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Registration number: 07509398

Blackboards Europe Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Blackboards Europe Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Blackboards Europe Limited

Company Information

Director

Mr Ian Charles Black

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Blackboards Europe Limited

(Registration number: 07509398)
Balance Sheet as at 29 February 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

2,643

3,119

Tangible assets

5

32,471

41,837

Investments

6

50

50

 

35,164

45,006

Current assets

 

Stocks

7

320,000

395,000

Debtors

8

30,297

75,660

Cash at bank and in hand

 

399,474

314,072

 

749,771

784,732

Creditors: Amounts falling due within one year

9

(262,329)

(333,864)

Net current assets

 

487,442

450,868

Total assets less current liabilities

 

522,606

495,874

Provisions for liabilities

(5,727)

(7,410)

Net assets

 

516,879

488,464

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

516,878

488,463

Shareholders' funds

 

516,879

488,464

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 member has 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.

 

Blackboards Europe Limited

(Registration number: 07509398)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 29 November 2024
 

.........................................
Mr Ian Charles Black
Director

 

Blackboards Europe Limited

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:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

The principal place of business is:
Tombstone Surf
Unit N2
St Erth Business Park
Hayle
Cornwall
TR27 6LP

These financial statements were authorised for issue by the director on 29 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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.

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.

 

Blackboards Europe Limited

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

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.

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 vehicle

20% straight-line basis

Office equipment

20% reducing-balance basis

Fixtures & fittings

15% reducing-balance basis

Computer equipment

25% straight-line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate cost at acquisition date of assets given.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Website costs are shown at historical cost.

Trademarks, licences, customer-related intangible assets (including websites) have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Trademarks, patents and licences

Straight line over 10 years

Website costs

Straight line over 5 years

 

Blackboards Europe Limited

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

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

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 3 (2023 - 4).

 

Blackboards Europe Limited

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

4

Intangible assets

Trademarks, patents and licences
 £

Website costs
 £

Total
£

Cost or valuation

At 1 March 2023

2,190

2,310

4,500

Additions acquired separately

200

-

200

At 29 February 2024

2,390

2,310

4,700

Amortisation

At 1 March 2023

919

462

1,381

Amortisation charge

214

462

676

At 29 February 2024

1,133

924

2,057

Carrying amount

At 29 February 2024

1,257

1,386

2,643

At 28 February 2023

1,271

1,848

3,119

The aggregate amount of research and development expenditure recognised as an expense during the period is £1,960 (2023 - £1,132).
 

 

Blackboards Europe Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

719

101,823

351

102,893

Disposals

-

(16,995)

-

(16,995)

At 29 February 2024

719

84,828

351

85,898

Depreciation

At 1 March 2023

533

60,172

351

61,056

Charge for the year

29

9,337

-

9,366

Eliminated on disposal

-

(16,995)

-

(16,995)

At 29 February 2024

562

52,514

351

53,427

Carrying amount

At 29 February 2024

157

32,314

-

32,471

At 28 February 2023

186

41,651

-

41,837

 

Blackboards Europe Limited

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

6

Investments

2024
£

2023
£

Investment in associated company

50

50

Associates

£

Cost

At 1 March 2023

50

Provision

Carrying amount

At 29 February 2024

50

At 28 February 2023

50

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:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Associates

Black Sand Industries Limited

15 Alverton Street
Penzance
Cornwall TR12 7HS

Ordinary shares

50%

50%

 

England and Wales

     

Associates

Black Sand Industries Limited

The principal activity of Black Sand Industries Limited is Retail sale of new goods in specialised stores,.

7

Stocks

2024
£

2023
£

Items for retail

320,000

395,000

 

Blackboards Europe Limited

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

8

Debtors

2024
£

2023
£

Trade debtors

8,356

-

Other debtors

18,209

72,279

Prepayments

3,732

3,381

30,297

75,660

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

73,534

147,572

Taxation and social security

17,192

3,073

Accruals and deferred income

4,451

4,593

Other creditors

167,152

178,626

262,329

333,864

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Blackboards Europe Limited

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

11

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr Ian Charles Black

Interest-free loan to the company, repayable on demand

178,576

(164,248)

147,996

162,324

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Ian Charles Black

Interest-free loan to the company, repayable on demand

96,570

(14,405)

96,411

178,576

         
       

 

Summary of transactions with associates

Black Sand Industries Limited

Mr Ian Charles Black, the shareholder and director of Blackboards Europe Limited, is also a shareholder and director of Black Sand Industries Limited.
At the balance sheet date, Black Sand Industries Limited owed Blackboards Europe Limited £8,356, which is included in trade debtors.