on demand. At the year end, the directors loan accounts were overdrawn by £15,503.
During the year the Company paid rent to a connected pension fund of £128,863 (2023: £80,000).
11
Parent company
The ultimate controlling party is Mr B Turner by virtue of his majority shareholding.
2024-11-302023-12-01falsefalsefalse17 February 2025CCH SoftwareCCH Accounts Production 2024.310The Company's principal activities are that of camping and outdoor equipment.
Brent TurnerMichael MaundrillB Turner040904772023-12-012024-11-30040904772024-11-30040904772023-11-3004090477core:LandBuildingscore:OwnedOrFreeholdAssets2024-11-3004090477core:PlantMachinery2024-11-3004090477core:MotorVehicles2024-11-3004090477core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-3004090477core:PlantMachinery2023-11-3004090477core:MotorVehicles2023-11-3004090477core:CurrentFinancialInstrumentscore:WithinOneYear2024-11-3004090477core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3004090477core:Non-currentFinancialInstrumentscore:AfterOneYear2024-11-3004090477core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3004090477core:CurrentFinancialInstruments2024-11-3004090477core:CurrentFinancialInstruments2023-11-3004090477core:Non-currentFinancialInstruments2024-11-3004090477core:Non-currentFinancialInstruments2023-11-3004090477core:ShareCapital2024-11-3004090477core:ShareCapital2023-11-3004090477core:RetainedEarningsAccumulatedLosses2024-11-3004090477core:RetainedEarningsAccumulatedLosses2023-11-3004090477bus:CompanySecretaryDirector12023-12-012024-11-3004090477core:Goodwill2023-12-012024-11-3004090477core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-012024-11-3004090477core:PlantMachinery2023-12-012024-11-3004090477core:MotorVehicles2023-12-012024-11-30040904772022-12-012023-11-3004090477core:NetGoodwill2023-11-3004090477core:NetGoodwill2024-11-3004090477core:NetGoodwill2023-11-3004090477core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-3004090477core:PlantMachinery2023-11-3004090477core:MotorVehicles2023-11-30040904772023-11-3004090477core:WithinOneYear2024-11-3004090477core:WithinOneYear2023-11-3004090477core:AfterOneYear2024-11-3004090477core:AfterOneYear2023-11-3004090477bus:PrivateLimitedCompanyLtd2023-12-012024-11-3004090477bus:SmallCompaniesRegimeForAccounts2023-12-012024-11-3004090477bus:FRS1022023-12-012024-11-3004090477bus:AuditExemptWithAccountantsReport2023-12-012024-11-3004090477bus:Director12023-12-012024-11-3004090477bus:Director22023-12-012024-11-3004090477bus:CompanySecretary12023-12-012024-11-3004090477bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP