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Registered number: 12162487









BLAZEHILL CAPITAL FINANCE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
BLAZEHILL CAPITAL FINANCE LIMITED
 
 
COMPANY INFORMATION


Directors
T A Weedall 
R Ouaich 
I McKenzie 
Blazehill Directors Limited 




Company secretary
Cossey Cosec Services Limited



Registered number
12162487



Registered office
4th Floor
24 Old Bond Street

London

W1S 4AW




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
BLAZEHILL CAPITAL FINANCE LIMITED
REGISTERED NUMBER: 12162487

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
38,717,049
50,226,942

Debtors: amounts falling due within one year
 4 
29,064,763
15,380,969

Cash at bank and in hand
  
1,373,743
5,764,961

  
69,155,555
71,372,872

Creditors: amounts falling due within one year
 5 
(2,223,157)
(2,251,112)

Net current assets
  
 
 
66,932,398
 
 
69,121,760

Total assets less current liabilities
  
66,932,398
69,121,760

Creditors: amounts falling due after more than one year
 6 
(70,051,515)
(68,323,323)

  

Net (liabilities)/assets
  
(3,119,117)
798,437


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
(3,119,118)
798,436

Shareholders' funds
  
(3,119,117)
798,437


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
BLAZEHILL CAPITAL FINANCE LIMITED
REGISTERED NUMBER: 12162487
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T A Weedall
Director

Date: 1 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BLAZEHILL CAPITAL FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Blazehill Capital Finance Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The principal activity of the company is that of providing loans to mid-market businesses.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
The Company has made a loss in the year of £3,917,553 and at the year end had net liabilities of £3,119,117 due to a one off bad debt in the year.
The directors of the Company have reviewed future cash flow forecasts of the rest of the loan book  for this company and the wider group, and have obtained support of the parent company of the Group. Given the support of the parent company and expected future cash flows of the group, the directors are confident in the Company’s ability to meet its liabilities as they fall due and so, continue to adopt the going concern basis in preparing the financial statements which assumes that the Company will continue in operation for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue in respect of interest income, arrangement and exit fees are recognised over the period to which they relate.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
BLAZEHILL CAPITAL FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price,unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertaking, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expires.
 
Page 4

 
BLAZEHILL CAPITAL FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statementswhen there is a legally enforceable right to set off the recognised amounts and there is an intention tosettle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
38,239,334
49,854,421

Prepayments and accrued income
477,715
372,521

38,717,049
50,226,942


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
1,803,921
-

Other debtors
26,529,506
15,079,387

Prepayments and accrued income
731,336
301,582

29,064,763
15,380,969


Page 5

 
BLAZEHILL CAPITAL FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
69,428
-

Amounts owed to group undertakings
809,322
132,889

Corporation tax
-
74,560

Other taxation and social security
17,003
2,000

Accruals and deferred income
1,327,404
2,041,663

2,223,157
2,251,112



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
69,576,584
67,824,955

Accruals and deferred income
474,931
498,368

70,051,515
68,323,323


The Company secured a credit facility with Special GBP Funding Opportunities | S.A.R.L. which contained fixed and floating charges over all property or undertaking of the Company.
During the year, the Company secured a credit facility with Hampshire Trust Bank. which contained fixed and floating charges over all property or undertaking of the Company.


7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Bank loans
69,576,584
67,824,955


69,576,584
67,824,955


The Company secured a credit facility with Special GBP Funding Opportunities | S.A.R.L. which contained fixed and floating charges over all property or undertaking of the Company.
During the year, the Company secured a credit facility with Hampshire Trust Bank. which contained fixed and floating charges over all property or undertaking of the Company.

Page 6

 
BLAZEHILL CAPITAL FINANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) ordinary shares of £0.01 each
1
1



9.


Related party transactions

The Company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.


10.


Controlling party

The parent undertaking is Blazehill Capital Limited, a company incorporated in England and Wales.
Blazehill Capital Limited prepares group financial statements and copies can be obtained from the registered office at 4th Floor, 24 Old Bond Street, London W1S 4AW.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates that the company has made a loss of £3,917,553 in the year and has net liabilities of £3,119,117. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 1 August 2024 by Nick Bishop FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
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