Company registration number SC544863 (Scotland)
BLUEBOX SYSTEMS GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BLUEBOX SYSTEMS GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BLUEBOX SYSTEMS GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
2,741,562
2,741,562
Current assets
Debtors
5
1,736,359
1,037,612
Creditors: amounts falling due within one year
6
(117,387)
(25,640)
Net current assets
1,618,972
1,011,972
Total assets less current liabilities
4,360,534
3,753,534
Creditors: amounts falling due after more than one year
7
(1,657,500)
(1,050,500)
Net assets
2,703,034
2,703,034
Capital and reserves
Called up share capital
8
277,131
277,131
Share premium account
9
3,293,766
3,293,766
Profit and loss reserves
(867,863)
(867,863)
Total equity
2,703,034
2,703,034
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 March 2023 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.
BLUEBOX SYSTEMS GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 November 2023 and are signed on its behalf by:
Mr K Clark
Director
Company Registration No. SC544863
BLUEBOX SYSTEMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Bluebox Systems Group Limited is a private company limited by shares incorporated in Scotland. The registered office is Estantia House, Pitreavie Drive, Dunfermline, Fife, KY11 8US.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries 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.
The directors carried out an impairment review on the company's investment in its subsidiary in 2021 and based on that review considered that an impairment provision was required. (See notes 4 and 5) No further impairment provision is required in 2023.
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.
1.4
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.
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 loans from fellow group companies are classified as debt and are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
BLUEBOX SYSTEMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company is nil (2022 - nil).
3
Fixed asset investments
2023
2022
£
£
Investments in subsidiaries
2,741,562
2,741,562
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2022 & 31 March 2023
3,873,355
Impairment
At 1 April 2022 & 31 March 2023
1,131,793
Carrying amount
At 31 March 2023
2,741,562
At 31 March 2022
2,741,562
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bluebox Aviation Systems Limited
Scotland
Ordinary Shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Bluebox Aviation Systems Limited
(720,452)
(86,612)
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,736,359
1,037,612
BLUEBOX SYSTEMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
117,387
25,640
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loan notes
1,657,500
1,050,500
During the current year a further £607,000 of Loan Notes were issued. (2022 : £641,000) These Loan Notes attract interest at 8%. See note 11 below.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
23,458,918 Ordinary A of 1p each
234,589
234,589
4,254,218 Ordinary of 1p each
42,542
42,542
277,131
277,131
During the year, the company passed a resolution to allow allotment of up to 4,669,231 A Ordinary Shares in the company. See note 11 below.
9
Share premium account
2023
2022
£
£
At beginning and end of year
3,293,766
3,293,766
10
Events after the reporting date
On 8 September 2023 the company approved an Ordinary Resolution providing the directors the authority and power to allot up to 15,000,000 A Ordinary shares of £0.01 each in the company.
On the same day the company issued 11,099,854 A Ordinary shares of £0.01 each at a price of £0.1275 per share, a total of £1,415,231 and 2,702,700 A Ordinary shares of £0.01 each at a price of £0.15 per share, a total of £405,405. The issue of the A Ordinary shares was in settlement of the company's Loan Note instruments of £1,657,500, plus all interest accrued up to the date of the redemption of the Loan Notes.