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Company registration number: 10960537
BLUEWHITE LTD
Trading as BLUEWHITE LTD
Filleted financial statements
30 September 2023
BLUEWHITE LTD
Contents
Directors and other information
Directors report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BLUEWHITE LTD
Directors and other information
Directors Mr Rahul Swaminathan
Company number 10960537
Registered office Unit 2, STS House Bristol Way
Slough Berkshire
England
SL1 3QE
Business address Unit 2, STS House Bristol Way
Slough Berkshire
England
SL1 3QE
Auditor Meer & Co Chartered Accountants
Admirals Way
Canary Wharf
London
E14 9UD
BLUEWHITE LTD
Directors report
Year ended 30 September 2023
The directors present their report and the financial statements of the company for the year ended 30 September 2023.
Directors
The directors who served the company during the year were as follows:
Mr Rahul Swaminathan
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 September 2024 and signed on behalf of the board by:
Mr Rahul Swaminathan
Director
BLUEWHITE LTD
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 5,586 8,408
_______ _______
5,586 8,408
Current assets
Debtors 6 169,092 141,040
Cash at bank and in hand 110,931 178,624
_______ _______
280,023 319,664
Creditors: amounts falling due
within one year 7 ( 294,509) ( 339,360)
_______ _______
Net current liabilities ( 14,486) ( 19,696)
_______ _______
Total assets less current liabilities ( 8,900) ( 11,288)
_______ _______
Net liabilities ( 8,900) ( 11,288)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 8,901) ( 11,289)
_______ _______
Shareholders deficit ( 8,900) ( 11,288)
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr Rahul Swaminathan
Director
Company registration number: 10960537
BLUEWHITE LTD
Statement of changes in equity
Year ended 30 September 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2021 1 ( 13,660) ( 13,659)
Profit for the year 2,371 2,371
_______ _______ _______
Total comprehensive income for the year - 2,371 2,371
_______ _______ _______
At 30 September 2022 and 1 October 2022 1 ( 11,289) ( 11,288)
Profit for the year 2,388 2,388
_______ _______ _______
Total comprehensive income for the year - 2,388 2,388
_______ _______ _______
At 30 September 2023 1 ( 8,901) ( 8,900)
_______ _______ _______
BLUEWHITE LTD
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 2, STS House Bristol Way, Slough Berkshire, England, SL1 3QE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The director has considered the company's future trading prospects, its working capital requirements and cashflows. Actions have been taken to secure business cash flows while the company have also been assured of continued financial support being made available by the related party.While the impact of the Covid-19 virus has been assessed by the director, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the leaseterm. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 10 % straight line
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 4 (2022: 4 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 October 2022 12,411 12,411
Additions 141 141
_______ _______
At 30 September 2023 12,552 12,552
_______ _______
Depreciation
At 1 October 2022 4,003 4,003
Charge for the year 2,963 2,963
_______ _______
At 30 September 2023 6,966 6,966
_______ _______
Carrying amount
At 30 September 2023 5,586 5,586
_______ _______
At 30 September 2022 8,408 8,408
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors - 8,042
Other debtors 169,092 132,998
_______ _______
169,092 141,040
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 10,611 14,913
Accruals and deferred income 3,500 3,500
Social security and other taxes 1,817 1,451
Director loan accounts 95,900 87,361
Other creditors 182,681 232,135
_______ _______
294,509 339,360
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 51,500 51,500
Later than 1 year and not later than 5 years 51,500 103,000
_______ _______
103,000 154,500
_______ _______
Future minimum lease payments are due under non-cancellable operating leases.
9. Summary audit opinion
The auditor's report for the year dated 12 September 2024 was unqualified.
The senior statutory auditor was Haroon Rafique for and on behalf of Meer & Co Chartered Accountants
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Rahul Swaminathan ( 87,361) ( 8,539) ( 95,900)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Rahul Swaminathan ( 87,361) - ( 87,361)
_______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Desert Online General Trading LLC 49,454 1,022,290 ( 182,681) ( 232,135)
_______ _______ _______ _______
During the year the company repaid £49,454 The amount owing represent a non interest bearing loan from Desert Online General Trading LLC, a company in which Mr R Swaminathan is also a director and beneficiary shareholder.
12. Controlling party
The immediate and ultimate parent company of Bluewhite ltd is Desertcart Holdings Limited, a company incorporated in the Cayman Islands. The ultimate controlling party is Rahul Swaminathan. who holds a controlling interest in Desertcart Holdings Limited.