Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-3150982022-04-01falseThe Company's principal activity countined to be of property development.00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10283256 2022-04-01 2023-03-31 10283256 2021-04-01 2022-03-31 10283256 2023-03-31 10283256 2022-03-31 10283256 c:Director1 2022-04-01 2023-03-31 10283256 d:CurrentFinancialInstruments 2023-03-31 10283256 d:CurrentFinancialInstruments 2022-03-31 10283256 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10283256 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10283256 d:ShareCapital 2023-03-31 10283256 d:ShareCapital 2022-03-31 10283256 d:RetainedEarningsAccumulatedLosses 2023-03-31 10283256 d:RetainedEarningsAccumulatedLosses 2022-03-31 10283256 c:FRS102 2022-04-01 2023-03-31 10283256 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 10283256 c:FullAccounts 2022-04-01 2023-03-31 10283256 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 10283256









BLUECROFT IPE MORVILLE LTD







UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
BLUECROFT IPE MORVILLE LTD
REGISTERED NUMBER: 10283256

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
-
(21,466)

Debtors: amounts falling due within one year
 5 
345,854
1,621,457

Cash at bank and in hand
 6 
-
2,548

  
345,854
1,602,539

Creditors: amounts falling due within one year
 7 
(4,821,691)
(6,077,823)

Net current liabilities
  
 
 
(4,475,837)
 
 
(4,475,284)

Total assets less current liabilities
  
(4,475,837)
(4,475,284)

  

Net liabilities
  
(4,475,837)
(4,475,284)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(4,476,837)
(4,476,284)

  
(4,475,837)
(4,475,284)


Page 1

 
BLUECROFT IPE MORVILLE LTD
REGISTERED NUMBER: 10283256
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

................................................
Mohammed Adnan Imam
Director

Date: 5 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
BLUECROFT IPE MORVILLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a members limited liability company incorporated in the United Kingdom.
The registered address of the company is:
22 Gilbert Street
London
W1K 5HD
The company's principal activity is that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
BLUECROFT IPE MORVILLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the
Page 4

 
BLUECROFT IPE MORVILLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
-
(21,466)

-
(21,466)



5.


Debtors

2023
2022
£
£


Trade debtors
(7,211)
-

Other debtors
353,065
1,621,457

345,854
1,621,457


Page 5

 
BLUECROFT IPE MORVILLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
2,550

Less: bank overdrafts
-
(21,500)

-
(18,950)



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
21,500

Bank loans
43,843
692,030

Trade creditors
810,560
834,104

Amounts owed to group undertakings
1,170,188
1,363,100

Corporation tax
246,615
246,615

Other creditors
2,550,485
2,920,474

4,821,691
6,077,823


The following liabilities were secured:

2023
2022
£
£



Bank Loan
-
644,548

-
644,548

Details of security provided:

Bank loans of NIL (2022: £644,548) were secured on the assets of the company


8.


Related party transactions

At the year end the company owed its ultimate parent company IPE Group (Holdings) Ltd £1,170,188   (2022: £1,319,220).

 
Page 6