REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2023 |
for |
Bluegum Solutions Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2023 |
for |
Bluegum Solutions Limited |
Bluegum Solutions Limited (Registered number: 08837763) |
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 |
Bluegum Solutions Limited |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Bluegum Solutions Limited (Registered number: 08837763) |
Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bluegum Solutions Limited (Registered number: 08837763) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Bluegum Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements are prepared on a going concern basis. |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The Company has adopted Section 1A of FRS 102 in these financial statements. |
Investment property |
Investment properties for which fair value can be measured reliably are measured at fair value annually with changes recognised in the profit and loss account. |
Financial instruments |
Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Bluegum Solutions Limited (Registered number: 08837763) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. |
Current and deferred taxation assets and liabilities are not discounted. |
Current tax |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which they are recognised in financial statements. |
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference. |
Share capital |
Ordinary shares are classified as equity. |
Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss. |
Revenue recognition |
Revenue consists of rental income in respect of the company's investment properties. Revenue is measured at the fair value of the consideration received or receivable on an accruals basis. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2022 |
Revaluations | (4,200 | ) |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Bluegum Solutions Limited (Registered number: 08837763) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 January 2023 is represented by: |
£ |
Valuation in 2017 | (3,309 | ) |
Valuation in 2018 | (2,870 | ) |
Valuation in 2019 | (1,017 | ) |
Valuation in 2020 | (4,000 | ) |
Valuation in 2021 | 4,000 |
Valuation in 2023 | (4,200 | ) |
Cost | 91,196 |
79,800 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 91,196 | 91,196 |
Investment property was valued on an open market basis on 31 January 2023 by the directors . |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Directors' current accounts | 39,242 | 39,242 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 60,725 | 60,269 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans are secured by a fixed and floating charge over the assets of the company. |