Blue Spruce Homes Waterloo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Cooper House, 316 Regents Park Road, London, United Kingdom, N3 2JX.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
Included in the bank loans is £3,175,168 owed to Victoria Mutual Limited, which is an interest-only loan.
Victoria Mutual Finance Limited holds a legal charge of 23 December 2020 against the company over the property known as August House, 39 Waterloo Road, London NW2 7TT with title number MX158745, which also contains fixed and floating charges, and negative pledge.
At the balance sheet date the following amounts were owed to the following companies under common control, which are payable on demand:
Blue Spruce Homes Charteris Limited £314,434 (2022: £279,980)
Blue Spruce Homes Management Ltd £63,759 (2022: £16,146)
Blue Spruce Homes Chanctonbury Ltd £132,656 (2022: £161,410)
Blue Spruce Homes 250 Limited £331 (2022: £0)
Blue Spruce Homes South Park Limited £147,380 (2022: £145,520)
Blue Spruce Homes Gondar Limited £28,558 (2022: £0)
Blue Spruce Homes 75 Limited £3,500 (2022: £0)
Blue Spruce Homes 50 Limited £450 (2022: £0)
Hull Ventures Limited £300 (2022: £0)
At the balance sheet date the following amounts were owed by the following companies under common control, which are payable on demand:
Blue Spruce Homes 3 Limited £27,848 (2022: £0)
Blue Spruce Homes Elite Limited £70 (2022: £0)
Blue Spruce Homes 100 Limited £400 (2022: £0)
Blue Spruce Homes Hampstead Limited £500 (2022: £0)
Blue Spruce Homes Portland Limited £500 (2022: £0)
Blue Spruce Homes Airbnb Limited £14,412 (2022: £0)
At the balance sheet date the following amounts were owed to the following shareholders, which are payable after more than one year:
Blue Spruce Homes Management Limited £8,100 (2022: £8,100)
Blue Spruce Homes 100 Limited £258,307 (2022: £258,307)
Caresle Limited £1,045,309 (2022: £1,045,309)
Arvor Capital Limited £20,250 (2022: £20,250)
Aurigny Real Estate Capital Partners Ltd £20,250 (2022: £20,250)