Company registration number 09880407 (England and Wales)
BLUE SPRUCE HOMES 250 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 250 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLUE SPRUCE HOMES 250 LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
419,239
379,500
Current assets
Stocks
3,232,753
3,757,963
Debtors
5
1,046,133
1,067,189
Cash at bank and in hand
55
-
0
4,278,941
4,825,152
Creditors: amounts falling due within one year
6
(842,878)
(596,692)
Net current assets
3,436,063
4,228,460
Total assets less current liabilities
3,855,302
4,607,960
Creditors: amounts falling due after more than one year
7
(3,828,940)
(4,346,561)
Net assets
26,362
261,399
Capital and reserves
Called up share capital
8
325,000
325,000
Profit and loss reserves
(298,638)
(63,601)
Total equity
26,362
261,399

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 250 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 9 October 2023 and are signed on its behalf by:
A Hull
Director
Company registration number 09880407 (England and Wales)
BLUE SPRUCE HOMES 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Blue Spruce Homes 250 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.

1.2
Turnover

Revenue from the sale of properties (usually on exchange of contracts) is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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.

1.4
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.

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.

BLUE SPRUCE HOMES 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
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.

1.6
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.

1.7
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
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:

2022
2021
Number
Number
Total
5
5
4
Fixed asset investments
2022
2021
£
£
Shares in associates and participating interests
42,950
37,950
Loans to associates and participating interests
376,289
341,550
419,239
379,500
Movements in fixed asset investments
Shares
Loans
Total
£
£
£
Cost or valuation
At 1 January 2022
37,950
341,550
379,500
Additions
5,000
45,000
50,000
Repaid
-
(10,261)
(10,261)
At 31 December 2022
42,950
376,289
419,239
Carrying amount
At 31 December 2022
42,950
376,289
419,239
At 31 December 2021
37,950
341,550
379,500
BLUE SPRUCE HOMES 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,020
-
0
Other debtors
1,044,113
1,067,189
1,046,133
1,067,189
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
506,584
387,747
Trade creditors
9,436
3,801
Other creditors
326,858
205,144
842,878
596,692
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,281,940
1,799,561
Other creditors
2,547,000
2,547,000
3,828,940
4,346,561

Included in other creditors are loans amounting to £2,547,000 owed to the shareholders.

 

OakNorth Bank PLC holds a legal charge of 11 October 2019 against the company over the property known as 208 Queens Road, London, SW19 8LY and Railway Cottage, White Hart Lane, London, SW13 0PZ , and land on the south side of North Worple Way, London. The charge contains fixed and floating charges, and negative pledge.

 

Hampshire Trust Bank holds a legal charge of 28 June 2019 against the company over the property known as 434 Finchley Road, London, NW2 2HY, which contains fixed charges and negative pledge.

8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
325,000
325,000
325,000
325,000

 

BLUE SPRUCE HOMES 250 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
9
Related party transactions

At the balance sheet date the following amounts were owed by the following companies under common control, which are receivable on demand:

 

Blue Spruce Homes Norwood Limited        £264,868    (2021: £231,918)

Blue Spruce Homes Chanctonbury Ltd        £68,062        (2021: £83,812)

Blue Spruce Homes 50 Limited            £40,674     (2021: £30,823)

Property Development Holdings Limited        £49,584        (2021: £222,731)

Blue Spruce Homes Charteris Limited         £90,361        (2021: £91,111)

Blue Spruce Homes Hampstead Limited        £45,094     (2021: £63,581)

1 Landcroft Road Limited                £13,007     (2021: £111,342)

Blue Spruce Homes Waterloo Limited        £Nil         (2021: £67,517)

Blue Spruce Homes Washington Limited        £61,996        (2021: £783)

Blue Spruce Homes Portland Limited        £136,657    (2021: £1,819)

Blue Spruce Homes Management Limited        £21,975        (2021: £1,506 owed to)

Blue Spruce Homes 500 Limited            £597        (2021: £9,626 owed to)

Blue Spruce Homes 3 Limited            £1,575        (2021: £Nil)

Blue Spruce Homes Ascend Limited        £526        (2021: £Nil)

Blue Spruce Homes Aviary Limited        £27        (2021: £Nil)

Blue Spruce Homes C and I Residential Limited     £118,745    (2021: £Nil)

 

 

At the balance sheet date the following amounts were owed to the following companies under common control, which are payable on demand:

 

London Property Rent Limited            £Nil        (2021: £22,485)

Blue Spruce Homes 100 Limited            £6,033        (2021: £37,964 owed by)

Blue Spruce Homes Elite Limited            £69,201        (2021: £Nil)

Blue Spruce Homes Gondar Limited         £50,000        (2021: £Nil)

 

 

2022-12-312022-01-01false09 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityA HullMrs H CotteyMr A J JeffreysMr M JordanA Guyfalse098804072022-01-012022-12-31098804072022-12-31098804072021-12-3109880407core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109880407core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3109880407core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3109880407core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3109880407core:CurrentFinancialInstruments2022-12-3109880407core:CurrentFinancialInstruments2021-12-3109880407core:Non-currentFinancialInstruments2022-12-3109880407core:Non-currentFinancialInstruments2021-12-3109880407core:ShareCapital2022-12-3109880407core:ShareCapital2021-12-3109880407core:RetainedEarningsAccumulatedLosses2022-12-3109880407core:RetainedEarningsAccumulatedLosses2021-12-3109880407bus:Director12022-01-012022-12-31098804072021-01-012021-12-3109880407core:WithinOneYear2022-12-3109880407core:WithinOneYear2021-12-3109880407bus:PrivateLimitedCompanyLtd2022-01-012022-12-3109880407bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3109880407bus:FRS1022022-01-012022-12-3109880407bus:AuditExemptWithAccountantsReport2022-01-012022-12-3109880407bus:Director22022-01-012022-12-3109880407bus:Director32022-01-012022-12-3109880407bus:Director42022-01-012022-12-3109880407bus:Director52022-01-012022-12-3109880407bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP