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REGISTERED NUMBER: 05456115 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 May 2023

for

BluGem Communications Limited

BluGem Communications Limited (Registered number: 05456115)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BluGem Communications Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: J P Davies





REGISTERED OFFICE: 2 Litchdon Street
Barnstaple
Devon
EX32 8ND





REGISTERED NUMBER: 05456115 (England and Wales)





ACCOUNTANTS: Plunkett Yates Limited
1 Charlotte Mews
Pavilion Place
Exeter
Devon
EX2 4HA

BluGem Communications Limited (Registered number: 05456115)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,303 15,240
Tangible assets 5 20,759 20,265
Investment property 6 175,000 175,000
209,062 210,505

CURRENT ASSETS
Stocks 20,425 10,605
Debtors 7 474,752 389,589
Cash at bank and in hand 328,612 441,308
823,789 841,502
CREDITORS
Amounts falling due within one year 8 114,805 94,380
NET CURRENT ASSETS 708,984 747,122
TOTAL ASSETS LESS CURRENT
LIABILITIES

918,046

957,627

CREDITORS
Amounts falling due after more than one
year

9

(20,833

)

(30,833

)

PROVISIONS FOR LIABILITIES (8,339 ) (9,210 )
NET ASSETS 888,874 917,584

CAPITAL AND RESERVES
Called up share capital 180 180
Capital redemption reserve 20 20
Fair value reserve 10 26,263 26,263
Retained earnings 862,411 891,121
888,874 917,584

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

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

BluGem Communications Limited (Registered number: 05456115)

Balance Sheet - continued
31 May 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2023 and were signed by:





J P Davies - Director


BluGem Communications Limited (Registered number: 05456115)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

BluGem Communications 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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.


BluGem Communications Limited (Registered number: 05456115)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1 June 2022 5,775 25,400 31,175
Additions 3,929 - 3,929
At 31 May 2023 9,704 25,400 35,104
AMORTISATION
At 1 June 2022 5,775 10,160 15,935
Amortisation for year 786 5,080 5,866
At 31 May 2023 6,561 15,240 21,801
NET BOOK VALUE
At 31 May 2023 3,143 10,160 13,303
At 31 May 2022 - 15,240 15,240

BluGem Communications Limited (Registered number: 05456115)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 4,702 20,008 163,263 187,973
Additions 7,074 - - 7,074
At 31 May 2023 11,776 20,008 163,263 195,047
DEPRECIATION
At 1 June 2022 3,751 15,260 148,697 167,708
Charge for year 1,751 1,187 3,642 6,580
At 31 May 2023 5,502 16,447 152,339 174,288
NET BOOK VALUE
At 31 May 2023 6,274 3,561 10,924 20,759
At 31 May 2022 951 4,748 14,566 20,265

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 175,000
NET BOOK VALUE
At 31 May 2023 175,000
At 31 May 2022 175,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2022 (15,670 )
Valuation in 2021 670
Valuation in 2017 35,363
Valuation in 2016 20,032
Valuation in 2015 134,605
175,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 163,499 127,562
Amounts recoverable on contract - 5,857
Other debtors 311,253 256,170
474,752 389,589

BluGem Communications Limited (Registered number: 05456115)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 10,000 10,000
Payments on account 11,238 19,158
Trade creditors 22,120 -
Taxation and social security 56,474 51,210
Other creditors 14,973 14,012
114,805 94,380

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 20,833 30,833

10. RESERVES
Fair
value
reserve
£   
At 1 June 2022
and 31 May 2023 26,263

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31.5.23 31.5.22
£    £   
J P Davies
Balance outstanding at start of year (192,412 ) (119,278 )
Amounts advanced (38,477 ) (79,634 )
Amounts repaid - 6,500
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (230,889 ) (192,412 )

Interest is charged at HMRC's official rates.