4 5 Blue Rush Wet Suits Ltd 05044934 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is sale of retail clothing and beach goods. Digita Accounts Production Advanced 6.30.9574.0 true 05044934 2023-04-01 2024-03-31 05044934 2024-03-31 05044934 bus:CompanySecretaryDirector1 1 2024-03-31 05044934 bus:Director2 1 2024-03-31 05044934 bus:Director3 1 2024-03-31 05044934 bus:OrdinaryShareClass1 2024-03-31 05044934 core:CurrentFinancialInstruments 2024-03-31 05044934 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05044934 core:Non-currentFinancialInstruments 2024-03-31 05044934 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05044934 core:FurnitureFittingsToolsEquipment 2024-03-31 05044934 core:LandBuildings 2024-03-31 05044934 core:MotorVehicles 2024-03-31 05044934 bus:SmallEntities 2023-04-01 2024-03-31 05044934 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05044934 bus:FilletedAccounts 2023-04-01 2024-03-31 05044934 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05044934 bus:RegisteredOffice 2023-04-01 2024-03-31 05044934 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 05044934 bus:CompanySecretaryDirector1 1 2023-04-01 2024-03-31 05044934 bus:Director2 2023-04-01 2024-03-31 05044934 bus:Director2 1 2023-04-01 2024-03-31 05044934 bus:Director3 2023-04-01 2024-03-31 05044934 bus:Director3 1 2023-04-01 2024-03-31 05044934 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05044934 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05044934 bus:Agent1 2023-04-01 2024-03-31 05044934 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05044934 core:LandBuildings 2023-04-01 2024-03-31 05044934 core:MotorVehicles 2023-04-01 2024-03-31 05044934 core:PlantMachinery 2023-04-01 2024-03-31 05044934 core:Vehicles 2023-04-01 2024-03-31 05044934 countries:England 2023-04-01 2024-03-31 05044934 2023-03-31 05044934 bus:CompanySecretaryDirector1 1 2023-03-31 05044934 bus:Director2 1 2023-03-31 05044934 bus:Director3 1 2023-03-31 05044934 core:FurnitureFittingsToolsEquipment 2023-03-31 05044934 core:LandBuildings 2023-03-31 05044934 core:MotorVehicles 2023-03-31 05044934 2022-04-01 2023-03-31 05044934 2023-03-31 05044934 bus:CompanySecretaryDirector1 1 2023-03-31 05044934 bus:Director2 1 2023-03-31 05044934 bus:Director3 1 2023-03-31 05044934 bus:OrdinaryShareClass1 2023-03-31 05044934 core:CurrentFinancialInstruments 2023-03-31 05044934 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05044934 core:Non-currentFinancialInstruments 2023-03-31 05044934 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05044934 core:FurnitureFittingsToolsEquipment 2023-03-31 05044934 core:LandBuildings 2023-03-31 05044934 core:MotorVehicles 2023-03-31 05044934 bus:CompanySecretaryDirector1 1 2022-04-01 2023-03-31 05044934 bus:Director2 1 2022-04-01 2023-03-31 05044934 bus:Director3 1 2022-04-01 2023-03-31 05044934 bus:CompanySecretaryDirector1 1 2022-03-31 05044934 bus:Director2 1 2022-03-31 05044934 bus:Director3 1 2022-03-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 05044934

Blue Rush Wet Suits Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Blue Rush Wet Suits Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Blue Rush Wet Suits Ltd

Company Information

Directors

Mrs Nicola Tubb

Mr Mark Burd

Mr Geoff Burd

Company secretary

Mrs Nicola Tubb

Registered office

30/32 Trebarwith Crescent
Newquay
Cornwall
TR7 1DX

Accountants

Crane & Johnston C&J Ltd
Chartered Certified Accountants30/32 Trebarwith Crescent
Newquay
Cornwall
TR7 1DX

 

Blue Rush Wet Suits Ltd

(Registration number: 05044934)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,542

19,643

Current assets

 

Stocks

5

223,735

390,117

Debtors

6

33,874

33,142

Cash at bank and in hand

 

5

5

 

257,614

423,264

Creditors: Amounts falling due within one year

7

(779,133)

(790,805)

Net current liabilities

 

(521,519)

(367,541)

Total assets less current liabilities

 

(505,977)

(347,898)

Creditors: Amounts falling due after more than one year

7

(129,826)

(161,480)

Net liabilities

 

(635,803)

(509,378)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(636,803)

(510,378)

Shareholders' deficit

 

(635,803)

(509,378)

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 and 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.

 

Blue Rush Wet Suits Ltd

(Registration number: 05044934)
Balance Sheet as at 31 March 2024 (continued)

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Mrs Nicola Tubb
Company secretary and director

 

Blue Rush Wet Suits 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.

The address of its registered office is:
30/32 Trebarwith Crescent
Newquay
Cornwall
TR7 1DX

These financial statements were authorised for issue by the Board on 27 December 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 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 Rush Wet Suits Ltd

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

2

Accounting policies (continued)

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

Property improvements

10% reducing balance method

Furniture and equipment

10% reducing balance method

Motor vehicles

25% reducing balance method

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.

 

Blue Rush Wet Suits Ltd

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

2

Accounting policies (continued)

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.

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.

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.

 

Blue Rush Wet Suits Ltd

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

2

Accounting policies (continued)

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 4 (2023 - 5).

 

Blue Rush Wet Suits Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

5,154

58,040

92,993

156,187

At 31 March 2024

5,154

58,040

92,993

156,187

Depreciation

At 1 April 2023

4,600

53,225

78,719

136,544

Charge for the year

51

481

3,569

4,101

At 31 March 2024

4,651

53,706

82,288

140,645

Carrying amount

At 31 March 2024

503

4,334

10,705

15,542

At 31 March 2023

554

4,815

14,274

19,643

Included within the net book value of land and buildings above is £503 (2023 - £554) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

223,735

390,117

6

Debtors

 

Blue Rush Wet Suits Ltd

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

6

Debtors (continued)

Current

2024
£

2023
£

Trade debtors

32,649

32,106

Prepayments

1,225

1,036

 

33,874

33,142

 

Blue Rush Wet Suits Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

147,141

218,073

Trade creditors

 

17,207

20,233

Taxation and social security

 

6,420

24,680

Accruals and deferred income

 

9,141

5,636

Other creditors

 

599,224

522,183

 

779,133

790,805

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

129,826

161,480

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

Blue Rush Wet Suits Ltd

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

9

Reserves (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

129,826

161,480

Current loans and borrowings

2024
£

2023
£

Bank borrowings

140,057

209,380

Bank overdrafts

7,084

8,693

147,141

218,073

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr Geoff Burd

235,134

68,204

303,338

Mr Mark Burd

95,209

2,697

97,906

Mrs Nicola Tubb

190,794

5,409

196,203

 

Blue Rush Wet Suits Ltd

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

11

Related party transactions (continued)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Geoff Burd

236,319

(1,185)

-

235,134

Mr Mark Burd

100,708

(5,499)

-

95,209

Mrs Nicola Tubb

134,157

(59,450)

116,087

190,794