Blubuilt Ltd 11182505 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is is property development Digita Accounts Production Advanced 6.30.9574.0 true true 11182505 2023-03-01 2024-02-29 11182505 2024-02-29 11182505 core:RetainedEarningsAccumulatedLosses 2024-02-29 11182505 core:ShareCapital 2024-02-29 11182505 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 11182505 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 11182505 core:CurrentFinancialInstruments 2024-02-29 11182505 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 11182505 core:Non-currentFinancialInstruments 2024-02-29 11182505 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 11182505 core:FurnitureFittingsToolsEquipment 2024-02-29 11182505 core:MotorVehicles 2024-02-29 11182505 bus:SmallEntities 2023-03-01 2024-02-29 11182505 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11182505 bus:FilletedAccounts 2023-03-01 2024-02-29 11182505 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11182505 bus:RegisteredOffice 2023-03-01 2024-02-29 11182505 bus:Director1 2023-03-01 2024-02-29 11182505 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11182505 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 11182505 core:MotorVehicles 2023-03-01 2024-02-29 11182505 core:PlantMachinery 2023-03-01 2024-02-29 11182505 countries:EnglandWales 2023-03-01 2024-02-29 11182505 2023-02-28 11182505 core:FurnitureFittingsToolsEquipment 2023-02-28 11182505 core:MotorVehicles 2023-02-28 11182505 2022-03-01 2023-02-28 11182505 2023-02-28 11182505 core:RetainedEarningsAccumulatedLosses 2023-02-28 11182505 core:ShareCapital 2023-02-28 11182505 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 11182505 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 11182505 core:CurrentFinancialInstruments 2023-02-28 11182505 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11182505 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-02-28 11182505 core:Non-currentFinancialInstruments 2023-02-28 11182505 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 11182505 core:FurnitureFittingsToolsEquipment 2023-02-28 11182505 core:MotorVehicles 2023-02-28 11182505 core:PreviouslyStatedAmount 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 11182505

Blubuilt Ltd

Formerly known as Blue Build Property Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Blubuilt Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Blubuilt Ltd

Company Information

Director

Mr R Palfrey

Registered office

10 Wheatfield Avenue
Worcester
Worcestershire
WR5 3HA

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Blubuilt Ltd

(Registration number: 11182505)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

114,590

54,115

Current assets

 

Stocks

5

950,847

366,852

Debtors

6

6,462

52,583

Cash at bank and in hand

 

16,463

61,585

 

973,772

481,020

Creditors: Amounts falling due within one year

7

(1,022,547)

(475,027)

Net current (liabilities)/assets

 

(48,775)

5,993

Total assets less current liabilities

 

65,815

60,108

Creditors: Amounts falling due after more than one year

7

(27,599)

(29,390)

Provisions for liabilities

(10,315)

(1,076)

Net assets

 

27,901

29,642

Capital and reserves

 

Called up share capital

100

100

Retained earnings

27,801

29,542

Shareholders' funds

 

27,901

29,642

For the financial year ending 29 February 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 25 November 2024
 

 

Blubuilt Ltd

(Registration number: 11182505)
Balance Sheet as at 29 February 2024

.........................................
Mr R Palfrey
Director

   
     
 

Blubuilt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
10 Wheatfield Avenue
Worcester
Worcestershire
WR5 3HA
Great Britain

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 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.

 

Blubuilt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Motor Vehicles

25% Reducing Balance Basis

Fixtures, Fittings and Office Equipment

25% & 33.3% Reducing Balance Basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Blubuilt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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 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.

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 6 (2023 - 1).

 

Blubuilt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

5,030

52,990

58,020

Additions

17,523

67,363

84,886

At 29 February 2024

22,553

120,353

142,906

Depreciation

At 1 March 2023

593

3,312

3,905

Charge for the year

3,384

21,027

24,411

At 29 February 2024

3,977

24,339

28,316

Carrying amount

At 29 February 2024

18,576

96,014

114,590

At 28 February 2023

4,437

49,678

54,115

5

Stocks

2024
£

2023
£

Work in progress

950,847

366,852

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,400

34,500

Prepayments

45

6,378

Other debtors

4,017

11,705

 

6,462

52,583

 

Blubuilt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

13,560

9,532

Trade creditors

 

19,848

66,102

Amounts owed to related parties

981,562

391,128

Taxation and social security

 

2,675

652

Other creditors

 

4,902

7,613

 

1,022,547

475,027

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

27,599

29,390

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

27,599

29,390

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

13,560

9,532