Registered number
10686703
Blu Paper Clip Limited
Filleted Accounts
31 March 2023
Blu Paper Clip Limited
Registered number: 10686703
Balance Sheet
as at 31 March 2023
Notes 2023 2022
Fixed assets
Tangible assets 3 741,510 748,883
Investments 4 - 78,000
741,510 826,883
Current assets
Debtors 5 - 19,678
Cash at bank and in hand 33,312 197,459
33,312 217,137
Creditors: amounts falling due within one year 6 (310,918) (537,368)
Net current liabilities (277,606) (320,231)
Total assets less current liabilities 463,904 506,652
Creditors: amounts falling due after more than one year 7 (198,500) (210,580)
Provisions for liabilities (10,101) (23,886)
Net assets 255,303 272,186
Capital and reserves
Called up share capital 100 100
Profit and loss account 255,203 272,086
Shareholder's funds 255,303 272,186
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Burgess
Director
Approved by the board on 9 November 2023
Blu Paper Clip Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tankers 20% straight line
Plant and machinery 20% straight line
Investment properties
Investment properties are carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable properties, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. No depreciation is provided on investment properties.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment properties Plant and machinery etc Tankers Total
Cost/Fair value
At 1 April 2022 727,109 520 36,000 763,629
At 31 March 2023 727,109 520 36,000 763,629
Depreciation
At 1 April 2022 - 346 14,400 14,746
Charge for the year - 173 7,200 7,373
At 31 March 2023 - 519 21,600 22,119
Net book value
At 31 March 2023 727,109 1 14,400 741,510
At 31 March 2022 727,109 174 21,600 748,883
Freehold land and buildings: 2023 2022
Historical cost 561,060 561,060
Cumulative depreciation based on historical cost - -
561,060 561,060
4 Investments
Other
investments
Fair value
At 1 April 2022 78,000
Disposals (78,000)
At 31 March 2023 -
Historical cost
At 1 April 2022 78,000
5 Debtors 2023 2022
Trade debtors - 19,678
6 Creditors: amounts falling due within one year 2023 2022
Bank loans and overdrafts 12,033 11,947
Taxation and social security costs 14,233 21,604
Other creditors 284,652 503,817
310,918 537,368
7 Creditors: amounts falling due after one year 2023 2022
Bank loans 198,500 210,580
8 Loans 2023 2022
Creditors include:
Instalments falling due for payment after more than five years 152,254 162,174
Secured bank loans 198,400 206,742
The bank loan is secured on a leasehold property owned by the company.
9 Controlling party
A Burgess, who owns 51% of the issued share capital, is the controlling party.
10 Other information
Blu Paper Clip Limited is a private company limited by shares and incorporated in England. Its registered office is:
22d Orgreave Crescent
Dore House Industrial Estate
Sheffield
South Yorkshire
S13 9NQ
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