Company registration number SC152939 (England and Wales)
BLACHERE ILLUMINATION UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
BLACHERE ILLUMINATION UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
BLACHERE ILLUMINATION UK LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,745,174
2,402,411
Investments
5
2
2,745,174
2,402,413
Current assets
Stocks
426,339
297,285
Debtors
7
313,490
421,515
Cash at bank and in hand
278,455
260,436
1,018,284
979,236
Creditors: amounts falling due within one year
8
(1,521,689)
(1,305,432)
Net current liabilities
(503,405)
(326,196)
Total assets less current liabilities
2,241,769
2,076,217
Creditors: amounts falling due after more than one year
9
(1,033,775)
(1,317,150)
Provisions for liabilities
(94,776)
Net assets
1,113,218
759,067
Capital and reserves
Called up share capital
11
7,500
7,500
Profit and loss reserves
1,105,718
751,567
Total equity
1,113,218
759,067
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 October 2023 and are signed on its behalf by:
R Stalker
Director
Company registration number SC152939 (England and Wales)
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Blachere Illumination UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gladstone Place, Ladybank, Cupar, KY15 7LB.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The financial statements are consolidated in the financial statements of Blachere Illumination SAS. These financial statements are available from its registered office: 22 Rue des Bourguignons, Z.I. 84400 APT.
1.2
Going concern
The company is dependtrueent upon the ongoing financial support of both its bankers and Blachere Illumination SAS, the company's parent company.
The directors of the parent company have indicated that Blachere Illumination SAS will continue to provide financial support to the company for the foreseeable future.
In addition the directors have confirmed that they have been assured that the support of the company's bankers will continue for a period of at least twelve months from the date of signing the balance sheet.
The directors therefore consider that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.
On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding VAT and trade discounts.
Sale of Goods
Sale of goods are invoiced and recognised as turnover when the goods are despatched to or collected by the customer.
Hire Lighting
In respect of the rental contracts, the income related to the lighting material equipment is invoiced and recognised on the signing of the contract by the customer. This part of the income is recognised in the accounting period when the invoices are raised, in accordance with the guidelines and instructions outlined in the contract.
In respect of the service elements of the hire of lighting schemes, income related to the installation element is invoiced once the lights are installed and fully functioning at the customer's premises or on site. The removal element is invoiced once the lighting scheme has been taken down and returned to storage. Installation income is recognised in the accounting period in which the lights are installed, and the removal income is recognised in the accounting period in which the lights are removed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight line
Plant and equipment
15% Reducing balance
Fixtures and fittings
25% Straight line / 15% Reducing balance
Computers
20% Straight line
Hire lighting
33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.8
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.
1.9
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.
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
36
35
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Hire lighting
Total
£
£
£
£
Cost
At 1 March 2022
2,171,955
422,087
2,688,838
5,282,880
Additions
18,263
924,372
942,635
At 28 February 2023
2,171,955
440,350
3,613,210
6,225,515
Depreciation and impairment
At 1 March 2022
384,986
332,326
2,163,157
2,880,469
Depreciation charged in the year
44,613
47,047
508,212
599,872
At 28 February 2023
429,599
379,373
2,671,369
3,480,341
Carrying amount
At 28 February 2023
1,742,356
60,977
941,841
2,745,174
At 28 February 2022
1,786,969
89,761
525,681
2,402,411
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
Wonderland Illuminations Limited was dissolved on 2 May 2023.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2022 & 28 February 2023
2
Impairment
At 1 March 2022
-
Impairment losses
2
At 28 February 2023
2
Carrying amount
At 28 February 2023
-
At 28 February 2022
2
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
6
Subsidiaries
Details of the company's subsidiaries at 28 February 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Wonderland Illuminations Limited
1 - Below
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Abercorn School, Newton, Broxburn, West Lothian, EH52 6PZ
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
119,844
263,338
Corporation tax recoverable
8,360
Other debtors
193,646
149,817
313,490
421,515
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
95,966
95,400
Trade creditors
640,333
312,977
Amounts owed to group undertakings
697,039
694,810
Taxation and social security
27,011
100,275
Other creditors
61,340
101,970
1,521,689
1,305,432
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
695,202
791,735
Amounts owed to group undertakings
338,573
525,415
1,033,775
1,317,150
Included in Amounts owed to group undertakings is a fixed term loan advanced from its parent company during the year. A balance of £461,573 (2022: £830,573) was outstanding at the balance sheet date.
The above loan is unsecured and subject to interest at a fixed rate of 3% per annum.
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
9
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
410,061
454,055
10
Loans and overdrafts
2023
2022
£
£
Bank loans
791,168
887,135
Payable within one year
95,966
95,400
Payable after one year
695,202
791,735
The company's bank borrowings are secured on the company's freehold properties together with a bond, a first legal charge and a floating charge over the assets of the company.
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7,500
7,500
7,500
7,500
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Linda Wilkinson
Statutory Auditor:
Pierce C A Limited
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
157,894
130,361
BLACHERE ILLUMINATION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 10 -
14
Related party transactions
During the year the company purchased goods to the value of £1,789,444 (2022: £1,021,265) and sold goods to the value of £13,407 (2022: £1,634) to its parent company, Blachere Illumination SAS.
15
Parent company
The company is a wholly-owned subsidiary of Blachere Illumination SAS, a company registered in Paris, France.
The ultimate controlling party is deemed to be Mr J P Blachere by virtue of his shareholding in Blachere Illumination SAS.
2023-02-282022-03-01false10 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedR StalkerJ R BrownJ HuguesR StalkerSC1529392022-03-012023-02-28SC1529392023-02-28SC1529392022-02-28SC152939core:LandBuildings2023-02-28SC152939core:OtherPropertyPlantEquipment2023-02-28SC152939core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-02-28SC152939core:LandBuildings2022-02-28SC152939core:OtherPropertyPlantEquipment2022-02-28SC152939core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-02-28SC152939core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-28SC152939core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-28SC152939core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-28SC152939core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-28SC152939core:CurrentFinancialInstruments2023-02-28SC152939core:CurrentFinancialInstruments2022-02-28SC152939core:ShareCapital2023-02-28SC152939core:ShareCapital2022-02-28SC152939core:RetainedEarningsAccumulatedLosses2023-02-28SC152939core:RetainedEarningsAccumulatedLosses2022-02-28SC152939bus:CompanySecretaryDirector12022-03-012023-02-28SC152939core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-012023-02-28SC152939core:PlantMachinery2022-03-012023-02-28SC152939core:FurnitureFittings2022-03-012023-02-28SC152939core:ComputerEquipment2022-03-012023-02-28SC152939core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-012023-02-28SC1529392021-03-012022-02-28SC152939core:LandBuildings2022-02-28SC152939core:OtherPropertyPlantEquipment2022-02-28SC152939core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-02-28SC1529392022-02-28SC152939core:LandBuildings2022-03-012023-02-28SC152939core:OtherPropertyPlantEquipment2022-03-012023-02-28SC152939core:WithinOneYear2023-02-28SC152939core:WithinOneYear2022-02-28SC152939core:Non-currentFinancialInstruments2023-02-28SC152939core:Non-currentFinancialInstruments2022-02-28SC152939bus:PrivateLimitedCompanyLtd2022-03-012023-02-28SC152939bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-28SC152939bus:FRS1022022-03-012023-02-28SC152939bus:Audited2022-03-012023-02-28SC152939bus:Director12022-03-012023-02-28SC152939bus:Director22022-03-012023-02-28SC152939bus:Director32022-03-012023-02-28SC152939bus:CompanySecretary12022-03-012023-02-28SC152939bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP