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REGISTERED NUMBER: 06314757 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

BLU MARINE LTD

BLU MARINE LTD (REGISTERED NUMBER: 06314757)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BLU MARINE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Mr G C McCoo
Mr J C Spence
Mrs Y Y McCoo Zhang
Mr D G Brown





SECRETARY: Mrs Y Y McCoo Zhang





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Hampshire
SO50 9PD





BUSINESS ADDRESS: 55 Old Manse Road
Newtownabbey
Co. Antrim
BT37 ORX





REGISTERED NUMBER: 06314757 (England and Wales)






BLU MARINE LTD (REGISTERED NUMBER: 06314757)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 59,544 2,857

CURRENT ASSETS
Debtors 6 961,385 439,848
Cash at bank 1,413,403 637,779
2,374,788 1,077,627
CREDITORS
Amounts falling due within one year 7 1,467,523 433,911
NET CURRENT ASSETS 907,265 643,716
TOTAL ASSETS LESS CURRENT
LIABILITIES

966,809

646,573

PROVISIONS FOR LIABILITIES 11,313 543
NET ASSETS 955,496 646,030

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 955,396 645,930
SHAREHOLDERS' FUNDS 955,496 646,030

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2023 and were signed on its behalf by:





Mr G C McCoo - Director


BLU MARINE LTD (REGISTERED NUMBER: 06314757)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Blu Marine Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


During the prior period the company changed its accounting reference date from 31 December 2021 to 31 January 2022. The current financial statements are for the period 1 February 2022 to 31 January 2023. The comparative figures are for the period 1 January 2021 to 31 January 2022.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - straight line over 36 months
Fixtures and fittings - straight line over 36 months
Motor vehicles - straight line over 36 months
Computer equipment - straight line over 36 months

All fixed assets are initially recorded at cost.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

BLU MARINE LTD (REGISTERED NUMBER: 06314757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to the Income Statement in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 12,708 1,416 2,360 7,672 24,156
Additions - - 66,560 7,546 74,106
At 31 January 2023 12,708 1,416 68,920 15,218 98,262
DEPRECIATION
At 1 February 2022 12,708 930 2,360 5,301 21,299
Charge for year - 177 14,124 3,118 17,419
At 31 January 2023 12,708 1,107 16,484 8,419 38,718
NET BOOK VALUE
At 31 January 2023 - 309 52,436 6,799 59,544
At 31 January 2022 - 486 - 2,371 2,857

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 552,979 165,686
Other debtors 408,406 274,162
961,385 439,848

Included in other debtors is £18,705 (2022: £22,588) in relation to prepayments and accrued income.

BLU MARINE LTD (REGISTERED NUMBER: 06314757)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 317,994 36,456
Taxation and social security 319,195 117,320
Other creditors 830,334 280,135
1,467,523 433,911

Included in other creditors is £812,156 (2022: £261,200) in relation to accruals and deferred income.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 January 2023 and the period ended 31 January 2022:

2023 2022
£    £   
Mr G C McCoo and Mrs Y Y McCoo Zhang
Balance outstanding at start of year 126,215 227,554
Amounts advanced 295,821 79,466
Amounts repaid (100,624 ) (180,805 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 321,412 126,215

The loan is unsecured and interest free with no specified repayment date.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.