Registered number
SC756729
Blue Bay 1 Ltd
14 Bridgeton Cross
Glasgow
Filleted Accounts
for the year ended 31 March 2024
Yousaf & Co Ltd
Chartered Certified Accountants
Registered Auditors
298-300 Maxwell Road
Glasgow
G41 1PJ
Ref: B172/ZB
Blue Bay 1 Ltd
Registered number: SC756729
Balance Sheet
as at 31 March 2024
Notes 2024
£
Fixed assets
Tangible assets 3 9,000
Current assets
Stocks 3,539
Debtors 4 1,138
Cash at bank and in hand 2,308
6,985
Creditors: amounts falling due within one year 5 (1,417)
Net current assets 5,568
Total assets less current liabilities 14,568
Creditors: amounts falling due after more than one year 6 (22,169)
Net liabilities (7,601)
Capital and reserves
Called up share capital 100
Profit and loss account (7,701)
Shareholders' funds (7,601)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Ragbeer Malhi
Director
Approved by the board on 24 October 2024
Blue Bay 1 Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable and net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024
Number
Average number of persons employed by the company 2
3 Tangible fixed assets
Fixture and Fittings etc £
£
Cost
Additions 10,000
At 31 March 2024 10,000
Depreciation
Charge for the year 1,000
At 31 March 2024 1,000
Net book value
At 31 March 2024 9,000
4 Debtors 2024
£
Trade debtors 1,138
5 Creditors: amounts falling due within one year 2024
£
Trade creditors 1,186
Other creditors 231
1,417
6 Creditors: amounts falling due after one year 2024
£
Director's loan account 22,169
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