Company registration number 11284120 (England and Wales)
BLUEGROVE CAPITAL MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BLUEGROVE CAPITAL MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Ms N Kozyreva
Mr M Lojevsky
Mr K Parker (Non-Executive Director)
(Appointed 24 October 2023)
Mr N Jordan (Non-Executive Director)
(Appointed 17 January 2024)
Company number
11284120
Registered office
Suite 38
51 Holland Street
London
W8 7JB
Auditor
Streets Whittle & Partners LLP
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
BLUEGROVE CAPITAL MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 18
BLUEGROVE CAPITAL MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The company became a regulated firm under the Financial Conduct Authority (FCA) on 26th January 2022.
The results for the year reflect the conditions prevailing in the financial services industry. The directors are optimistic with regards to he future economin growth of the company.
Principal risks and uncertainties
In the ordinary course of business, the company is expected to experience a number of risks, the most significant of which are credit, liquid and operation risk. The company regards the monitoring and controlling of risk a fundamental part of the management process.
Key performance indicators
Financial key performance indicators are net revenue £519,054 (2022: £389,342) and net assets at the year end £143,672 (2022:141,621).
Other information and explanations
Currency risk
The company does not hedge against variations in exchange rates between currencies.
Interest risk rate
The company has no significant interest bearing debts.
Liquidity risk
The company seeks to manage financial risk be ensuring sufficient liquidity is available to meet foreseeable demands. it has done this by providing adequate working capital on a regular basis.
Regulatory risks
The company has made it clear that it is a high priority to satisfy all FCA rules and meet all regulatory requirements.
Credit risk
At present the company's primary credit risk is with its trade debtors, bank balances and with its banks. The directors have assessed this risk and consider it to at a low level in view of the financial strength of the counterparties.
Employees
The company has a well-established reporting structure which encourages employee engagement in an opening working environment. The directors are responsible for ensuring that this structure enables effective communication and feedback between employees and management.
Promoting the success of the company
The directors of the company have acted in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its shareholders, employees and customers as whole, and in doing so, the director have considered (amongst other matters):
the likely consequences of any actions in the long term,
the interest of the company's employees,
the need to foster the company's business relationships with customers and others,
the impact of company's operations on the community and environment,
the desirability of the company maintain a reputation of high standards of business conduct, and
the need to act fairly among shareholders, employees and customers of the company
BLUEGROVE CAPITAL MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Mr M Lojevsky
Director
22 April 2024
BLUEGROVE CAPITAL MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of investment advisory services.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms N Kozyreva
Mr M Lojevsky
V Gubskyi
(Resigned 19 January 2023)
Mr K Parker (Non-Executive Director)
(Appointed 24 October 2023)
Mr N Jordan (Non-Executive Director)
(Appointed 17 January 2024)
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr M Lojevsky
Director
22 April 2024
BLUEGROVE CAPITAL MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BLUEGROVE CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLUEGROVE CAPITAL MANAGEMENT LIMITED
- 5 -
Opinion
We have audited the financial statements of Bluegrove Capital Management Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
BLUEGROVE CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLUEGROVE CAPITAL MANAGEMENT LIMITED (CONTINUED)
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
• Had a direct effect on the determination of material of amounts and disclosures in the financial statements. These included the UK Companies Act, and tax legislation; and
• Do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the Financial Conduct Authority regulations.
BLUEGROVE CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLUEGROVE CAPITAL MANAGEMENT LIMITED (CONTINUED)
- 7 -
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:
The company earns fees and commissions from its investment management activities and there is a fraud risk that these are inappropriately accelerated or deferred between account periods.
We have assessed that there is a significant risk of material misstatement relating to revenue recognition which is pinpointed to the cut off assertion specifically around the year end.
• We have obtained an understanding of the revenue process;
• Assessed the design and implementation of controls in the revenue process specifically focusing on the controls that address revenue recognition cut-off; and
• Performed additional cut-off testing around the year-end date by reviewing the income received post year end and obtaining documentary evidence to identify any transactions which may have been erroneously recognised as revenue in the incorrect period.
