REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BQ (LONDON) LTD. |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BQ (LONDON) LTD. |
BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BQ (LONDON) LTD. |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
BQ (London) Ltd. is a |
The presentation currency of the financial statements is the Euro (€). |
The company was incorporated on 29 December 2009 as Wehr (London) Ltd and on 11 April 2023 the company changed its name to BQ (London) Ltd. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
The financial statements are prepared in Euros, the functional currency of the company. |
Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euros at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account. |
Fixed asset investments |
Investments in subsidiary undertakings are recognised at cost. |
Listed investments are recognised initially at cost and revalued to open market values. |
Going concern |
Where current liabilities exceed current assets the directors consider the ability of the company to meet its liabilities from liquid assets when they fall due. The directors also consider the support given to the company by its parent company and creditors. If the directors are of the opinion that the company can meet its liabilities as they fall due, and has sufficient support from its parent company and creditors, the financial statements are prepared on a going concern basis. |
BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
€ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Investment |
in |
Subsidiary | Other |
Compa ny | investments | Totals |
€ | € | € |
COST OR VALUATION |
At 1 January 2023 | 396,979 |
Revaluations | 46,728 |
At 31 December 2023 | 443,707 |
NET BOOK VALUE |
At 31 December 2023 | 443,707 |
At 31 December 2022 | 396,979 |
Cost or valuation at 31 December 2023 is represented by: |
Investment |
in |
Subsidiary | Other |
Compa ny | investments | Totals |
€ | € | € |
Valuation in 2023 | - | 46,728 | 46,728 |
Valuation in 2022 | - | (96,074 | ) | (96,074 | ) |
Valuation in 2021 | - | 74,288 | 74,288 |
Valuation in 2020 | - | 45,400 | 45,400 |
Valuation in 2019 | - | 64,168 | 64,168 |
Cost | 13,202 | 295,995 | 309,197 |
13,202 | 430,505 | 443,707 |
BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
If other investments had not been revalued they would have been included at the following historical cost: |
31.12.23 | 31.12.22 |
€ | € |
Cost | 295,995 | 295,995 |
Other investments were valued on an open market basis on 31 December 2023 by reference to market prices . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
€ | € |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
€ | € |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | RELATED PARTY DISCLOSURES |
At 31 December 2023, €3,372,647 was due from Sea Spirit Marine S.L., a company incorporated in the Spain, a subsidiary undertaking (2022: €3,222,647). |
At 31 December 2023, €20,902 was due from Baltic Sea Enterprises Limited, a company incorporated in the England and Wales, a group undertaking (2022: €13,897). |
At 31 December 2023, €20,551 was due from Baltic Sea Trade Limited, a company incorporated in the England and Wales, a group undertaking (2022: €13,546). |
During previous years BQ (London) Ltd made short-term loans to MAT Mobile Aviation & Trade SARL. During the year to 31 December 2023 BQ (London) Ltd acquired a yacht from MAT Mobile Aviation & Trade SARL for €2,050,000. At 31 December 2023 a balance of €nil was due from MAT Mobile Aviation & Trade SARL, a company incorporated in Luxemburg, a subsidiary undertaking (2022: €1,038,000). |
At 31 December 2023, €3,532,639 was due to Seaspirit Marine Company Limited, a company incorporated in Cyprus, a group undertaking (2022: €3,532,639). |
The above loans are interest free and repayable on demand. |
During the year the company received an advance of €1,380,000 from GEKO Trade Gmbh. At 31 December 2023, €2,430,000 was due to GEKO Trade Gmbh, a company incorporated in Germany, the parent company (2022: €1,050,000). |
The loan is interest free and repayable on demand. |
9. | IMMEDIATE AND ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
The immediate and ultimate parent undertaking is GEKO Trade GmbH , a company incorporated in the Germany. |
The ultimate controlling party is Mr J Wehr. |
BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | GOING CONCERN |
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net current liabilities of €2,474,609 at 31 December 2023 (2022: €288,670). |
Within creditors is a loan from the parent company of €2,430,000 (2022: €1,050,000). Whilst the loan is repayable on demand, the parent company has provided a commitment that it will not seek repayment of all or part of the loan within the next twelve months. The parent company has also provided a commitment to provide the company with adequate financial assistance to continue its operations. These commitments, however, may not be legally binding. |
The directors are of the opinion that the parent will not seek repayment of all or part of its loan and will continue to provide the company with adequate financial assistance to continue operations. Accordingly, the directors consider that it is appropriate to prepare the financial statements on a going concern basis. |