Company Registration No. 03560987 (England and Wales)
Bluelife Limited
Annual Report and Financial Statements
For the Year Ended
30 April 2024
PAGES FOR FILING WITH REGISTRAR
BLUELIFE LIMITED
Bluelife Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BLUELIFE LIMITED
Bluelife Limited
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,565,490
2,800,000
Current assets
Debtors
5
1,291,791
Creditors: amounts falling due within one year
6
(554,055)
(1,845,846)
Net current liabilities
(554,055)
(554,055)
Net assets
2,011,435
2,245,945
Capital and reserves
Called up share capital
18,750
18,750
Profit and loss reserves
1,992,685
2,227,195
Total equity
2,011,435
2,245,945
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr J P Gilchrist
Director
Company Registration No. 03560987
BLUELIFE LIMITED
Bluelife Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Bluelife Limited is a private company limited by shares incorporated in England and Wales. The registered office is Floor 1, Capital House, 8 Pittman Court, Pittman Way, Fulwood, Preston, Lancashire, United Kingdom, PR2 9ZG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.4
Financial instruments
The company only has financial assets and liabilities of a kind that quality as basic financial instruments. They are initially recognised at transaction value and subsequently at their settlement value.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
BLUELIFE LIMITED
Bluelife Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Not withstanding the fact that the company has net current liabilities of £554,055 (2023: £554,055) the directors are of the opinion that the company is a going concern. All amounts outstanding are due to shareholders.
The directors have concluded that once the final piece of land is disposed of in the subsidiary company , the companies will enter into a Members Voluntary Liquidation to wind up their affairs in an orderly fashion. The sale of the final piece of land is likely to take place within the next twelve months but as yet no sale date has been agreed. In the directors' opinion, they therefore believe a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
They also believe no adjustment to any values disclosed in the accounts is necessary and the land is likely to be sold for a sum in excess of its book value.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
2,565,490
2,800,000
BLUELIFE LIMITED
Bluelife Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023 & 30 April 2024
2,800,000
Impairment
At 1 May 2023
-
Impairment losses
234,510
At 30 April 2024
234,510
Carrying amount
At 30 April 2024
2,565,490
At 30 April 2023
2,800,000
4
Subsidiaries
Details of the company's subsidiary at 30 April 2024 is as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pilgrim Technology Limited
England and Wales
Ordinary
100.00
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,291,791
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
554,055
Other creditors
1,845,846
554,055
1,845,846
BLUELIFE LIMITED
Bluelife Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Julie Flintoff BA(Hons) FCA
Statutory Auditor:
Azets Audit Services