Registered number
02402230
Bluepoint Properties Limited
Unaudited Filleted Accounts
31 May 2024
Bluepoint Properties Limited
Registered number: 02402230
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,155,000 1,096,609
Current assets
Debtors 5 3,131 2,972
Cash at bank and in hand 5,450 3,598
8,581 6,570
Creditors: amounts falling due within one year 6 (1,100,934) (1,096,741)
Net current liabilities (1,092,353) (1,090,171)
Total assets less current liabilities 62,647 6,438
Provisions for liabilities (10,429) -
Net assets 52,218 6,438
Capital and reserves
Called up share capital 10,000 10,000
Revaluation reserve 7 39,161 (5,301)
Profit and loss account 3,057 1,739
Shareholders' funds 52,218 6,438
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Edward James Hennessy
Director
Approved by the board on 9 January 2025
Bluepoint Properties Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No Depreciation
Fixtures, fittings, tools and equipment over 4 years
2 Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly
attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value
are recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
4 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2023 1,096,609
Additions 3,500
Surplus on revaluation 54,891
At 31 May 2024 1,155,000
Depreciation
At 31 May 2024 -
Net book value
At 31 May 2024 1,155,000
At 31 May 2023 1,096,609
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,101,910 1,101,910
Cumulative depreciation based on historical cost - -
1,101,910 1,101,910
During the 2024 yearend the directors carried out a revaluation of the three properties now held by the Company. The estimated current resale values for the properties was established by looking at similar properties for sale in and around their immediate locations. Valuation as at 31st may 2024 is £1,155,000 (2023: Valuation £1,096,609).
The combined historic cost value of the three properties was £1,101,910 (2023: £1,101,910). The properties are not depreciated and any gain or loss under FR102 is now transferred to the profit and loss account as non distributable reserves. In 2015 and prior years any revaluation of the property was transferred to the Revaluation Reserve.
5 Debtors 2024 2023
£ £
Other debtors 3,131 2,972
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 309 347
Other creditors 1,100,625 1,096,394
1,100,934 1,096,741
7 Revaluation reserve 2024 2023
£ £
At 1 June 2023 (5,301) (5,301)
Gain on revaluation of land and buildings 54,891 -
Deferred taxation arising on the revaluation of land and buildings (10,429) -
At 31 May 2024 39,161 (5,301)
8 Related party transactions
None noted that were not at normal market conditions
9 Transactions with Director
During the year the Director used a current account with the company to record amounts due to them and amounts drawn by them. The accounts show an amount owing back to Mr Edward Hennessy as directors as at 31st May 2024 of £1,098,136.43 (2023: £1,093,382.49). The amount is repayable on demand and does not carry interest.
10 Controlling party
Edward Hennessy owns 99.99% of the share capital. He is therefore the ultimate controlling party.
11 Other information
Bluepoint Properties Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Old Bank
Beaufort Street
Crickhowell
Powys
NP8 1AD
Bluepoint Properties Limited 02402230 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 Edward James Hennessy No description of principal activity 02402230 2022-06-01 2023-05-31 02402230 core:RevaluationReserve core:LandBuildings 2022-06-01 2023-05-31 02402230 core:RevaluationReserve 2022-06-01 2023-05-31 02402230 core:WithinOneYear 2023-05-31 02402230 core:ShareCapital 2023-05-31 02402230 core:OtherReservesSubtotal 2023-05-31 02402230 core:RetainedEarningsAccumulatedLosses 2023-05-31 02402230 core:RevaluationReserve 2022-05-31 02402230 2023-06-01 2024-05-31 02402230 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02402230 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 02402230 bus:Director40 2023-06-01 2024-05-31 02402230 1 2023-06-01 2024-05-31 02402230 2 2023-06-01 2024-05-31 02402230 core:LandBuildings 2023-06-01 2024-05-31 02402230 core:RevaluationReserve core:LandBuildings 2023-06-01 2024-05-31 02402230 core:RevaluationReserve 2023-06-01 2024-05-31 02402230 countries:England 2023-06-01 2024-05-31 02402230 bus:FRS102 2023-06-01 2024-05-31 02402230 bus:FilletedAccounts 2023-06-01 2024-05-31 02402230 2024-05-31 02402230 core:WithinOneYear 2024-05-31 02402230 core:ShareCapital 2024-05-31 02402230 core:OtherReservesSubtotal 2024-05-31 02402230 core:RetainedEarningsAccumulatedLosses 2024-05-31 02402230 core:LandBuildings 2024-05-31 02402230 core:RevaluationReserve 2024-05-31 02402230 2023-05-31 02402230 core:LandBuildings 2023-05-31 02402230 core:RevaluationReserve 2023-05-31 iso4217:GBP xbrli:pure