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REGISTERED NUMBER: 04573948 (England and Wales)















REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

BLUESPACE LIMITED

BLUESPACE LIMITED (REGISTERED NUMBER: 04573948)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Report of the Director 2

Statement of Income and Retained Earnings 3

Balance Sheet 4

Notes to the Financial Statements 5


BLUESPACE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTOR: Mr J G Simpkins



SECRETARY: Mrs L A Simpkins



REGISTERED OFFICE: Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA



REGISTERED NUMBER: 04573948 (England and Wales)



ACCOUNTANTS: LEES
Chartered Certified Accountants
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA



BANKERS: Handelsbanken
Suite B, 1 Prince of Wales Road
Norwich
Norfolk
NR1 1BD

BLUESPACE LIMITED (REGISTERED NUMBER: 04573948)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JANUARY 2023

The director presents his report with the financial statements of the company for the year ended 31 January 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of office design, interior construction and contract furnishing.

DIRECTOR
Mr J G Simpkins held office during the whole of the period from 1 February 2022 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs L A Simpkins - Secretary


27 October 2023

BLUESPACE LIMITED (REGISTERED NUMBER: 04573948)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

TURNOVER 4,344,772 4,134,665

Cost of sales (3,394,487 ) (3,244,461 )
GROSS PROFIT 950,285 890,204

Administrative expenses (719,782 ) (586,008 )
230,503 304,196

Other operating income 400 11,525
OPERATING PROFIT 4 230,903 315,721

Interest receivable and similar income 2,354 2,326
233,257 318,047

Interest payable and similar expenses (19,992 ) (29,446 )
PROFIT BEFORE TAXATION 213,265 288,601

Tax on profit (44,627 ) (55,276 )
PROFIT FOR THE FINANCIAL YEAR 168,638 233,325

Retained earnings at beginning of year 493,405 446,080

Dividends (276,000 ) (186,000 )

RETAINED EARNINGS AT END OF YEAR 386,043 493,405

BLUESPACE LIMITED (REGISTERED NUMBER: 04573948)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 96,997 128,891

CURRENT ASSETS
Stocks 40,314 17,919
Debtors 6 533,820 610,447
Cash at bank 454,146 670,301
1,028,280 1,298,667
CREDITORS
Amounts falling due within one year 7 643,651 847,300
NET CURRENT ASSETS 384,629 451,367
TOTAL ASSETS LESS CURRENT
LIABILITIES

481,626

580,258

PROVISIONS FOR LIABILITIES 95,483 86,753
NET ASSETS 386,143 493,505

CAPITAL AND RESERVES
Called up share capital 8 95 95
Capital redemption reserve 5 5
Retained earnings 386,043 493,405
SHAREHOLDERS' FUNDS 386,143 493,505

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

The financial statements were approved by the director and authorised for issue on 27 October 2023 and were signed by:





Mr J G Simpkins - Director


BLUESPACE LIMITED (REGISTERED NUMBER: 04573948)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Bluespace Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover represents the fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients. Turnover excludes value added tax.

Unbilled turnover on individual contracts is included as accrued income within other debtors.

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.
Land and buildings - 33% on cost
Plant and machinery etc - 25% on cost and 15% on cost

Stocks
Stocks 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 Statement of Income and Retained Earnings, 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.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

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.

Remedial works provision
A provision for remedial works is made at the balance sheet date where in order to fulfil a contract, the company is likely to be required to carry out corrective works to meet the obligations of the contract. When recognising and measuring a provision, the company evaluates it's own historical data both before and after the balance sheet date to determine whether an obligation existed at the balance sheet date.

BLUESPACE LIMITED (REGISTERED NUMBER: 04573948)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 46,631 29,277

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 4,934 247,634 252,568
Additions - 14,737 14,737
At 31 January 2023 4,934 262,371 267,305
DEPRECIATION
At 1 February 2022 4,934 118,743 123,677
Charge for year - 46,631 46,631
At 31 January 2023 4,934 165,374 170,308
NET BOOK VALUE
At 31 January 2023 - 96,997 96,997
At 31 January 2022 - 128,891 128,891

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 246,497 298,890
Other debtors 287,323 311,557
533,820 610,447

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 47,623
Trade creditors 470,303 252,428
Taxation and social security 113,758 163,387
Other creditors 59,590 383,862
643,651 847,300

BLUESPACE LIMITED (REGISTERED NUMBER: 04573948)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
55 Ordinary A £1 55 55
5 Ordinary B £1 5 5
20 Ordinary C £1 20 20
10 Ordinary D £1 10 10
5 Ordinary E £1 5 5
95 95

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
Mr J G Simpkins
Balance outstanding at start of year 42,006 41,480
Amounts advanced 276,834 186,838
Amounts repaid (276,312 ) (186,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 42,528 42,006

During the year interest at the HMRC's official rate, amounting to £834 (2022 - £838), was charged on the overdrawn loan.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J G Simpkins.