Company registration number 12371596 (England and Wales)
BLUEGLO SERVICING AND MAINTENANCE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BLUEGLO SERVICING AND MAINTENANCE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
547,636
283,162
Investments
4
790
790
548,426
283,952
Current assets
Debtors
5
12
55,021
Cash at bank and in hand
12,924
157
12,936
55,178
Creditors: amounts falling due within one year
6
(199,187)
(6,518)
Net current (liabilities)/assets
(186,251)
48,660
Total assets less current liabilities
362,175
332,612
Creditors: amounts falling due after more than one year
7
(177,448)
Net assets
362,175
155,164
Capital and reserves
Called up share capital
8
204
204
Profit and loss reserves
361,971
154,960
Total equity
362,175
155,164
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
BLUEGLO SERVICING AND MAINTENANCE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered 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 6 September 2024 and are signed on its behalf by:
Mr D J Simmonds
Mr B Bridges
Director
Director
Mr J D Jones
Director
Company Registration No. 12371596
BLUEGLO SERVICING AND MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Blueglo Servicing and Maintenance Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Stanley Court, Richard Jones Road, Witney, Oxfordshire, OX29 0TB.
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 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 investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Income generated from investment properties is recognised in the period to which the income relates.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with bank.
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.
BLUEGLO SERVICING AND MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, amounts due to group companies, and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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
Taxation
The tax expense represents the sum of the tax payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
No deferred tax has been recognised in these accounts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
BLUEGLO SERVICING AND MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 April 2023
283,162
Additions
264,474
At 31 March 2024
547,636
Investment property comprises of Unit 4 and Unit 5 Stanley Court, Richard Jones Road, Witney, Oxfordshire, OX29 0TB. Unit 4 was purchased in September 2021, whilst unit 5 was purchased by the subsidiary company in February 2022, which was then subsequently hived-up to Blueglo Servicing and Maintenance Ltd in September 2023.
The directors consider the fair value of the properties at the period end to not be materially different to their initial cost and, therefore, no fair value movement has been recognised through the profit and loss in these financial statements.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
790
790
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
12
55,021
BLUEGLO SERVICING AND MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,146
Amounts owed to group undertakings
193,924
Taxation and social security
3,763
872
Other creditors
1,500
1,500
199,187
6,518
Included within bank loans due within one year is £nil (2023 - £4,146) in respect of a loan from National Westminster Bank Plc. National Westminster Bank Plc held a fixed charge over current and future assets and undertakings of Blueglo Servicing and Maintenance Ltd, which was satisfied in the period on settlement of the loan.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
177,448
Included within bank loans due after more than one year is £nil (2023 - £177,448) in respect of a loan from National Westminster Bank Plc. National Westminster Bank Plc held a fixed charge over current and future assets and undertakings of Blueglo Servicing and Maintenance Ltd, which was satisfied in the period on settlement of the loan.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
Ordinary A shares of £1 each
1
1
1
1
Ordinary B shares of £1 each
1
1
1
1
Ordinary C shares of £1 each
1
1
1
1
Ordinary D shares of £1 each
1
1
1
1
204
204
204
204