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REGISTERED NUMBER: 09832127 (England and Wales)















Directors' Report and

Unaudited Financial Statements for the Year Ended 30 June 2023

for

BLUMEN INTERNATIONAL LIMITED

BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Directors' Report 2

Statement of Income and Retained Earnings 3

Balance Sheet 4

Notes to the Financial Statements 5


BLUMEN INTERNATIONAL LIMITED

Company Information
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: R Falangi
R Manteo
G W Mountford





REGISTERED OFFICE: 111 Park Street, Mayfair
London
W1K 7JF





REGISTERED NUMBER: 09832127 (England and Wales)





ACCOUNTANTS: A.C.T. London Limited
48 Dover Street
Mayfair, London
W1S 4FF

BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Directors' Report
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is a wholesaler of seeds and products for horticulture and gardening.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

R Falangi
R Manteo
G W Mountford

SMALL COMPANIES NOTE
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G W Mountford - Director


1 March 2024

BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Statement of Income and
Retained Earnings
FOR THE YEAR ENDED 30 JUNE 2023

30.6.23 30.6.22
(Audited)
£ £ £ £

TURNOVER 78,061 345,711

Cost of sales 8,874 30,753
GROSS PROFIT 69,187 314,958

Distribution costs - 6,859
Administrative expenses 137,694 227,992
137,694 234,851
OPERATING (LOSS)/PROFIT (68,507 ) 80,107


Interest payable and similar expenses 5,366 -
(LOSS)/PROFIT BEFORE TAXATION (73,873 ) 80,107

Tax on (loss)/profit - -
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (73,873 ) 80,107

Retained earnings at beginning of year (378,317 ) (458,424 )

RETAINED EARNINGS AT END OF YEAR (452,190 ) (378,317 )

BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Balance Sheet
30 JUNE 2023

30.6.23 30.6.22
(Audited)
Notes £ £
CURRENT ASSETS
Stocks 66,689 67,751
Debtors 6 345,752 417,506
Cash at bank 7 245 24,701
412,686 509,958
CREDITORS
Amounts falling due within one year 8 764,876 788,275
NET CURRENT LIABILITIES (352,190 ) (278,317 )
TOTAL ASSETS LESS CURRENT LIABILITIES (352,190 ) (278,317 )

CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Retained earnings (452,190 ) (378,317 )
SHAREHOLDERS' FUNDS (352,190 ) (278,317 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared 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 1 March 2024 and were signed on its behalf by:





G W Mountford - Director


BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023

1. GENERAL INFORMATION

Blument International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 111 Park Street, Mayfair,London, W1K 7JF. The principal place of business is Unit 22 Innovation Centre, University Way, Cranfield Technology Park, Cranfield, Bedfordshire, MK43 0BT.

The principal activity of the company is that of a wholesaler of seeds and products for horticulture and gardening.

The functional currency of the company is GBP.

2. ACCOUNTING POLICIES

2.1 Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Accounting policies
2.2 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. The financial statements of the company are consolidated in the financial statements of Blumen Group SpA. These consolidated financial statements are available from its registered office.

2.3 Going concern

The directors have assessed the company's ability to continue as a going concern, considering the following factors:
1. Liquidation Intention:
o The company has made a decision to voluntarily liquidate its operations.
o The liquidation process is involving the realization of assets, settlement of liabilities, and distribution of remaining funds to shareholders.
2. Going Concern Assessment:
o The directors have evaluated the company's financial position, cash flow projections, and available resources.
o They have considered the impact of the planned liquidation on the company's ability to meet its obligations and continue operating.
3. Material Uncertainties:
o The directors are not aware of any material uncertainties that would cast significant doubt on the company's ability to continue as a going concern.
o The company has sufficient resources to meet its obligations during the current liquidation process.
4. Disclosure Period:
o The assessment period for the going concern status is less than 12 months from the approval date of these financial statements.

Based on the above assessment, the directors believe that the company remains a going concern until the completion of the voluntary liquidation process.

2.4 Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5 Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6 Government grants


BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.7 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9 Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.10 Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:
Development costs - 5 years

2.11 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 25%
Computer equipment - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

2.12 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13 Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16 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 are included in the income statement for the period.

2.17 Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 July 2022
and 30 June 2023 13,285
AMORTISATION
At 1 July 2022
and 30 June 2023 13,285
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 July 2022
and 30 June 2023 7,169
DEPRECIATION
At 1 July 2022
and 30 June 2023 7,169
NET BOOK VALUE
At 30 June 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
(Audited)
£ £
Trade debtors 230,992 332,306
Other debtors 10,849 -
VAT 4,893 -
Prepayments and accrued income 99,018 85,200
345,752 417,506

"Included within trade debtors, an amount of £224,312 (2022: £307,185) due from the parent company Blumen Group S.P.A."

7. CASH AT BANK
30.6.23 30.6.22
(Audited)
£ £
Bank account no. 1 245 24,701

BLUMEN INTERNATIONAL LIMITED (REGISTERED NUMBER: 09832127)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
(Audited)
£ £
Trade creditors 5,258 29,069
Amounts owed to group undertakings 682,813 677,447
Social security and other taxes 2,833 3,278
Other creditors 65,998 65,334
Accruals and deferred income 7,974 13,147
764,876 788,275

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £ £
100,000 Ordinary shares 1 100,000 100,000

10. CONTROLLING PARTY

The parent company is Blumen Group SpA, a company incorporated in Italy. Information on the parent company and its consolidated accounts can be obtained from the company secretary at Blumen Group SpA, Via Lorenzo Mascheroni 5, 20123 Milano, Italy.