Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetrue02023-01-01trueNo description of principal activity0truefalse 10281783 2023-01-01 2023-12-31 10281783 2022-01-01 2022-12-31 10281783 2023-12-31 10281783 2022-12-31 10281783 2022-01-01 10281783 1 2023-01-01 2023-12-31 10281783 d:Director16 2023-01-01 2023-12-31 10281783 d:Director17 2023-01-01 2023-12-31 10281783 d:Director18 2023-01-01 2023-12-31 10281783 d:RegisteredOffice 2023-01-01 2023-12-31 10281783 c:CurrentFinancialInstruments 2023-12-31 10281783 c:CurrentFinancialInstruments 2022-12-31 10281783 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 10281783 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10281783 c:ShareCapital 2023-12-31 10281783 c:ShareCapital 2022-12-31 10281783 c:ShareCapital 2022-01-01 10281783 c:SharePremium 2023-12-31 10281783 c:SharePremium 2022-12-31 10281783 c:SharePremium 2022-01-01 10281783 c:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10281783 c:OtherMiscellaneousReserve 2023-12-31 10281783 c:OtherMiscellaneousReserve 2022-12-31 10281783 c:OtherMiscellaneousReserve 2022-01-01 10281783 c:MergerReserve 2023-01-01 2023-12-31 10281783 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10281783 c:RetainedEarningsAccumulatedLosses 2023-12-31 10281783 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10281783 c:RetainedEarningsAccumulatedLosses 2022-12-31 10281783 c:RetainedEarningsAccumulatedLosses 2022-01-01 10281783 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10281783 d:OrdinaryShareClass1 2023-12-31 10281783 d:OrdinaryShareClass1 2022-12-31 10281783 d:EntityNoLongerTradingButTradedInPast 2023-01-01 2023-12-31 10281783 d:FRS101 2023-01-01 2023-12-31 10281783 d:Audited 2023-01-01 2023-12-31 10281783 d:FullAccounts 2023-01-01 2023-12-31 10281783 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10281783 c:Subsidiary1 2023-01-01 2023-12-31 10281783 c:Subsidiary1 1 2023-01-01 2023-12-31 10281783 c:Subsidiary2 2023-01-01 2023-12-31 10281783 c:Subsidiary2 1 2023-01-01 2023-12-31 10281783 c:Subsidiary3 2023-01-01 2023-12-31 10281783 c:Subsidiary3 1 2023-01-01 2023-12-31 10281783 c:Subsidiary4 2023-01-01 2023-12-31 10281783 c:Subsidiary4 1 2023-01-01 2023-12-31 10281783 c:Subsidiary6 2023-01-01 2023-12-31 10281783 c:Subsidiary6 1 2023-01-01 2023-12-31 10281783 c:Subsidiary7 2023-01-01 2023-12-31 10281783 c:Subsidiary7 1 2023-01-01 2023-12-31 10281783 c:Subsidiary8 2023-01-01 2023-12-31 10281783 c:Subsidiary8 1 2023-01-01 2023-12-31 10281783 c:Subsidiary9 2023-01-01 2023-12-31 10281783 c:Subsidiary9 1 2023-01-01 2023-12-31 10281783 c:FinancialLiabilitiesAmortisedCost 2023-01-01 2023-12-31 10281783 6 2023-01-01 2023-12-31 10281783 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10281783










NEW BLUE CHIP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NEW BLUE CHIP LIMITED
 
 
COMPANY INFORMATION


Directors
R Alvesteffer 
J Ausherman 
K Randers 




Registered number
10281783



Registered office
Franklin Court
Priory Business Park

Bedford

MK44 3JZ




Auditors
MHA
6th Floor, 2 London Wall Place

London

EC2Y 5AU





 
NEW BLUE CHIP LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 18


 
NEW BLUE CHIP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction

The directors present their strategic report of the company for the year ended 31 December 2023. 

Principal activity
 
The principal activity of the company during the period was that of a holding company.  

Business review

By virtue of the company being a holding company, the business review soley surrounds the valuation of its  investment in Service Express Europe Limited. The valuation of the investment has not decreased to an amount below the investment's carrying amount of £141,695k during the year. No dividends or other elements of income were received during the year (2022: £nil). The company generated a profit before tax of £nil (2022: loss before tax £1k) and as at the year end, has net assets of £108,454k (2022: £108,454k).

Principal risks and uncertainties
 
As an intermediate holding company, the principal risks and uncertainities are that the investment value of its shares in group undertakings may not be fully recoverable. The directors review the performance of the Company's subsidiaries regularly to ascertain whether there are any indicators that there might be risks threatening full recovery.

Financial key performance indicators
 
The Company's key performance indicator (KPI) is the valuation of its investment in the subsidiaries. This matter is addressed above.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors have a statutory duty to promote the success of the Company. This is achieved by working with the management team and staff to formulate long term plans and strategic imperatives, which are monitored and updated regularly.


