Blue Flame Digital Solutions Limited - Period Ending 2019-12-31

Registration number: 4936037

Blue Flame Digital Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

Bernard Walsh & Co
Certified Public Accountant

 

Blue Flame Digital Solutions Limited

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Profit and Loss Account	4
Statement of Comprehensive Income	5
Balance Sheet	6 to 7
Statement of Changes in Equity	8
Notes to the Unaudited Financial Statements	9 to 13

Blue Flame Digital Solutions Limited

Company Information

Director

Mr Phillip Taylor

Company secretary

Mr Phillip Taylor

Registered office

16 Seymour Road Gloucester GL1 5PN

Accountants

Bernard Walsh & Co Certified Public Accountant

Page 1

Blue Flame Digital Solutions Limited

Director's Report for the Year Ended 31 December 2019

The director presents his report and the financial statements for the year ended 31 December 2019.

Director of the company

The director who held office during the year was as follows:

Mr Phillip Taylor - Company secretary and director

Principal activity

The principal activity of the company is Provision of Online Web Services, Online Security Systems and provision of off the shelf software.

Small companies provision statement

This report has 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.

Approved by the director on 10 March 2020 and signed on its behalf by:

.........................................
Mr Phillip Taylor
Company secretary and director

Page 2

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Blue Flame Digital Solutions Limited
for the Year Ended 31 December 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blue Flame Digital Solutions Limited for the year ended 31 December 2019 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Certified Public Accountants, we are subject to its ethical and other professional requirements which are detailed at www.acpa.org.uk

 

This report is made solely to the Board of Directors of Blue Flame Digital Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Blue Flame Digital Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Blue Flame Digital Solutions Limited, as a body, in this report in accordance with the requirements of the Association of Certified Public Accountants . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blue Flame Digital Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Blue Flame Digital Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Blue Flame Digital Solutions Limited. You consider that Blue Flame Digital Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Blue Flame Digital Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bernard Walsh & Co
Certified Public Accountant

10 March 2020

Page 3

Blue Flame Digital Solutions Limited

Profit and Loss Account for the Year Ended 31 December 2019

	Note	2019 £
Turnover		286,541
Cost of sales		(13,860)
Gross profit		272,681
Administrative expenses		(68,642)
Operating profit		204,039
Other interest receivable and similar income		131
Profit before tax	3	204,170
Profit for the financial year		204,170

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 9 to 13 form an integral part of these financial statements.

Page 4

Blue Flame Digital Solutions Limited

Statement of Comprehensive Income for the Year Ended 31 December 2019

	2019 £
Profit for the year	204,170
Total comprehensive income for the year	204,170

The notes on pages 9 to 13 form an integral part of these financial statements.

Page 5

Blue Flame Digital Solutions Limited

(Registration number: 4936037)
Balance Sheet as at 31 December 2019

	Note	2019 £
Fixed assets
Intangible assets	4	28,800
Tangible assets	5	158,324
		187,124
Current assets
Debtors	6	350
Cash at bank and in hand		52,067
		52,417
Creditors: Amounts falling due within one year	7	51,713
Net current assets		104,130
Net assets		291,254
Capital and reserves
Called up share capital	8	100
Profit and loss account		291,154
Total equity		291,254

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 10 March 2020
 

The notes on pages 9 to 13 form an integral part of these financial statements.

Page 6

Blue Flame Digital Solutions Limited

(Registration number: 4936037)
Balance Sheet as at 31 December 2019

.........................................

Mr Phillip Taylor
Company secretary and director

The notes on pages 9 to 13 form an integral part of these financial statements.

Page 7

Blue Flame Digital Solutions Limited

Statement of Changes in Equity for the Year Ended 31 December 2019

	Share capital £	Profit and loss account £	Total £
At 1 January 2019	100	359,963	360,063
Profit for the year	-	204,170	204,170
Total comprehensive income	-	204,170	204,170
Dividends	-	(272,979)	(272,979)
At 31 December 2019	100	291,154	291,254

The notes on pages 9 to 13 form an integral part of these financial statements.

Page 8

Blue Flame Digital Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

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

The address of its registered office is:
16 Seymour Road
Gloucester
GL1 5PN
United Kingdom

These financial statements were authorised for issue by the director on 10 March 2020.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Page 9

Blue Flame Digital Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

Tangible assets

Tangible assets are stated in the statement of financial position 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
Plant and Machinery	10% Reducing Balance
Motor Vehicles	25% Reducing Balance
Office Equipment	33% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Internally Generated Development Costs	4% per annum

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.

Page 10

Blue Flame Digital Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

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.

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.

3	Profit before tax

Arrived at after charging/(crediting)

	2019 £
Depreciation expense	25,174
Amortisation expense	1,200

Page 11

Blue Flame Digital Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

4	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
Additions internally developed	30,000	30,000
At 31 December 2019	30,000	30,000
Amortisation
Amortisation charge	1,200	1,200
At 31 December 2019	1,200	1,200
Carrying amount
At 31 December 2019	28,800	28,800

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
Additions	322,871	6,795	329,666
At 31 December 2019	322,871	6,795	329,666
Depreciation
At 1 January 2019	140,584	5,584	146,168
Charge for the year	24,872	302	25,174
At 31 December 2019	165,456	5,886	171,342
Carrying amount
At 31 December 2019	157,415	909	158,324

Page 12

Blue Flame Digital Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

6

Debtors

	2019 £
Trade debtors	750
Other debtors	(400)
	350

7

Creditors

Creditors: amounts falling due within one year

	2019 £
Due within one year
Taxation and social security	595
Other creditors	(52,308)
	(51,713)

8	Share capital

Allotted, called up and fully paid shares

	2019
	No.	£
Ordinary of £1 each	100	100

9

Dividends

		2019
		£
Interim dividend of £2,730 per ordinary share		272,979

The director is proposing a final dividend of £544 per share totalling £Nil. This dividend has not been accrued in the Balance Sheet.

Page 13