Blue Spruce Homes 100 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Gadd House, Arcadia Avenue, London, N3 2JU.
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 £.
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.
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, 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.
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.
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 average monthly number of persons (including directors) employed by the company during the year was:
Included in other creditors are loans totalling £1,657,500 owed to the shareholders.
OakNorth Bank PLC holds a charge of 11 October 2019 against the company over the property known
as Epsom House, 10 East Street, Spsom, KT17 1HH, which contains fixed and floating charges, and negative pledge.
Octane Property Finance 4 Limited holds legal charge of 11 October 2021 against the company over the following properties known as:
114 Hervey Road, London, SE3 8BX with title number SGL28159.
114 Hervey Road, London ,SE3 8BX with title number SGL168715.
Land adjoining 114 Hervey Road, London, SE3 8BX with title number SGL150251.
Land adjoining 114 Hervey Road, London, SE3 8B with title number SGL99947.
Land lying to the east of Hervey Road, London, SE3 8BX with title number 327152.
Land on the east side of 114 Shooters Hill Road, London, SE3 8BX with title number LN31910.
Land adjoining 114 Hervey Road, London, SE3 8BX with title number 291667.
The charge also contains fixed and floating charges, and negative pledge.
At the balance sheet date the following amounts were owed by the following companies under common control, which are receivable on demand:
Blue Spruce Homes Norwood Limited £430,046 (2021: £429,996)
Property Development Holdings Limited £173 (2021: £2,350)
1 Landcroft Road Limited £Nil (2021: £1,040)
Blue Spruce Homes 50 Limited £2,285 (2021: £3,846)
Blue Spruce Homes 3 Limited £100 (2021: £Nil)
Blue Spruce Homes 2 Limited £144 (2021: £Nil)
Blue Spruce Homes 250 Limited £6,033 (2021: £37,964 owed by)
At the balance sheet date the following amounts were owed to the following companies under common control, which are payable on demand:
Blue Spruce Homes 500 Limited £15,549 (2021: £18,496)
London Property Ventures Construction Limited £Nil (2021: £2,544)
Blue Spruce Homes Portland Limited £93,850 (2021: £92,750)
Blue Spruce Homes Wembley Limited £74,762 (2021: £74,762)
Blue Spruce Homes Management Limited £17,472 (2021: £51,220 )
Blue Spruce Homes 75 Limited £125,500 (2021: £102,869)
London Property Rent Limited £Nil (2021: £5,858)
Blue Spruce Homes Washington Limited £527 (2021: £Nil)
Blue Spruce Homes Hampstead Limited £6,708 (2021: £150 owed by)
Blue Spruce Homes Aviary Limited £3,300 (2021: £Nil)