This report was approved by the board and signed on its behalf.



................................................
J Ausherman
Director

Date: 25 October 2024

Page 1

 
NEW BLUE CHIP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The Directors who served during the year and after the year end were:
P Allen (resigned 30 June 2023)
R Alvesteffer
J Ausherman (appointed 12 May 2023)
K Randers (appointed 1 February 2023)
M Hallam (resigned 1 February 2023)
 

Results and dividends

The profit for the year was £nil (2022: loss - £1k).
No dividend have been paid or declared during the year (2022: £nil).

Going concern

The financial statements are prepared on the basis that the Company is a going concern.
The Company has net current liabilities of £33,241k (2022: £33,241k), which is primarily as a result of the amounts owed to group undertakings of £33,241k (2022: £33,241k). 
In forming their judgement, the directors have taken into consideration the fact that they have received a signed letter, confirming that the amounts owed to group undertakings will not be called for repayment within 15 months of the date of signing of these financial statements.
Furthermore, the directors have received a signed letter, confirming the parent company, Service Express EMEA Limited, will provide ongoing financial support for at least 15 months from the date of signing of these financial statements. The directors are satisfied that the parent company has the ability and willingness to provide this support when it is required. 
Taking into account the above, the directors are satisifed that the company has the necessary financial resources and commitments to meet its liabilities as they fall due and the directors intend to continue running the business throughout the going concern period. Accordingly, these financial statements are prepared on the basis of going concern.

Qualifying third party indemnity provisions

There were no qualifying third party indemnity provisions in force or was in force during the period for the benefit of one or more directors of the Company.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 2

 
NEW BLUE CHIP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There are no events after the balance sheet date that require disclosure in the financial statements.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the board and signed on its behalf.
 





................................................
J Ausherman
Director

Date: 25 October 2024

Page 3

 
NEW BLUE CHIP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW BLUE CHIP LIMITED
 

Opinion


We have audited the financial statements of New Blue Chip Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
NEW BLUE CHIP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW BLUE CHIP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
NEW BLUE CHIP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW BLUE CHIP LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Testing the financial statement disclosures to supporting documentation, performing substantive testing on account balances which were considered to be of greater susceptibility to fraud;
Performing targeted journal entry testing based on identified characteristics that the audit team considered to be indicative of fraud;
Critically assessing areas of the financial statements which include judgement and estimates, as set out in note 3 of the financial statements;
We obtained an understanding of the legal and regulatory frameworks applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework, the Companies Act 2006 and relevant tax compliance regulations; and
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of board minutes and other corroborating evidence.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 6

 
NEW BLUE CHIP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW BLUE CHIP LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Gandell FCA (Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
London, United Kingdom

Date: 
 
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
26 October 2024
Page 7

 
NEW BLUE CHIP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£'000
£'000

  

Administrative expenses
  
-
(1)

Operating profit/(loss)
  
-
(1)

Profit/(loss) before tax
  
-
(1)

Profit/(loss) for the financial year
  
-
(1)



Page 8

 
NEW BLUE CHIP LIMITED
REGISTERED NUMBER: 10281783

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Fixed assets
  

Investments
 5 
141,695
141,695

  
141,695
141,695

  

Creditors: amounts falling due within one year
 6 
(33,241)
(33,241)

Net current liabilities
  
 
 
(33,241)
 
 
(33,241)

Total assets less current liabilities
  
108,454
108,454

  

  

  

Net assets
  
108,454
108,454


Capital and reserves
  

Called up share capital 
 7 
10,147
10,147

Merger reserve
 8 
90,253
90,253

Capital contribution
 8 
7,035
7,035

Retained earnings
 8 
1,019
1,019

  
108,454
108,454




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




................................................
J Ausherman
Director

Date: 25 October 2024

The notes on pages 11 to 18 form part of these financial statements.

Page 9

 
NEW BLUE CHIP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Merger reserve
Capital contribution
Retained earnings
Total equity

£'000
£'000
£'000
£'000
£'000


At 1 January 2022
10,147
90,253
7,035
1,020
108,455


Comprehensive income for the year

Loss for the year
-
-
-
(1)
(1)



At 31 December 2023
10,147
90,253
7,035
1,019
108,454


See note 8 for more information in respect of the capital contribution.
The notes on pages 12 to 21 form part of these financial statements.

