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REGISTERED NUMBER: SC264079 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2023 TO 27 FEBRUARY 2024

FOR

BLUE ISLE PROPERTIES LIMITED

BLUE ISLE PROPERTIES LIMITED (REGISTERED NUMBER: SC264079)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 March 2023 to 27 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


BLUE ISLE PROPERTIES LIMITED

COMPANY INFORMATION
for the Period 1 March 2023 to 27 February 2024







DIRECTOR: F W Dykes





REGISTERED OFFICE: 1 Old Irongray Road
Dumfries
DG2 OBJ





REGISTERED NUMBER: SC264079 (Scotland)





ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY

BLUE ISLE PROPERTIES LIMITED (REGISTERED NUMBER: SC264079)

STATEMENT OF FINANCIAL POSITION
27 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 733,576 920,144

CURRENT ASSETS
Stocks 5 30,050 26,450
Debtors 6 95,749 48,077
Cash in hand 100 100
125,899 74,627
CREDITORS
Amounts falling due within one year 7 147,720 233,061
NET CURRENT LIABILITIES (21,821 ) (158,434 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

711,755

761,710

CREDITORS
Amounts falling due after more than one
year

8

36,974

69,245
NET ASSETS 674,781 692,465

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 674,681 692,365
SHAREHOLDERS' FUNDS 674,781 692,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 27 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 27 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

BLUE ISLE PROPERTIES LIMITED (REGISTERED NUMBER: SC264079)

STATEMENT OF FINANCIAL POSITION - continued
27 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 October 2024 and were signed by:





F W Dykes - Director


BLUE ISLE PROPERTIES LIMITED (REGISTERED NUMBER: SC264079)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 March 2023 to 27 February 2024

1. STATUTORY INFORMATION

Blue Isle Properties Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Stock Valuation
The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the adoption of FRS 102
The Company has considered and taken advantage of the following exemptions in its first time application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Changes in accounting period
The financial statements for the current accounting period are from 01 March 2023 to 27 February 2024.The comparative amounts (including the related notes) presented in the financial statements are for a period of one year and therefore not entirely comparable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

BLUE ISLE PROPERTIES LIMITED (REGISTERED NUMBER: SC264079)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 March 2023 to 27 February 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 12 years
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for impairment.

Taxation
Taxation for the period 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

BLUE ISLE PROPERTIES LIMITED (REGISTERED NUMBER: SC264079)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 March 2023 to 27 February 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 March 2023 928,852 269,841 143,581 1,342,274
Additions - 7,067 - 7,067
Disposals (216,083 ) - (48,798 ) (264,881 )
At 27 February 2024 712,769 276,908 94,783 1,084,460
DEPRECIATION
At 1 March 2023 146,278 132,271 143,581 422,130
Charge for period 14,255 33,701 - 47,956
Eliminated on disposal (70,404 ) - (48,798 ) (119,202 )
At 27 February 2024 90,129 165,972 94,783 350,884
NET BOOK VALUE
At 27 February 2024 622,640 110,936 - 733,576
At 28 February 2023 782,574 137,570 - 920,144

5. STOCKS
2024 2023
£    £   
Stocks 30,050 26,450

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,391 33,526
Other debtors 60,358 14,551
95,749 48,077

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 27,906 36,183
Hire purchase contracts 32,271 40,765
Trade creditors 83,433 65,090
Taxation and social security 928 10,085
Other creditors 3,182 80,938
147,720 233,061

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 36,974 69,245

BLUE ISLE PROPERTIES LIMITED (REGISTERED NUMBER: SC264079)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 March 2023 to 27 February 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 March 2023 692,365
Deficit for the period (17,684 )
At 27 February 2024 674,681

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 27 February 2024 and the year ended 28 February 2023:

2024 2023
£    £   
F W Dykes
Balance outstanding at start of period (78,042 ) (55,315 )
Amounts advanced 137,500 -
Amounts repaid (1,600 ) (22,727 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 57,858 (78,042 )

12. RELATED PARTY DISCLOSURES

Trade creditors balance includes £53,200 (2023: £53,200) payable to AMD Contract Services Limited, in which Mr F W Dykes is also director.