• Performed specific testing on the journal adjustments to the financial statements, focusing on the risk of management override of controls.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• asking management about any actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
• Obtaining expense invoices which show the correct allocation of costs in the accounts, and in particular, those which the entity may have paid on behalf of an associated company.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BLUEGROVE CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLUEGROVE CAPITAL MANAGEMENT LIMITED (CONTINUED)
- 8 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Daniel Insley BA ACA
Senior Statutory Auditor
For and on behalf of Streets Whittle & Partners LLP
22 April 2024
Chartered Accountants
Statutory Auditor
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
BLUEGROVE CAPITAL MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
519,054
389,341
Cost of sales
(87,859)
(83,753)
Gross profit
431,195
305,588
Administrative expenses
(522,712)
(502,506)
Operating loss
4
(91,517)
(196,918)
Interest payable and similar expenses
8
(107)
Loss before taxation
(91,624)
(196,918)
Tax on loss
9
Loss for the financial year
(91,624)
(196,918)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BLUEGROVE CAPITAL MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
10
223,060
124,811
Cash at bank and in hand
34,110
38,599
257,170
163,410
Creditors: amounts falling due within one year
11
(113,498)
(21,789)
Net current assets
143,672
141,621
Capital and reserves
Called up share capital
14
888,676
795,001
Profit and loss reserves
(745,004)
(653,380)
Total equity
143,672
141,621
The financial statements were approved by the board of directors and authorised for issue on 22 April 2024 and are signed on its behalf by:
Mr M Lojevsky
Director
Company registration number 11284120 (England and Wales)
BLUEGROVE CAPITAL MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
795,001
(456,462)
338,539
Year ended 31 December 2022:
Loss and total comprehensive income
-
(196,918)
(196,918)
Balance at 31 December 2022
795,001
(653,380)
141,621
Year ended 31 December 2023:
Loss and total comprehensive income
-
(91,624)
(91,624)
Issue of share capital
14
93,675
-
93,675
Balance at 31 December 2023
888,676
(745,004)
143,672
BLUEGROVE CAPITAL MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
18
(98,057)
38,599
Interest paid
(107)
Net cash (outflow)/inflow from operating activities
(98,164)
38,599
Financing activities
Proceeds from issue of shares
93,675
Net cash generated from/(used in) financing activities
93,675
-
Net (decrease)/increase in cash and cash equivalents
(4,489)
38,599
Cash and cash equivalents at beginning of year
38,599
Cash and cash equivalents at end of year
34,110
38,599
BLUEGROVE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
Bluegrove Capital Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 38, 51 Holland Street, London, W8 7JB.
1.1
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.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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 current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
BLUEGROVE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Basic financial assets
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions. Assets and liabilities held in foreign currencies are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BLUEGROVE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Fee income
519,054
389,341
2023
2022
£
£
Turnover analysed by geographical market
Non-UK
519,054
389,341
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Exchange losses
3,201
1,915
Operating lease charges
33,394
38,320
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,250
14,750
For other services
All other non-audit services
735
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Investment and operations team
2
3
BLUEGROVE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 16 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
207,257
208,308
Social security costs
23,454
21,772
Pension costs
3,079
3,955
233,790
234,035
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
100,000
60,000
Company pension contributions to defined contribution schemes
991
-
100,991
60,000
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
107
9
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(91,624)
(196,918)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(17,409)
(37,414)
Unutilised tax losses carried forward
17,409
37,414
Taxation charge for the year
-
-
BLUEGROVE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
88,520
64,713
Other debtors
16,855
13,333
Prepayments and accrued income
117,685
46,765
223,060
124,811
11
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
25,509
Taxation and social security
6,652
6,270
Deferred income
12
53,355
Accruals and deferred income
27,982
15,519
113,498
21,789
12
Deferred income
2023
2022
£
£
Other deferred income
53,355
-
13
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,079
3,955
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
7,950,010
7,950,010
888,676
795,001
During the year, the company issued 936,750 Ordinary Shares of £0.10 each, which were fully paid at par for cash consideration to provide additional working capital.
BLUEGROVE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
15
Related party transactions
During the year, the company made sales of £153,707 (2022: £99,633) to Bluegrove Equity Partners, a Cayman Islands register company. Bluegrove Equity Partners is wholly owned by a director of the company. At the year end, the company was owed £53,355 (2022: £60,233).
16
Directors' transactions
During the year, a director charged the company £54,586 (£65,805) for consultancy services.
17
Ultimate controlling party
The ultimate parent company is Vandelay Industries International Limited, a company register in the British Virgin Islands. The ultimate controlling party is Maxim Lojevsky.
18
Cash (absorbed by)/generated from operations
2023
2022
£
£
Loss for the year after tax
(91,624)
(196,918)
Adjustments for:
Finance costs
107
Movements in working capital:
(Increase)/decrease in debtors
(98,249)
213,728
Increase in creditors
38,354
21,789
Increase in deferred income
53,355
-
Cash (absorbed by)/generated from operations
(98,057)
38,599
19
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
38,599
(4,489)
34,110
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Ms N KozyrevaMr M LojevskyV GubskyiMr K Parker (Non-Executive Director)Mr N Jordan (Non-Executive Director)falsefalse112841202023-01-012023-12-3111284120bus:Director12023-01-012023-12-3111284120bus:Director22023-01-012023-12-3111284120bus:Director42023-01-012023-12-3111284120bus:Director52023-01-012023-12-3111284120bus:Director32023-01-012023-12-3111284120bus:RegisteredOffice2023-01-012023-12-31112841202023-12-31112841202022-01-012022-12-3111284120core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3111284120core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31112841202022-12-3111284120core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111284120core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111284120core:CurrentFinancialInstruments2023-12-3111284120core:CurrentFinancialInstruments2022-12-3111284120core:ShareCapital2023-12-3111284120core:ShareCapital2022-12-3111284120core:RetainedEarningsAccumulatedLosses2023-12-3111284120core:RetainedEarningsAccumulatedLosses2022-12-3111284120core:ShareCapital2021-12-3111284120core:RetainedEarningsAccumulatedLosses2021-12-3111284120core:ShareCapital2023-01-012023-12-31112841202022-12-31112841202021-12-311128412012023-01-012023-12-311128412012022-01-012022-12-3111284120core:UKTax2023-01-012023-12-3111284120core:UKTax2022-01-012022-12-3111284120bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111284120bus:FRS1022023-01-012023-12-3111284120bus:Audited2023-01-012023-12-3111284120bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP