Company registration number 12632388 (England and Wales)
BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
Richard Anthony
Chartered Accountants and Registered Auditors
BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
26,871
1
Current assets
Stocks
424,684
396,407
Debtors
4
535,654
120,145
Cash at bank and in hand
-
0
213,038
960,338
729,590
Creditors: amounts falling due within one year
5
(223,446)
(201,720)
Net current assets
736,892
527,870
Total assets less current liabilities
763,763
527,871
Creditors: amounts falling due after more than one year
6
(929,132)
(620,316)
Net liabilities
(165,369)
(92,445)
Capital and reserves
Called up share capital
7
52,001
52,001
Profit and loss reserves
(217,370)
(144,446)
Total equity
(165,369)
(92,445)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
M Jordan
A Hull
Director
Director
Company registration number 12632388 (England and Wales)
BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Blue Spruce Homes Capital and Income 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.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

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.

Classification of financial liabilities

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

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.

1.6
Equity instruments

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.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
Other investments other than loans
26,870
-
0
26,871
1
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2022
1
-
1
Additions
-
26,870
26,870
At 31 December 2022
1
26,870
26,871
Carrying amount
At 31 December 2022
1
26,870
26,871
At 31 December 2021
1
-
1
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
535,654
120,145

 

 

 

 

 

 

 

 

 

 

BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
-
0
198,320
Other creditors
223,446
3,400
223,446
201,720
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
308,816
-
0
Other creditors
620,316
620,316
929,132
620,316

Pearl Bridging Limited holds a legal charge of 3 October 2022 against the company over the property known as 76 Musard Road, London, W6 8NP with title number BGL87512, which also contains fixed charges and negative pledge.

7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
52,000
52,000
52,000
52,000
2022
2021
2022
2021
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference share of £1 each
1
1
1
1
Preference shares classified as equity
1
1
Total equity share capital
52,001
52,001

 

BLUE SPRUCE HOMES CAPITAL AND INCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Related party transactions

Included in other creditors falling due after more than one year is an amount of £620,316 (2021: £620,316) owed to Brickowner Investments Limited, ultimate parent undertaking of the company.

 

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 Management Limited            £38,036     (2021: £13,276)

Blue Spruce Homes 500 Limited                £1,525        (2021:£2,495)

Blue Spruce Homes 75 Limited                £8,899        (2021: £102,869)

Blue Spruce Homes Gondar Limited            £373,909    (2021: £Nil)

Blue Spruce Homes Portland Limited            £47,134        (2021: £Nil)

Blue Spruce Homes Hampstead Limited            £22,080        (2021: £Nil)

Blue Spruce Homes Aviary Limited            £18,500        (2021: £Nil)

Blue Spruce Homes Elite Limited                £3,600        (2021: £Nil)

 

And the following amounts were owed by the following companies under common control, which are receivable on demand:

 

Blue Spruce Homes Capital and Income Residential Limited    £212,686    (2021: £199 owed to)

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