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Company registration number: 03866330







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023


BLUE BEAR SYSTEMS RESEARCH LTD






































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BLUE BEAR SYSTEMS RESEARCH LTD
REGISTERED NUMBER:03866330



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
 
2022
Unaudited
Restated
Note
£
£

Fixed assets
  

Tangible assets
 4 
69,218
61,979

  
69,218
61,979

Current assets
  

Debtors: amounts falling due within one year
 5 
6,008,038
3,301,565

Cash at bank and in hand
  
737,962
1,552,909

  
6,746,000
4,854,474

Creditors: amounts falling due within one year
 6 
(2,253,556)
(917,060)

Net current assets
  
 
 
4,492,444
 
 
3,937,414

Total assets less current liabilities
  
4,561,662
3,999,393

  

Net assets
  
4,561,662
3,999,393


Capital and reserves
  

Called up share capital 
  
202
202

Share premium account
  
20,698
20,698

Profit and loss account
  
4,540,762
3,978,493

  
4,561,662
3,999,393


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of comprehensive income 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 on 20 September 2024.




Y Patel
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


BLUE BEAR SYSTEMS RESEARCH LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Blue Bear Systems Research Ltd is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

Page 2

 


BLUE BEAR SYSTEMS RESEARCH LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 


BLUE BEAR SYSTEMS RESEARCH LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

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, see below.

Depreciation is provided on the following basis:

Plant and machinery etc
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
straight line

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.

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.13

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Expenditure on research and development is primarily employee costs.

  
2.14

Amounts recoverable on contract

Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Page 4

 


BLUE BEAR SYSTEMS RESEARCH LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 63 (2022 - 77).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
66,304
16,950
157,445
129,173
369,872


Additions
-
-
2,285
39,556
41,841



At 30 September 2023

66,304
16,950
159,730
168,729
411,713



Depreciation


At 1 October 2022
49,087
11,587
143,890
103,329
307,893


Charge for the year on owned assets
4,304
1,341
3,691
25,266
34,602



At 30 September 2023

53,391
12,928
147,581
128,595
342,495



Net book value



At 30 September 2023
12,913
4,022
12,149
40,134
69,218



At 30 September 2022
17,217
5,363
13,555
25,844
61,979

Page 5

 


BLUE BEAR SYSTEMS RESEARCH LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
 
2022
Unaudited
Restated
£
£


Trade debtors
3,767,510
139,314

Amounts owed by group undertakings
701,264
701,744

Other debtors
529,733
1,112,920

Prepayments and accrued income
674,553
1,347,587

Deferred taxation
334,978
-

6,008,038
3,301,565



6.


Creditors: Amounts falling due within one year

2023
 
2022
Unaudited
Restated
£
£

Trade creditors
1,387,469
617,507

Other taxation and social security
632,207
198,186

Other creditors
38,917
21,109

Accruals and deferred income
194,963
80,258

2,253,556
917,060



7.


Prior year adjustment

The accounts have been restated to correct the misstatements noted in the prior year unaudited balances, accruals & accrued income - the adjustments have also impacted the profits avaliable for distribution.

£
Summary of prior year adjustments (profit impact)
Increase sales

107,610

Increase staff costs

(67,589)

40,021



8.


Pension commitments

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Page 6

 


BLUE BEAR SYSTEMS RESEARCH LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
87,500
87,500

Later than 1 year and not later than 5 years
186,507
98,767

274,007
186,267


10.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Included within debtors falling due within one year is a balance of £98,359 (2022: £0) due from a connected company of the group.


11.


Controlling party

The ultimate controlling party is SAAB AB. The company's Registered Office and the address from which consolidated accounts can be obtained is SE-58188, Linkoping, Sweden. This is the largest group in which the company's accounts are consolidated.
The smallest group in which the company's accounts are consolidated is SAAB UK. The company's Registered Office and the address from which consolidated accounts can be obtained is Kinnaird House, 1 Pall Mall East, London, England, SW1Y 5AU.
The immediate parent is Blue Bear Systems Group. The company's Registered Office and the address from which accounts can be obtained is Richmond House, Walkern Road, Stevenage, Herts, SG1 2QP.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 24 September 2024 by James Fox ACA FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7