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Company registration number: NI622504
Bluebuild (Ards) LTD
Unaudited filleted abridged financial statements
31 January 2024
Bluebuild (Ards) LTD
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Bluebuild (Ards) LTD
Directors and other information
Director Mr Ewan John Melvin
Company number NI622504
Registered office Unit 1A Bluebuild Business Park
210 Quarry Heights
Newtownards
BT23 7SZ
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bluebuild (Ards) LTD
Report to the director on the preparation of the
unaudited statutory financial statements of Bluebuild (Ards) LTD
Year ended 31 January 2024
In accordance with the engagement letter dated 16 October 2024, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 January 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie.
This report is made solely to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors, as a body, for our work, or for this report.
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland.
You have acknowledged on the balance sheet for the year ended 31 January 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Hill Vellacott 24 October 2024
22 Great Victoria Street
Belfast
BT2 7BA
Bluebuild (Ards) LTD
Abridged statement of financial position
31 January 2024
Restated
2024 2023
Note £ £ £ £
Current assets
Stocks 50,568 50,568
Debtors 10 10
Cash at bank and in hand 1,937 1,329
_______ _______
52,515 51,907
Creditors: amounts falling due
within one year ( 38,113) ( 25,753)
_______ _______
Net current assets 14,402 26,154
_______ _______
Total assets less current liabilities 14,402 26,154
Creditors: amounts falling due
after more than one year ( 17,657) ( 27,623)
_______ _______
Net liabilities ( 3,255) ( 1,469)
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account ( 3,265) ( 1,479)
_______ _______
Shareholders deficit ( 3,255) ( 1,469)
_______ _______
For the year ending 31 January 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Mr Ewan John Melvin
Director
Company registration number: NI622504
Bluebuild (Ards) LTD
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1A Bluebuild Business Park, 210 Quarry Heights, Newtownards, BT23 7SZ.The principal activity of the company is construction.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Other operating income
The company received a bounceback loan of £50,000 in 2021 of which the government is paying the first 12 months interest. The government has provided a guarantee of 80% against the loan.
5. Related party transactions
At the balance sheet date the company owes £27,153 ( 2023: £15,753) to related parties.
6. Controlling party
The ultimate controlling party is:Larivane LimitedSovereign House4 Christian RoadDouglasIM1 2SDIsle of Man