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Company No: 07934952 (England and Wales)

BLUECITY LIMITED

Unaudited Financial Statements
For the financial period from 01 December 2022 to 31 March 2024
Pages for filing with the registrar

BLUECITY LIMITED

Unaudited Financial Statements

For the financial period from 01 December 2022 to 31 March 2024

Contents

BLUECITY LIMITED

BALANCE SHEET

As at 31 March 2024
BLUECITY LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 30.11.2022
£ £
Fixed assets
Tangible assets 3 509 187
509 187
Current assets
Stocks 4 2,263 2,263
Debtors 5 362 1,826
Cash at bank and in hand 1,884 31,202
4,509 35,291
Creditors: amounts falling due within one year 6 ( 16,469) ( 60,148)
Net current liabilities (11,960) (24,857)
Total assets less current liabilities (11,451) (24,670)
Creditors: amounts falling due after more than one year 7 ( 40,001) ( 40,033)
Net liabilities ( 51,452) ( 64,703)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 51,453 ) ( 64,704 )
Total shareholder's deficit ( 51,452) ( 64,703)

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of BlueCity Limited (registered number: 07934952) were approved and authorised for issue by the Director on 28 August 2024. They were signed on its behalf by:

G Matthews
Director
BLUECITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 31 March 2024
BLUECITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BlueCity Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Saxon House, Poundbury West Industrial Estate, Dorchester, DT1 2PG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £51,452. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period has been extended to a sixteen month period ending 31 March 2024.

The director made the decision to change the accounting period end date to fall in line with the HM Revenue and Customs tax year.

The comparatives amounts presented in the financial statements (including related notes) are not entirely comparable as they are for a twelve month period.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.12.2022 to
31.03.2024
Year ended
30.11.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 2 2

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 December 2022 1,001 435 1,436
Additions 492 0 492
At 31 March 2024 1,493 435 1,928
Accumulated depreciation
At 01 December 2022 861 388 1,249
Charge for the financial period 158 12 170
At 31 March 2024 1,019 400 1,419
Net book value
At 31 March 2024 474 35 509
At 30 November 2022 140 47 187

4. Stocks

31.03.2024 30.11.2022
£ £
Stocks 2,263 2,263

5. Debtors

31.03.2024 30.11.2022
£ £
Trade debtors 360 1,826
Other debtors 2 0
362 1,826

6. Creditors: amounts falling due within one year

31.03.2024 30.11.2022
£ £
Bank loans 5,556 5,556
Trade creditors 8,690 7,579
Amounts owed to related parties 203 45,042
Other taxation and social security 180 297
Other creditors 1,840 1,674
16,469 60,148

7. Creditors: amounts falling due after more than one year

31.03.2024 30.11.2022
£ £
Bank loans 40,001 40,033

There are no amounts included above in respect of which any security has been given by the small entity.

8. Ultimate controlling party

Parent Company:

SaxonLynch Holdings Limited
Incorporated in England and Wales

These financial statements are available upon request from Companies House, Cardiff.