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Registration number: 09476791

Blue Spire Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Blue Spire Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Blue Spire Limited

Company Information

Directors

Mr Geoffrey Frost

Mr James O'Rourke

Mrs Katie Wilson

Registered office

Blue Spire Limited
Cawley Priory
South Pallant, Chichester
West Sussex, PO19 1SY

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Blue Spire Limited

(Registration number: 09476791)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,004,469

1,081,969

Tangible assets

5

47,128

35,548

Investments

6

1

1

 

1,051,598

1,117,518

Current assets

 

Debtors

7

329,977

334,402

Cash at bank and in hand

 

57,729

44,535

 

387,706

378,937

Creditors: Amounts falling due within one year

8

(477,613)

(383,031)

Net current liabilities

 

(89,907)

(4,094)

Total assets less current liabilities

 

961,691

1,113,424

Creditors: Amounts falling due after more than one year

8

(116,312)

(307,370)

Net assets

 

845,379

806,054

Capital and reserves

 

Called up share capital

9

55,201

55,201

Capital redemption reserve

2,500

2,500

Retained earnings

787,678

748,353

Shareholders' funds

 

845,379

806,054

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 October 2024 and signed on its behalf by:
 

.........................................
Mr Geoffrey Frost
Director

.........................................
Mr James O'Rourke
Director

.........................................
Mrs Katie Wilson
Director

     
 

Blue Spire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Blue Spire Limited
Cawley Priory
South Pallant, Chichester
West Sussex, PO19 1SY
England and Wales

These financial statements were authorised for issue by the Board on 10 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Blue Spire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Fixtures & fittings

20% straight line

Computer and office equipment

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Purchased goodwill

Straight line over 20 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Blue Spire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 26).

 

Blue Spire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Website
 £

Total
£

Cost or valuation

At 1 April 2023

1,680,180

9,364

1,689,544

Disposals

(712)

-

(712)

At 31 March 2024

1,679,468

9,364

1,688,832

Amortisation

At 1 April 2023

600,000

7,575

607,575

Amortisation charge

75,000

1,788

76,788

At 31 March 2024

675,000

9,363

684,363

Carrying amount

At 31 March 2024

1,004,468

1

1,004,469

At 31 March 2023

1,080,180

1,789

1,081,969

 

Blue Spire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

64,252

64,252

Additions

19,670

19,670

At 31 March 2024

83,922

83,922

Depreciation

At 1 April 2023

28,704

28,704

Charge for the year

8,090

8,090

At 31 March 2024

36,794

36,794

Carrying amount

At 31 March 2024

47,128

47,128

At 31 March 2023

35,548

35,548

6

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 April 2023

1

Provision

Carrying amount

At 31 March 2024

1

At 31 March 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Blue Spire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

The Chichester Accountants Limited

Cawley Priory
South Pallant
Chichester
PO19 1SY

England & Wales

Ordinary

100%

100%

Subsidiary undertakings

The Chichester Accountants Limited

The principal activity of The Chichester Accountants Limited is that of a dormant company.

7

Debtors

Current

2024
£

2023
£

Trade debtors

244,866

277,269

Prepayments

50,630

57,133

Other debtors

34,481

-

 

329,977

334,402

 

Blue Spire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

42,400

40,000

Trade creditors

 

90,011

75,908

Amounts owed to group undertakings and undertakings in which the company has a participating interest

309

7,339

Taxation and social security

 

265,042

238,643

Accruals and deferred income

 

72,250

7,500

Other creditors

 

7,601

13,641

 

477,613

383,031

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

53,048

90,667

Capital accounts

 

63,264

216,703

 

116,312

307,370

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

2,500

2,500

2,500

2,500

Ordinary D Shares of £1 each

2,500

2,500

2,500

2,500

Ordinary E Shares of £1 each

2,500

2,500

2,500

2,500

Ordinary F shares of £1 each

1

1

1

1

Preference Shares of £1 each

47,700

47,700

47,700

47,700

55,201

55,201

55,201

55,201

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £182,000 (2023 - £234,000).