Registered number
09056315
Blue Pie (UK) Limited
Filleted Accounts
31 May 2023
Blue Pie (UK) Limited
Registered number: 09056315
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1 1
Current assets
Debtors 4 1,201,131 177,868
Investments held as current assets 5 2,993,079 -
Cash at bank and in hand 7,983,435 12,297,311
12,177,645 12,475,179
Creditors: amounts falling due within one year 6 (12,281,143) (12,440,923)
Net current (liabilities)/assets (103,498) 34,256
Net (liabilities)/assets (103,497) 34,257
Capital and reserves
Called up share capital 7 100 100
Profit and loss account (103,597) 34,157
Shareholders' funds (103,497) 34,257
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Frederik Hendrik Kluever
Director
Approved by the board on 30 November 2023
Blue Pie (UK) Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Going Concern Disclosure
The directors believe that preparing the financial statements on the going concern basis is
appropriate due to the financial support of the company's ultimate parent undertaking, Blue Pie
Investments (Pty) Ltd.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investments
Investments in
subsidiary subsidiary
undertakings undertakings
£ £
Cost
At 1 June 2022 1
At 31 May 2023 1
4 Debtors 2023 2022
£ £
Glasfit UK Limited 4,113 3,913
Digiflo Solutions Limited (Mauritius) 197,018 168,779
Sigma Connected Limited 1,000,000 -
Oldco A01 Limited (Mauritius) - 5,176
1,201,131 177,868
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments - UK Government Bonds 2,993,079 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1 1
Blue Pie UK Properties Limited 130,097 145,705
Digicall Holdings Australia (Pty) Limited 1,298,218 1,414,880
Amounts owed to parent undertaking 10,847,521 10,873,471
Corporation tax 4,334 2,516
Other creditors 972 4,350
12,281,143 12,440,923
7 Share Capital 2023 2022
£ £
Allotted, Called up and fully paid 100 100
7 Related party transactions
Blue Pie Investments Proprietary Limited
The Company is wholly owned by Blue Pie Investments Proprietary Limited
Blue Pie Investments Proprietary Limited has advanced an unsecured loan to the Company. The terms of the loan are that it is
unsecured, repayable on demand, interest rates agreed from time to time - currently 0%. At the balance sheet date the amount
due to Blue Pie Investments Proprietary Limited was £10,847,521 (2022 - £10,873,471).
Blue Pie UK Properties Limited
Fellow subsidiary of Blue Pie Investments Proprietary Limited.
Blue Pie UK Properties Limited has advanced an unsecured loan to the Company. The terms of the loan are that it is
unsecured, repayable on demand, interest rates agreed from time to time - currently 0%. At the balance sheet date the
amount due to Blue Pie UK Properties Limited was £130,097 (2022 - £145,705).
Digicall Holdings Australia (Pty) Limited
Fellow subsidiary of Blue Pie Investments Proprietary Limited.
Digicall Holdings Australia (Pty) Limited has advanced an unsecured loan to the Company. The terms of the loan are that it is
unsecured, repayable on demand, interest rates agreed from time to time - currently 0%. At the balance sheet date the
amount due to Digicall Holdings Australia (Pty) Limited was £1,298.218 (2022 - £1,414,880).
Glasfit UK Limited
Fellow subsidiary of Blue Pie Investments Proprietary Limited.
Glasfit UK Limited was advanced an unsecured loan to the Company. The terms of the loan are that it is unsecured, repayable
on demand, interest rates agreed from time to time - currently 0%. At the balance sheet date the amount due from Glasfit
UK Limited was £4,113 (2022 - £3,913).
Digiflo Solutions Limited
The Company owns 52% of the share capital of Digiflo Solutions Limited.
Digiflo Solutions Limited was advanced an unsecured loan to the Company. The terms of the loan are that it is unsecured, repayable
on demand, interest rates agreed from time to time - currently 10%. At the balance sheet date the amount due from Digiflo Solutions
Limited was £197,018 (2022 - £168,779).
Oldco A01 Limited (Mauritius)
The Company owns 25% of Oldco A01 Limited (Mauritius).
Oldco A01 Limited was advanced an unsecured loan by the Company. The term of the loan are that it is unsecured, repayable
on demand, interest rates agreed from time to time - currently 0%. At the balance sheet date the amount due from Oldco A01
Limited was £0 (2022 - £5176).
Sigma Connected Limited
Fellow subsidiary of Blue Pie Investments Proprietary Limited.
Sigma Connected Limited was advanced an unsecured loan by the Company. The term of the loan are
that it is unsecured, repayable on demand, interest rates agreed from time to time - currently 0%.
At the balance sheet date the amount due from Sigma Connected Limited was £1,000,000 (2022 - £0).
8 Controlling party
The company's ultimate controlling party is Blue Pie Investments Proprietary Limited by virtue of its ownership of
100% of the issued share capital in the company.
9 Other information
Blue Pie (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o The Sigma Financial Group
Grosvenor House, Prospect Hill
Redditch
Worcestershire
B97 4DL
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