Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3102022-04-01falseNo description of principal activity1415truetrue OC387571 2022-04-01 2023-03-31 OC387571 2021-04-01 2022-03-31 OC387571 2023-03-31 OC387571 2022-03-31 OC387571 c:FurnitureFittings 2022-04-01 2023-03-31 OC387571 c:FurnitureFittings 2023-03-31 OC387571 c:FurnitureFittings 2022-03-31 OC387571 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC387571 c:OfficeEquipment 2022-04-01 2023-03-31 OC387571 c:OfficeEquipment 2023-03-31 OC387571 c:OfficeEquipment 2022-03-31 OC387571 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC387571 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC387571 c:Goodwill 2022-04-01 2023-03-31 OC387571 c:Goodwill 2023-03-31 OC387571 c:Goodwill 2022-03-31 OC387571 c:CurrentFinancialInstruments 2023-03-31 OC387571 c:CurrentFinancialInstruments 2022-03-31 OC387571 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC387571 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC387571 d:FRS102 2022-04-01 2023-03-31 OC387571 d:Audited 2022-04-01 2023-03-31 OC387571 d:FullAccounts 2022-04-01 2023-03-31 OC387571 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC387571 c:WithinOneYear 2023-03-31 OC387571 c:WithinOneYear 2022-03-31 OC387571 c:BetweenOneFiveYears 2023-03-31 OC387571 c:BetweenOneFiveYears 2022-03-31 OC387571 d:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 OC387571 6 2022-04-01 2023-03-31 OC387571 d:PartnerLLP3 2022-04-01 2023-03-31 OC387571 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC387571 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC387571 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC387571 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC387571










BLUE COMMODITIES LLP










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
BLUE COMMODITIES LLP
REGISTERED NUMBER: OC387571

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
7,966
27,726

Investments
 7 
215,172
201,905

  
223,138
229,631

Current assets
  

Debtors: amounts falling due within one year
 8 
931,367
1,016,939

Cash at bank and in hand
  
654,154
246,834

  
1,585,521
1,263,773

Creditors: Amounts Falling Due Within One Year
 9 
(432,840)
(382,006)

Net current assets
  
 
 
1,152,681
 
 
881,767

Total assets less current liabilities
  
1,375,819
1,111,398

  

Net assets
  
1,375,819
1,111,398


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
823,297
590,424

  
823,297
590,424

Members' other interests
  

Other reserves classified as equity
  
552,522
520,974

  
 
552,522
 
520,974

  
1,375,819
1,111,398


Total members' interests
  

Loans and other debts due to members
  
823,297
590,424

Members' other interests
  
552,522
520,974

  
1,375,819
1,111,398


Page 1

 
BLUE COMMODITIES LLP
REGISTERED NUMBER: OC387571
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

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

The entity has opted not to file the income statement in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 






J Pike
Designated member

Date: 11 October 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Blue Commodities LLP (OC387571) is a limited liability partnership incorporated in England & Wales. Its registered office is 1.09 Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
straight line over 3 years

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Office equipment
-
50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Impairment provisions are estimated by management based upon the performance of subsidiaries, net assets of the subsidiaries and expected future returns compared with original cost. 

 
2.6

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.8

Finanical instruments

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The fair value has been calculated by the underlying providers using their experience and assessment of the market.  Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.9

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.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

Page 5

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

 
2.12

Foreign currency translation

Functional and presentation currency

The LLP's functional currency is USD. This differs from the presentational currency which is GBP. The reason for the difference is that the LLP is subject to UK reporting and taxation regulations.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.15

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the LLP in independently administered funds.

  
2.16

Taxation

UK Taxation on all the LLP's profits is solely the personal liability of individual members and is not dealt with in these financial statements.
The taxation included in these financial statements relates to the tax payable in Switzerland for the profits made in the branch in Geneva.


3.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 18 October 2023 by M Dickinson FCA (Senior statutory auditor) on behalf of Shaw Gibbs (Audit) Limited
Statutory Auditor
.


4.


Employees

The average monthly number of employees during the year was 14 (2022 - 15).

Page 7

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
40,039



At 31 March 2023

40,039



Amortisation


At 1 April 2022
40,039



At 31 March 2023

40,039



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 8

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
51,638
73,051
124,689


Additions
513
6,219
6,732


Disposals
(47,671)
(38,670)
(86,341)



At 31 March 2023

4,480
40,600
45,080



Depreciation


At 1 April 2022
34,332
62,630
96,962


Charge for the year on owned assets
2,374
8,913
11,287


Disposals
(33,780)
(37,355)
(71,135)



At 31 March 2023

2,926
34,188
37,114



Net book value



At 31 March 2023
1,554
6,412
7,966



At 31 March 2022
17,305
10,421
27,726

Page 9

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
485,027


Additions
13,267



At 31 March 2023

498,294



Impairment


At 1 April 2022
283,122



At 31 March 2023

283,122



Net book value



At 31 March 2023
215,172



At 31 March 2022
201,905

Page 10

 
BLUE COMMODITIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Debtors

2023
2022
£
£


Trade debtors
218,798
212,439

Amounts owed by group undertakings
288,712
421,587

Other debtors
159,728
179,007

Prepayments and accrued income
264,130
203,906

931,368
1,016,939


Included in other debtors is a derivative asset of £66,850 (2022 - liability £19,948) held at market value


9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
58,886
58,054

Other taxation and social security
53,637
35,421

Other creditors
1,222
48,602

Accruals and deferred income
319,095
239,929

432,840
382,006


Included within other creditors in the prior year is a derivative liability of £19,948.


10.


Commitments under operating leases

At 31 March 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
49,417
64,190

Later than 1 year and not later than 5 years
4,324
49,417

53,741
113,607

 
Page 11