Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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NEW BLUE CHIP LIMITED
COMPANY INFORMATION
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NEW BLUE CHIP LIMITED
CONTENTS
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NEW BLUE CHIP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report of the company for the year ended 31 December 2023.
The principal activity of the company during the period was that of a holding company.
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).
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.
The Company's key performance indicator (KPI) is the valuation of its investment in the subsidiaries. This matter is addressed above.
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.
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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.
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)
The profit for the year was £nil (2022: loss - £1k).
No dividend have been paid or declared during the year (2022: £nil).
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.
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.
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NEW BLUE CHIP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There are no events after the balance sheet date that require disclosure in the financial statements.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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.
This report was approved by the board and signed on its behalf.
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NEW BLUE CHIP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW BLUE CHIP LIMITED
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 policies. The 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).
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.
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.
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NEW BLUE CHIP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW BLUE CHIP LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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NEW BLUE CHIP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW BLUE CHIP LIMITED (CONTINUED)
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.
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NEW BLUE CHIP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW BLUE CHIP LIMITED (CONTINUED)
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 2006. Our 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.
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).
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NEW BLUE CHIP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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NEW BLUE CHIP LIMITED
REGISTERED NUMBER: 10281783
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 18 form part of these financial statements.
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NEW BLUE CHIP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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NEW BLUE CHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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
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.
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NEW BLUE CHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Transactions and balances
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NEW BLUE CHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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NEW BLUE CHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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
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.
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NEW BLUE CHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NEW BLUE CHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NEW BLUE CHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Merger reserve
Capital contribution
Retained earnings
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NEW BLUE CHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate parent undertaking is
There is no single ultimate controlling party.
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