Page 10

 
NEW BLUE CHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

New Blue Chip Limited is a private limited company incorporated and domiciled in England & Wales. The address of the registered office is shown on the company information page.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The Company's functional and presentational currency is GBP and the financial statements are rounded to the nearest £'000

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Service Express EMEA Limited as at 31 December 2023 and these financial statements may be obtained from Franklin Court, Priory Business Park, Bedford, Bedfordshire, England, MK44 3JZ.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the UK law and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 
NEW BLUE CHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements are prepared on the basis that the Company is a going concern.
The Company has net current liabilities of £33,241k (2022: £33,241k), which is primarily as a result of the amounts owed to group undertakings of £33,241k (2022: £33,241k). 
In forming their judgement, the directors have taken into consideration the fact that they have received a signed letter, confirming that the amounts owed to group undertakings will not be called for repayment within 15 months of the date of signing of these financial statements.
Furthermore, the directors have received a signed letter, confirming the parent company, Service Express EMEA Limited, will provide ongoing financial support for at least 15 months from the date of signing of these financial statements. The directors are satisfied that the parent company has the ability and willingness to provide this support when it is required. 
Taking into account the above, the directors are satisifed that the company has the necessary financial resources and commitments to meet its liabilities as they fall due and the directors intend to continue running the business throughout the going concern period. Accordingly, these financial statements are prepared on the basis of going concern.

 
2.5

Foreign currency translation


Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'interest payable and similar charges'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 12

 
NEW BLUE CHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Page 13

 
NEW BLUE CHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Financial liabilities

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.


3.


Estimates and judgements

In preparing these financial statements, the directors have had to make the following judgements:
 
Impairment of investment in subsidiaries (note 5) - determine whether impairment provision is required against investment in subsidiaries and the ability of the subsidiaries to generate profits. The directors are satisfied that there is no impairment required in relation to investment in the subsidiaries.
 


4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration from the company during the year. (2022 - £nil). The directors were remunerated via fellow group companies and performed no material qualifying services.

Page 14

 
NEW BLUE CHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investment in Service Express Europe Limited

£'000



Cost


At 1 January 2023
141,695



At 31 December 2023
141,695




The directors are satisfied that the investment in its subsidiary does not require provisioning for impairment. The directors assessment is primarily based on the fact that the company's main trading subsidiary, Service Express Europe Limited, both has a history of delivering positive EBITDA and continues to forecast generation of positive EBITDA.

Page 15

 
NEW BLUE CHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Service Express Europe Limited*
Franklin Court,
Priory Business Park,
 Bedford,
 MK44 3JZ
Ordinary
100%
ICC Managed Services Limited
2 Sandbeck Lane,
Wetherby, 
West Yorkshire,
 England,
LS22 7TW
Ordinary
100%
ICC Northern UK Limited
Connection House,
Sandbeck Lane,
Wetherby,
 West 
Yorkshire,
 LS22 7TW
Ordinary
100%
Fairleigh Software Services (PVT) Limited
No. 108,
Nawala 
Road,
Nugegoda,
10250,
Sri Lanka
Ordinary
100%
Blue Chip Parts Limited
Franklin Court,
Priory Business Park,
 Bedford,
 MK44 3JZ
Ordinary
100%
Blue Chip Limited
Franklin Court,
Priory Business Park,
 Bedford,
 MK44 3JZ
Ordinary
100%
Itheon Limited
Franklin Court,
Priory Business Park,
 Bedford,
 MK44 3JZ
Ordinary
100%
Service Express IT Services Limited
First Floor,
Penrose 2,
 Penrose Dock,
 Cork,
 T23 YY09,
 Ireland
Ordinary
100%

* directly held investments

Page 16

 
NEW BLUE CHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£'000
£'000

Amounts owed to group undertakings
33,241
33,241

33,241
33,241


Amounts owed to group undertakings are interest free, unsecured and due on demand.


7.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



10,146,994 (2022 - 10,146,994) Ordinary shares of £1.00 each
10,147
10,147

The ordinary shares carry voting and dividend rights.



8.


Reserves

Merger reserve

The merger reserve arises as the premium on the issue of equity shares for the acquisition of Service Express Europe Limited, net of any issues costs.

Capital contribution

The capital contribution reserve contains an amount of £7,035k received from Service Express EMEA Limited as a capital contribution.

Retained earnings

The retailed earnings reserve represent the accumulated earnings of the business net of distributions to owners and any other adjustments.


9.


Related party transactions

The Company has taken advantage of the exemption in paragraph 8(k) of FRS 101 from the requirement to disclose transactions with owned members of the group.


10.


Post balance sheet events

There were no post balance sheet events. 

Page 17

 
NEW BLUE CHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Ultimate parent company and controlling party

The immediate parent undertaking is Service Express EMEA LimitedService Express EMEA Limited prepares the consolidated financial statements which are available to the public from: Service Express EMEA Limited, Franklin Court, Priory Business Park, Bedford, MK44 3JZ. The parent company of Service Express EMEA Limited is Service Express LLC. As at 31 December 2023, the ultimate parent company was Red Dawn Investment Holdings, LP and as at the date of signing, the ultimate parent company is Victors Topco, LP.
There is no single ultimate controlling party.

Page 18