Company No:
Contents
Note | 31.03.2024 | 30.11.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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509 | 187 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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4,509 | 35,291 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of BlueCity Limited (registered number:
G Matthews
Director |
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.
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 £.
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.
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.
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.
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.
Plant and machinery |
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Office equipment |
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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.
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.
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.
Period from 01.12.2022 to 31.03.2024 |
Year ended 30.11.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Plant and machinery | Office equipment | Total | |||
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Cost | |||||
At 01 December 2022 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 December 2022 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 30 November 2022 |
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31.03.2024 | 30.11.2022 | ||
£ | £ | ||
Stocks |
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31.03.2024 | 30.11.2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.03.2024 | 30.11.2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to related parties |
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Other taxation and social security |
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Other creditors |
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31.03.2024 | 30.11.2022 | ||
£ | £ | ||
Bank loans |
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Parent Company:
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Incorporated in England and Wales |