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COMPANY REGISTRATION NUMBER: NI056315
Bluebell Developments Limited
Unaudited Financial Statements
31 October 2023
Bluebell Developments Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Report to the director on the preparation of the unaudited statutory financial statements
14
Bluebell Developments Limited
Director's Report
Year ended 31 October 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 October 2023 .
Director
The director who served the company during the year was as follows:
Mr W J Creighton
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 February 2024 and signed on behalf of the board by:
Mr W J Creighton
Mrs D E Creighton
Director
Company Secretary
Registered office:
17-18 Joymount
Carrickfergus
Co. Antrim
BT38 7DN
Bluebell Developments Limited
Statement of Income and Retained Earnings
Year ended 31 October 2023
2023
2022
Note
£
£
Turnover
2,537,174
2,165,672
Cost of sales
820,021
675,865
------------
------------
Gross profit
1,717,153
1,489,807
Distribution costs
5,060
3,728
Administrative expenses
1,414,639
1,242,230
Other operating income
2,274
20,750
------------
------------
Operating profit
299,728
264,599
Other interest receivable and similar income
68
20
Interest payable and similar expenses
11,291
------------
------------
Profit before taxation
5
288,505
264,619
Tax on profit
97,774
71,665
---------
---------
Profit for the financial year and total comprehensive income
190,731
192,954
---------
---------
Dividends paid and payable
( 37,583)
( 184,025)
Retained earnings at the start of the year
902,882
893,953
------------
---------
Retained earnings at the end of the year
1,056,030
902,882
------------
---------
All the activities of the company are from continuing operations.
Bluebell Developments Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
6
90,000
135,000
Tangible assets
7
689,339
763,234
Investments
8
114,000
---------
---------
893,339
898,234
Current assets
Stocks
31,040
27,100
Debtors
9
506,680
78,016
Cash at bank and in hand
212,404
201,782
---------
---------
750,124
306,898
Creditors: amounts falling due within one year
10
374,040
275,282
---------
---------
Net current assets
376,084
31,616
------------
---------
Total assets less current liabilities
1,269,423
929,850
Creditors: amounts falling due after more than one year
11
178,926
Provisions
Taxation including deferred tax
34,466
26,967
------------
---------
Net assets
1,056,031
902,883
------------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
1,056,030
902,882
------------
---------
Shareholders funds
1,056,031
902,883
------------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 October 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bluebell Developments Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 15 February 2024 , and are signed on behalf of the board by:
Mr W J Creighton
Director
Company registration number: NI056315
Bluebell Developments Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 17-18 Joymount, Carrickfergus, Co. Antrim, BT38 7DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
Licence
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment Property Investment property is property held by the company to earn rentals or for capital appreciation, or both. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
10% straight line
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 47 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Amortisation of intangible assets
45,000
45,000
Depreciation of tangible assets
102,027
103,871
---------
---------
6. Intangible assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
800,000
100,000
900,000
---------
---------
---------
Amortisation
At 1 November 2022
685,000
80,000
765,000
Charge for the year
35,000
10,000
45,000
---------
---------
---------
At 31 October 2023
720,000
90,000
810,000
---------
---------
---------
Carrying amount
At 31 October 2023
80,000
10,000
90,000
---------
---------
---------
At 31 October 2022
115,000
20,000
135,000
---------
---------
---------
7. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Nov 2022
770,220
436,560
421,919
1,924
321,714
1,952,337
Additions
7,717
34,167
217,962
259,846
Disposals
( 231,714)
( 231,714)
---------
---------
---------
-------
---------
------------
At 31 Oct 2023
770,220
444,277
456,086
1,924
307,962
1,980,469
---------
---------
---------
-------
---------
------------
Depreciation
At 1 Nov 2022
470,633
369,844
347,514
1,112
1,189,103
Charge for the year
56,072
31,118
14,634
203
102,027
---------
---------
---------
-------
---------
------------
At 31 Oct 2023
526,705
400,962
362,148
1,315
1,291,130
---------
---------
---------
-------
---------
------------
Carrying amount
At 31 Oct 2023
243,515
43,315
93,938
609
307,962
689,339
---------
---------
---------
-------
---------
------------
At 31 Oct 2022
299,587
66,716
74,405
812
321,714
763,234
---------
---------
---------
-------
---------
------------
No change to fair value of investment properties held at the year end.
8. Investments
Shares in group undertakings
£
Cost
At 1 November 2022
Additions
114,000
---------
At 31 October 2023
114,000
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
114,000
---------
At 31 October 2022
---------
9. Debtors
2023
2022
£
£
Other debtors
506,680
78,016
---------
--------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,264
4,649
Trade creditors
63,076
107,860
Corporation tax
178,610
70,331
Social security and other taxes
100,475
84,726
Other creditors
15,615
7,716
---------
---------
374,040
275,282
---------
---------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
178,926
---------
----
The above liabilities are secured by assets held by the company.
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr W J Creighton
( 2)
645,270
( 312,089)
333,179
----
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr W J Creighton
( 36)
187,059
( 187,025)
( 2)
----
---------
---------
----
13. Related party transactions
During the year Bluebell Developments Ltd bought 100% of the shares in OPLE Ltd, a company in which Mr W J Creighton is the director. At the year end OPLE Ltd owed Bluebell Developments Ltd £55,869 (2022: £52,730).
14. Controlling party
The company was under the control of Mr W J Creighton throughout the current and previous year. Mr Creighton is the managing director and 100% shareholder.
Bluebell Developments Limited
Management Information
Year ended 31 October 2023
The following pages do not form part of the financial statements.
Bluebell Developments Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Bluebell Developments Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bluebell Developments Limited for the year ended 31 October 2023, which comprise the statement of income and retained earnings, statement of financial position 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 Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the director of Bluebell Developments Limited in accordance with the terms of our engagement letter dated 12 April 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Bluebell Developments Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bluebell Developments Limited and its director for our work or for this report.
It is your duty to ensure that Bluebell Developments Limited 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 Bluebell Developments Limited. You consider that Bluebell Developments Limited 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 Bluebell Developments Limited. 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.
AUBREY CAMPBELL & COMPANY Chartered accountants
631 Lisburn Road Belfast BT9 7GT
15 February 2024