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COMPANY REGISTRATION NUMBER: 01502700
Blue Seal Properties Limited
Filleted Unaudited Financial Statements
30 September 2023
Blue Seal Properties Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
812,501
907,501
Current assets
Debtors
6
11,465
Cash at bank and in hand
197,833
247,997
---------
---------
197,833
259,462
Creditors: amounts falling due within one year
7
176,779
167,698
---------
---------
Net current assets
21,054
91,764
---------
---------
Total assets less current liabilities
833,555
999,265
Provisions
60,616
70,501
---------
---------
Net assets
772,939
928,764
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
32,675
32,675
Profit and loss account
740,164
895,989
---------
---------
Shareholders funds
772,939
928,764
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Blue Seal Properties Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
Miss H L Blue
Director
Company registration number: 01502700
Blue Seal Properties Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Minton Place, Victoria Road, Bicester, Oxon, OX26 6QB.
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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
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.
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:
Equipment
-
25% reducing balance
The directors consider the residual value of the freehold land and buildings to be higher than the cost and therefore no depreciation has been charged.
Investment property
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost or valuation
At 1 October 2022
907,501
3,472
910,973
Revaluations
( 95,000)
( 95,000)
---------
-------
---------
At 30 September 2023
812,501
3,472
815,973
---------
-------
---------
Depreciation
At 1 October 2022 and 30 September 2023
3,472
3,472
---------
-------
---------
Carrying amount
At 30 September 2023
812,501
812,501
---------
-------
---------
At 30 September 2022
907,501
907,501
---------
-------
---------
Included within the above is investment property as follows:
£
At 1 October 2022
907,501
Fair value adjustments
( 95,000)
---------
At 30 September 2023
812,501
---------
The effective date of the valuation was 30 September 2023 and the fair value basis was adopted based on an independent valuation.
6. Debtors
2023
2022
£
£
Trade debtors
10,608
Other debtors
857
----
--------
11,465
----
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
134,523
139,492
Other creditors
42,256
28,206
---------
---------
176,779
167,698
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D J Blue
Miss H L Blue
13
30,009
( 29,867)
155
Mrs V J Blue
( 26,794)
6,508
( 21,000)
( 41,286)
--------
--------
--------
--------
( 26,781)
36,517
( 50,867)
( 41,131)
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D J Blue
( 1,800)
4,140
( 2,340)
Miss H L Blue
( 2,450)
28,500
( 26,037)
13
Mrs V J Blue
( 13,124)
5,500
( 19,170)
( 26,794)
--------
--------
--------
--------
( 17,374)
38,140
( 47,547)
( 26,781)
--------
--------
--------
--------