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COMPANY REGISTRATION NUMBER: 04345937
Blygold (UK) Limited
Filleted Unaudited Financial Statements
31 December 2023
Blygold (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
406,823
390,857
Current assets
Stocks
55,029
24,000
Debtors
6
759,348
993,090
Cash at bank and in hand
321,792
149,311
------------
------------
1,136,169
1,166,401
Creditors: amounts falling due within one year
7
549,861
789,338
------------
------------
Net current assets
586,308
377,063
---------
---------
Total assets less current liabilities
993,131
767,920
Creditors: amounts falling due after more than one year
8
157,062
82,861
---------
---------
Net assets
836,069
685,059
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
835,969
684,959
---------
---------
Shareholders funds
836,069
685,059
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Blygold (UK) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
N J J Adnett
Director
Company registration number: 04345937
Blygold (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Olympic House, Unit 1A Corinium Industrial Estate, Raans Road, Amersham, HP6 6YJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Plant and Equipment
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line
Land valued at £65,000 has not been depreciated.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 17 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
223,677
152,898
272,252
41,556
690,383
Additions
13,168
90,397
918
104,483
Disposals
( 93,420)
( 93,420)
---------
---------
---------
--------
---------
At 31 December 2023
223,677
166,066
269,229
42,474
701,446
---------
---------
---------
--------
---------
Depreciation
At 1 January 2023
24,857
122,084
113,403
39,182
299,526
Charge for the year
4,466
7,038
51,540
1,049
64,093
Disposals
( 68,996)
( 68,996)
---------
---------
---------
--------
---------
At 31 December 2023
29,323
129,122
95,947
40,231
294,623
---------
---------
---------
--------
---------
Carrying amount
At 31 December 2023
194,354
36,944
173,282
2,243
406,823
---------
---------
---------
--------
---------
At 31 December 2022
198,820
30,814
158,849
2,374
390,857
---------
---------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
421,883
270,249
Other debtors
337,465
722,841
---------
---------
759,348
993,090
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
69,512
258,512
Trade creditors
118,004
338,748
Corporation tax
66,821
81,065
Social security and other taxes
79,508
49,857
Other creditors
216,016
61,156
---------
---------
549,861
789,338
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
130,244
21,090
Other creditors
26,818
61,771
---------
--------
157,062
82,861
---------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
34,000
27,600
--------
--------
10. Related party transactions
The company was under the control of Mr N J J Adnett throughout the current and previous year. Mr N J J Adnett is the majority shareholder. On 1 November 2022 the company entered into a 15 year lease for its' premises with Northern Accommodation Providers Limited at an annual rental of £34,000.