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BLUE PROPERTY (UK) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2023






BLUE PROPERTY (UK) LTD (REGISTERED NUMBER: 08030326)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

BLUE PROPERTY (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTOR: R S Sidhu





REGISTERED OFFICE: First Floor, Woburn Court
2 Railton Road
Woburn Road Industrial Estate, Kempston
Bedford
Bedfordshire
MK42 7PN





REGISTERED NUMBER: 08030326 (England and Wales)





ACCOUNTANTS: Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

BLUE PROPERTY (UK) LTD (REGISTERED NUMBER: 08030326)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,250,000 2,250,000

CURRENT ASSETS
Debtors 5 183,818 163,094
Cash at bank 36,166 23,135
219,984 186,229
CREDITORS
Amounts falling due within one year 6 131,528 130,267
NET CURRENT ASSETS 88,456 55,962
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,338,456

2,305,962

CREDITORS
Amounts falling due after more than one
year

7

(933,250

)

(973,450

)

PROVISIONS FOR LIABILITIES (184,291 ) (140,061 )
NET ASSETS 1,220,915 1,192,451

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Non-distributable reserves 9 701,324 745,554
Retained earnings 518,591 445,897
SHAREHOLDERS' FUNDS 1,220,915 1,192,451

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

BLUE PROPERTY (UK) LTD (REGISTERED NUMBER: 08030326)

BALANCE SHEET - continued
31ST MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 15th November 2023 and were signed by:





R S Sidhu - Director


BLUE PROPERTY (UK) LTD (REGISTERED NUMBER: 08030326)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Blue Property (UK) Ltd 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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

The accounts have been prepared on the going concern basis on the assumption of continued financial support from the company's director, related and other group companies

Indications are that this support will continue for the foreseeable future.

Turnover
Turnover represents rents receivable from tenants of investment properties, stated net of value added tax.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

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

BLUE PROPERTY (UK) LTD (REGISTERED NUMBER: 08030326)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022
and 31st March 2023 2,250,000
NET BOOK VALUE
At 31st March 2023 2,250,000
At 31st March 2022 2,250,000

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2014 58,034
Valuation in 2015 577,581
Valuation in 2018 250,000
Cost 1,364,385
2,250,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,364,385 1,364,385

Investment property was valued on a fair value basis basis on by Mr R S Sidhu, the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 180,918 163,094
Prepayments and accrued income 2,900 -
183,818 163,094

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 40,200 40,200
Amounts owed to group undertakings - 20
Amounts owed to related companies - 20,396
Corporation tax 69,084 50,124
Accruals and deferred income 22,244 19,527
131,528 130,267

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 933,250 973,450

BLUE PROPERTY (UK) LTD (REGISTERED NUMBER: 08030326)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 973,450 1,013,650

The bank loan is secured by a legal mortgage over the company's property at 281 Walworth Road, London.

9. RESERVES
Non-distributable
reserves
£   
At 1st April 2022 745,554
Transfer from revaluation (44,230 )

At 31st March 2023 701,324

10. ULTIMATE PARENT COMPANY

The ultimate parent company at the balance sheet date was Ashcroft Investments Limited.

Their registered office is First Floor, Woburn Court, 2 Railton Road, Woburn Road Ind Est,, Kempston, Bedford, Bedfordshire, MK42 7PN.

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BLUE PROPERTY (UK) LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blue Property (UK) Ltd for the year ended 31st March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Blue Property (UK) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Blue Property (UK) Ltd and state those matters that we have agreed to state to the director of Blue Property (UK) Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blue Property (UK) Ltd and its director for our work or for this report.

It is your duty to ensure that Blue Property (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Blue Property (UK) Ltd. You consider that Blue Property (UK) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Blue Property (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


15th November 2023