Company registration number SC500675 (Scotland)
BLUESHIFT INTERNATIONAL MATERIALS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BLUESHIFT INTERNATIONAL MATERIALS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
BLUESHIFT INTERNATIONAL MATERIALS (UK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,761
195
Cash at bank and in hand
17,134
3,985
18,895
4,180
Creditors: amounts falling due within one year
4
(5,750)
(13,195)
Net current assets/(liabilities)
13,145
(9,015)
Capital and reserves
Called up share capital
5
1
1
Other reserves
7
276,469
256,659
Profit and loss reserves
7
(263,325)
(265,675)
Total equity
13,145
(9,015)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr T Burbey
Director
Company Registration No. SC500675
BLUESHIFT INTERNATIONAL MATERIALS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
1
251,799
(255,650)
(3,850)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
(10,025)
(10,025)
Capital contributions by parent company
-
4,860
-
4,860
Balance at 31 March 2022
1
256,659
(265,675)
(9,015)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
2,350
2,350
Capital contributions by parent company
-
19,810
-
19,810
Balance at 31 March 2023
1
276,469
(263,325)
13,145
BLUESHIFT INTERNATIONAL MATERIALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Blueshift International Materials (UK) Limited is a private company limited by shares incorporated in Scotland. The registered office is Exchange Tower, 19 Canning Street, Edinburgh, United Kingdom, EH3 8EH.

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

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the company is dependent on financial support from it's parent undertaking Blueshift Materials Inc via FLEXcon Holdings Trust. The directors believe that this financial support will continue for the foreseeable future and therefore that the going concern basis is appropriate.

1.3
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

BLUESHIFT INTERNATIONAL MATERIALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,761
195
BLUESHIFT INTERNATIONAL MATERIALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,290
-
0
Accruals
4,460
13,195
5,750
13,195
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
1
1
1
1
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was James McBride and the auditor was Azets Audit Services.
7
Reserves
Other reserve

The other reserve represents the capital contribution from the company's parent.

Profit and loss reserves

The profit and loss reserve represents the accumulated loss on activities to date.

8
Parent company

The company is a fully owned subsidiary of:

 

Blueshift Materials INC

5 South Spencer Road

Spencer

Massachusetts

MA 01562

USA

2023-03-312022-04-01false27 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr T BurbeyMr G PoeAddleshaw Goddard LLPfalseSC5006752022-04-012023-03-31SC5006752023-03-31SC5006752022-03-31SC500675core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC500675core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC500675core:CurrentFinancialInstruments2023-03-31SC500675core:CurrentFinancialInstruments2022-03-31SC500675core:ShareCapital2023-03-31SC500675core:ShareCapital2022-03-31SC500675core:OtherMiscellaneousReserve2023-03-31SC500675core:OtherMiscellaneousReserve2022-03-31SC500675core:RetainedEarningsAccumulatedLosses2023-03-31SC500675core:RetainedEarningsAccumulatedLosses2022-03-31SC500675core:ShareCapital2021-03-31SC500675core:OtherMiscellaneousReserve2021-03-31SC500675core:RetainedEarningsAccumulatedLosses2021-03-31SC5006752021-03-31SC500675bus:Director12022-04-012023-03-31SC500675core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31SC5006752021-04-012022-03-31SC500675core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31SC500675core:WithinOneYear2023-03-31SC500675core:WithinOneYear2022-03-31SC500675bus:PrivateLimitedCompanyLtd2022-04-012023-03-31SC500675bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC500675bus:FRS1022022-04-012023-03-31SC500675bus:Audited2022-04-012023-03-31SC500675bus:Director22022-04-012023-03-31SC500675bus:CompanySecretary12022-04-012023-03-31SC500675bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP