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Registration number: 08446101

Blue Canary Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

Blue Canary Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Blue Canary Ltd

Company Information

Director

Mr Clive Richard Howard

Registered office

221 Railton Road
London
SE24 0LX

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Blue Canary Ltd

(Registration number: 08446101)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

71,150

103,081

Current assets

 

Debtors

5

83,539

60,544

Cash at bank and in hand

 

15,499

139,954

 

99,038

200,498

Creditors: Amounts falling due within one year

6

(3,026)

(40,798)

Net current assets

 

96,012

159,700

Total assets less current liabilities

 

167,162

262,781

Provisions for liabilities

(17,788)

(27,317)

Net assets

 

149,374

235,464

Capital and Reserves

 

Called up share capital

2

2

Retained Earnings

149,372

235,462

Shareholders' funds

 

149,374

235,464

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 November 2024
 

 

Blue Canary Ltd

(Registration number: 08446101)
Balance Sheet as at 31 March 2024

.........................................
Mr Clive Richard Howard
Director

   
     
 

Blue Canary Ltd

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 and Wales.

The address of its registered office is:
221 Railton Road
London
SE24 0LX
England

These financial statements were authorised for issue by the director on 20 November 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. The financial statements are presented in Sterling, which is the functional currency of the company.

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.

 

Blue Canary Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Plant and Machinery

Reducing Balance 25%

Computer Equipment

Straight line 33%

Fixtures and Fittings

Reducing Balance 25%

Motor Vehicles

Reducing Balance 25%

 

Blue Canary Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Blue Canary Ltd

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

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

43,537

7,200

200,597

251,334

Additions

398

-

-

398

Disposals

(12,449)

-

-

(12,449)

At 31 March 2024

31,486

7,200

200,597

239,283

Depreciation

At 1 April 2023

28,773

4,163

115,317

148,253

Charge for the year

8,603

759

21,320

30,682

Eliminated on disposal

(10,802)

-

-

(10,802)

At 31 March 2024

26,574

4,922

136,637

168,133

Carrying amount

At 31 March 2024

4,912

2,278

63,960

71,150

At 31 March 2023

14,764

3,037

85,280

103,081

5

Debtors

Current

2024
£

2023
£

Trade Debtors

16,291

-

Prepayments

-

1,009

Other debtors

67,248

59,535

 

83,539

60,544

 

Blue Canary Ltd

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade Creditors

449

8,819

Taxation and social security

1,137

20,013

Accruals and deferred income

1,440

1,350

Other creditors

-

10,616

3,026

40,798

7

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

45,137

45,137

Advanced

58,911

58,911

Repaid

(45,137)

(45,137)

At end of period

58,911

58,911

2023

Key management
£

Total
£

At start of period

9,412

9,412

Advanced

45,137

45,137

Repaid

(9,412)

(9,412)

At end of period

45,137

45,137

Terms of loans to related parties

During the year the company provided the director with a loan which was unsecured and repayable on demand. Interest at official rate was charged on the loan.