IC Blue Limited 04415750 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the sale and distribution of information technology components. Digita Accounts Production Advanced 6.30.9574.0 true 04415750 2023-09-01 2024-08-31 04415750 2024-08-31 04415750 bus:CompanySecretaryDirector2 1 2024-08-31 04415750 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-08-31 04415750 bus:OrdinaryShareClass2 bus:CumulativeShares 2024-08-31 04415750 core:CurrentFinancialInstruments 2024-08-31 04415750 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 04415750 core:Non-currentFinancialInstruments 2024-08-31 04415750 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 04415750 core:BetweenTwoFiveYears 2024-08-31 04415750 core:WithinOneYear 2024-08-31 04415750 core:FurnitureFittingsToolsEquipment 2024-08-31 04415750 core:LandBuildings 2024-08-31 04415750 core:MotorVehicles 2024-08-31 04415750 1 2024-08-31 04415750 bus:SmallEntities 2023-09-01 2024-08-31 04415750 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04415750 bus:FilletedAccounts 2023-09-01 2024-08-31 04415750 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04415750 bus:RegisteredOffice 2023-09-01 2024-08-31 04415750 bus:CompanySecretaryDirector2 2023-09-01 2024-08-31 04415750 bus:CompanySecretaryDirector2 1 2023-09-01 2024-08-31 04415750 bus:Director1 2023-09-01 2024-08-31 04415750 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-09-01 2024-08-31 04415750 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-09-01 2024-08-31 04415750 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04415750 core:Buildings 2023-09-01 2024-08-31 04415750 core:FurnitureFittings 2023-09-01 2024-08-31 04415750 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 04415750 core:LandBuildings 2023-09-01 2024-08-31 04415750 core:MotorVehicles 2023-09-01 2024-08-31 04415750 core:OfficeEquipment 2023-09-01 2024-08-31 04415750 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-09-01 2024-08-31 04415750 1 2023-09-01 2024-08-31 04415750 countries:EnglandWales 2023-09-01 2024-08-31 04415750 2023-08-31 04415750 bus:CompanySecretaryDirector2 1 2023-08-31 04415750 core:FurnitureFittingsToolsEquipment 2023-08-31 04415750 core:LandBuildings 2023-08-31 04415750 core:MotorVehicles 2023-08-31 04415750 2022-09-01 2023-08-31 04415750 2023-08-31 04415750 bus:CompanySecretaryDirector2 1 2023-08-31 04415750 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-08-31 04415750 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-08-31 04415750 core:CurrentFinancialInstruments 2023-08-31 04415750 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04415750 core:Non-currentFinancialInstruments 2023-08-31 04415750 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 04415750 core:BetweenTwoFiveYears 2023-08-31 04415750 core:WithinOneYear 2023-08-31 04415750 core:FurnitureFittingsToolsEquipment 2023-08-31 04415750 core:LandBuildings 2023-08-31 04415750 core:MotorVehicles 2023-08-31 04415750 1 2023-08-31 04415750 bus:CompanySecretaryDirector2 1 2022-09-01 2023-08-31 04415750 bus:CompanySecretaryDirector2 1 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04415750

IC Blue Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

IC Blue Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

IC Blue Limited

(Registration number: 04415750)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

264,089

307,467

Current assets

 

Stocks

5

1,163,240

1,089,625

Debtors

6

1,310,449

1,703,228

Cash at bank and in hand

 

51,314

495,513

 

2,525,003

3,288,366

Creditors: Amounts falling due within one year

7

(1,482,927)

(1,820,065)

Net current assets

 

1,042,076

1,468,301

Total assets less current liabilities

 

1,306,165

1,775,768

Creditors: Amounts falling due after more than one year

7

(91,667)

(191,667)

Provisions for liabilities

(23,493)

(32,983)

Net assets

 

1,191,005

1,551,118

Capital and reserves

 

Called up share capital

8

2,000

2,000

Retained earnings

1,189,005

1,549,118

Shareholders' funds

 

1,191,005

1,551,118

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

 

IC Blue Limited

(Registration number: 04415750)
Balance Sheet as at 31 August 2024 (continued)

.........................................
A Lucas
Director

 

IC Blue Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Neptune House
Neptune Street
Leeds
West Yorkshire
LS9 8PB

These financial statements were authorised for issue by the Board on 7 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

IC Blue Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

10% on reducing balance

Fixtures and fittings

15% and 20% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

33% on straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

IC Blue Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

IC Blue Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 39).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

57,444

480,743

166,797

704,984

Additions

21,927

4,697

-

26,624

At 31 August 2024

79,371

485,440

166,797

731,608

Depreciation

At 1 September 2023

6,567

313,704

77,245

397,516

Charge for the year

6,371

41,964

21,668

70,003

At 31 August 2024

12,938

355,668

98,913

467,519

Carrying amount

At 31 August 2024

66,433

129,772

67,884

264,089

At 31 August 2023

50,877

167,039

89,551

307,467

Included within the net book value of land and buildings above is £66,433 (2023 - £50,877) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,163,240

1,089,625

 

IC Blue Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

1,232,505

1,633,344

Prepayments

29,160

36,381

Other debtors

48,784

33,503

1,310,449

1,703,228

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

100,000

154,366

Trade creditors

 

490,016

663,627

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

32,788

15,848

Taxation and social security

 

122,918

294,234

Accruals and deferred income

 

66,853

120,020

Other creditors

 

670,352

571,970

 

1,482,927

1,820,065

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

91,667

191,667

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

1,000

1,000

1,000

1,000

Ordinary B of £1 each

1,000

1,000

1,000

1,000

2,000

2,000

2,000

2,000

 

IC Blue Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

100,000

100,000

Bank overdrafts

-

54,366

100,000

154,366

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

91,667

191,667

Bank borrowings

The bank loan is denominated in GBP with a nominal interest rate of base rate plus 3.99%, and the final instalment is due on 22 August 2026. The carrying amount at year end is £191,667 (2023 - £291,667).

The loan is unsecured as part of the CBILS.

Other borrowings

The carrying amount of Invoice financing at year end is £429,613 (2023 - £77,618).

The invoice financing creditor is included in other creditors and is secured by way of a fixed and floating charge over the company's assets.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

43,320

43,320

Later than one year and not later than five years

10,805

54,125

54,125

97,445

The amount of non-cancellable operating lease payments recognised as an expense during the year was £43,320 (2023 - £43,320).

 

IC Blue Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

11

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

At 31 August 2024
£

M B Ward

Loan account

28,503

13,236

41,739

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

M B Ward

Loan account

-

28,503

28,503

Other transactions with directors

The above director had a loan account due to the company at the balance sheet date. The loan was interest free and repayable on demand.

Summary of transactions with entities with joint control or significant interest

Companies under common control:

 IC Blue Technology Limited (a company under common control)

During the year IC Blue Limited rented property from the above company on normal commercial terms. The rent payable in the year was £48,000 (2023 - £48,000). A loan balance also existed between the two companies. At the balance sheet date the the amount due to IC Blue Technology Limited was £32,788 (2023 - £15,848).

Leeds Electronic Manufacturing Services Limited (a company under common control)

During the year IC Blue Limited had a trading relationship with the above company. Purchases from the above company of £87,831 (2023 - £306,445) are included in the profit and loss account of IC Blue Limited. At the balance sheet date the the amount due to Leeds Electronic Manufacturing Services Limited was £12,439 (2023 - £10,399).