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COMPANY REGISTRATION NUMBER: 07597822
Bluebank Properties Limited
Filleted Unaudited Financial Statements
31 August 2021
Bluebank Properties Limited
Statement of Financial Position
31 August 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
4
1,119,775
1,319,775
Current assets
Debtors
5
686,511
487,754
Investments
6
3
3
Cash at bank and in hand
27,104
4,398
---------
---------
713,618
492,155
Creditors: amounts falling due within one year
7
6,829
3,035
---------
---------
Net current assets
706,789
489,120
------------
------------
Total assets less current liabilities
1,826,564
1,808,895
Creditors: amounts falling due after more than one year
8
1,537,666
1,624,677
------------
------------
Net assets
288,898
184,218
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
288,798
184,118
---------
---------
Shareholders funds
288,898
184,218
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bluebank Properties Limited
Statement of Financial Position (continued)
31 August 2021
These financial statements were approved by the board of directors and authorised for issue on 16 August 2022 , and are signed on behalf of the board by:
Mr A Zolghadriha
Director
Company registration number: 07597822
Bluebank Properties Limited
Notes to the Financial Statements
Year ended 31 August 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Cocksfoot Drive, Mossley, Ashton Under Lyne, Lancashire, OL5 9JA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Tangible assets
Freehold property
£
Cost
At 1 September 2020
1,319,775
Disposals
( 200,000)
------------
At 31 August 2021
1,119,775
------------
Depreciation
At 1 September 2020 and 31 August 2021
------------
Carrying amount
At 31 August 2021
1,119,775
------------
At 31 August 2020
1,319,775
------------
5. Debtors
2021
2020
£
£
Trade debtors
200
Other debtors
686,511
487,554
---------
---------
686,511
487,754
---------
---------
Other debtors includes £273,704 (£487,554-2020) owed by associated companies.
6. Investments
2021
2020
£
£
Investments in group undertakings
3
3
----
----
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,025
Corporation tax
4,758
974
Other creditors
2,071
1,036
-------
-------
6,829
3,035
-------
-------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,465,513
1,554,448
Other creditors
72,153
70,229
------------
------------
1,537,666
1,624,677
------------
------------
9. Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or or received. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2021
2020
£
£
Mr A A Zolghadriha
( 72,153)
( 70,229)
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