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REGISTERED NUMBER: SC280177 (Scotland)












Financial Statements

for the Year Ended 31 March 2023

for

Blue Canyon Limited

Blue Canyon Limited (Registered number: SC280177)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Blue Canyon Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M W Qadir
Mrs S Qadir
M S Qadir
Mrs S P Qadir
M S Qadir
Mrs S P Qadir
M S Qadir





SECRETARY: M W Qadir





REGISTERED OFFICE: 4G Queen Anne Drive
Newbridge
Edinburgh
EH28 8PL





REGISTERED NUMBER: SC280177 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Blue Canyon Limited (Registered number: SC280177)

Balance Sheet
31 March 2023

31/3/23 31/3/22
as restated
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 79,905 88,440

CURRENT ASSETS
Inventories 5 1,295,320 1,625,197
Debtors 6 1,219,904 1,332,732
Cash at bank 49,663 3,071
2,564,887 2,961,000
CREDITORS
Amounts falling due within one year 7 989,550 1,301,711
NET CURRENT ASSETS 1,575,337 1,659,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,655,242

1,747,729

CREDITORS
Amounts falling due after more than one
year

8

(230,429

)

(309,722

)

PROVISIONS FOR LIABILITIES 10 (14,978 ) (16,555 )
NET ASSETS 1,409,835 1,421,452

CAPITAL AND RESERVES
Called up share capital 6,010 6,010
Retained earnings 1,403,825 1,415,442
SHAREHOLDERS' FUNDS 1,409,835 1,421,452

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Blue Canyon Limited (Registered number: SC280177)

Balance Sheet - continued
31 March 2023


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 9 October 2023 and were signed on its behalf by:





M W Qadir - Director


Blue Canyon Limited (Registered number: SC280177)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Blue Canyon Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the invoiced amounts derived from the provision of bathroom accessories and housewares, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Blue Canyon Limited (Registered number: SC280177)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 42,075 207,600 24,124 273,799
Additions - 7,447 1,220 8,667
At 31 March 2023 42,075 215,047 25,344 282,466
DEPRECIATION
At 1 April 2022 26,923 137,621 20,815 185,359
Charge for year 2,273 11,614 3,315 17,202
At 31 March 2023 29,196 149,235 24,130 202,561
NET BOOK VALUE
At 31 March 2023 12,879 65,812 1,214 79,905
At 31 March 2022 15,152 69,979 3,309 88,440

5. INVENTORIES
31/3/23 31/3/22
as restated
£    £   
Stocks 1,295,320 1,625,197

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
as restated
£    £   
Trade debtors 594,310 568,643
Other debtors 625,594 764,089
1,219,904 1,332,732

Blue Canyon Limited (Registered number: SC280177)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
as restated
£    £   
Bank loans and overdrafts 229,836 167,657
Trade creditors 76,256 241,251
Taxation and social security 352,851 349,780
Other creditors 330,607 543,023
989,550 1,301,711

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
as restated
£    £   
Bank loans 230,429 309,722

9. SECURED DEBTS

Clydesdale bank hold a floating charge over the property and assets of the company.

10. PROVISIONS FOR LIABILITIES
31/3/23 31/3/22
as restated
£    £   
Deferred tax 14,978 16,555

Deferred
tax
£   
Balance at 1 April 2022 16,555
Provided during year (1,577 )
Balance at 31 March 2023 14,978