Silverfin false 31/03/2023 01/04/2022 31/03/2023 D B Bloom 03/03/2016 24 November 2023 The principal activity of the Company during the financial year was property investment. 10040913 2023-03-31 10040913 bus:Director1 2023-03-31 10040913 2022-03-31 10040913 core:CurrentFinancialInstruments 2023-03-31 10040913 core:CurrentFinancialInstruments 2022-03-31 10040913 core:ShareCapital 2023-03-31 10040913 core:ShareCapital 2022-03-31 10040913 core:RevaluationReserve 2023-03-31 10040913 core:RevaluationReserve 2022-03-31 10040913 core:RetainedEarningsAccumulatedLosses 2023-03-31 10040913 core:RetainedEarningsAccumulatedLosses 2022-03-31 10040913 core:ComputerEquipment 2022-03-31 10040913 core:ComputerEquipment 2023-03-31 10040913 2021-03-31 10040913 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 10040913 core:RevaluationInvestmentPropertyDeferredTax 2022-03-31 10040913 bus:OrdinaryShareClass1 2023-03-31 10040913 2022-04-01 2023-03-31 10040913 bus:FullAccounts 2022-04-01 2023-03-31 10040913 bus:SmallEntities 2022-04-01 2023-03-31 10040913 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10040913 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10040913 bus:Director1 2022-04-01 2023-03-31 10040913 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 10040913 2021-04-01 2022-03-31 10040913 core:ComputerEquipment 2022-04-01 2023-03-31 10040913 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10040913 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 10040913 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10040913 (England and Wales)

BLOOMS ROOMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

BLOOMS ROOMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

BLOOMS ROOMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
BLOOMS ROOMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 515 549
Investment property 4 2,300,000 2,034,680
2,300,515 2,035,229
Current assets
Debtors 5 3,158 4,298
Cash at bank and in hand 49,113 18,337
52,271 22,635
Creditors: amounts falling due within one year 6 ( 113,640) ( 122,322)
Net current liabilities (61,369) (99,687)
Total assets less current liabilities 2,239,146 1,935,542
Provision for liabilities 7 ( 2,665) 0
Net assets 2,236,481 1,935,542
Capital and reserves
Called-up share capital 8 2,050,001 2,050,001
Revaluation reserve 104,476 ( 158,179 )
Profit and loss account 82,004 43,720
Total shareholder's funds 2,236,481 1,935,542

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Blooms Rooms Limited (registered number: 10040913) were approved and authorised for issue by the Director. They were signed on its behalf by:

D B Bloom
Director

24 November 2023

BLOOMS ROOMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
BLOOMS ROOMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Blooms Rooms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover comprises rental income generated from the Company's investment properties. Revenue is recognised in the period to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2022 2,883 2,883
Additions 268 268
At 31 March 2023 3,151 3,151
Accumulated depreciation
At 01 April 2022 2,334 2,334
Charge for the financial year 302 302
At 31 March 2023 2,636 2,636
Net book value
At 31 March 2023 515 515
At 31 March 2022 549 549

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 2,034,680
Fair value movement 265,320
As at 31 March 2023 2,300,000

5. Debtors

2023 2022
£ £
Prepayments 3,158 4,298

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to director 94,279 94,404
Accruals and deferred income 9,620 16,894
Taxation and social security 9,741 11,024
113,640 122,322

7. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 2,665) 0
At the end of financial year ( 2,665) 0

The deferred taxation balance is made up as follows:

2023 2022
£ £
Revaluation of investment property ( 2,665) 0

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2,050,001 Ordinary shares of £ 1.00 each 2,050,001 2,050,001

9. Related party transactions

Included within other creditors is a balance of £94,279 (2022: £94,404) owed to the director of the company. This balance is unsecured and interest free with no fixed repayment terms.

10. Ultimate controlling party

The ultimate parent undertaking is Marahaba Ltd, a company incorporated in England and Wales.