0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 600,000 40,000 640,000 640,000 600,000 xbrli:pure xbrli:shares iso4217:GBP 13245314 2023-04-01 2024-03-31 13245314 2024-03-31 13245314 2023-03-31 13245314 2022-04-01 2023-03-31 13245314 2023-03-31 13245314 2022-03-31 13245314 bus:Director2 2023-04-01 2024-03-31 13245314 bus:Director1 2023-04-01 2024-03-31 13245314 bus:Director4 2023-04-01 2024-03-31 13245314 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13245314 core:WithinOneYear 2024-03-31 13245314 core:WithinOneYear 2023-03-31 13245314 core:AfterOneYear 2024-03-31 13245314 core:AfterOneYear 2023-03-31 13245314 core:ShareCapital 2024-03-31 13245314 core:ShareCapital 2023-03-31 13245314 core:RetainedEarningsAccumulatedLosses 2024-03-31 13245314 core:RetainedEarningsAccumulatedLosses 2023-03-31 13245314 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 13245314 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 13245314 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 13245314 bus:Director1 2023-03-31 13245314 bus:Director1 2024-03-31 13245314 bus:Director4 2023-03-31 13245314 bus:Director1 2022-03-31 13245314 bus:Director1 2023-03-31 13245314 bus:Director4 2022-03-31 13245314 bus:Director4 2023-03-31 13245314 bus:Director1 2022-04-01 2023-03-31 13245314 bus:Director4 2022-04-01 2023-03-31 13245314 bus:SmallEntities 2023-04-01 2024-03-31 13245314 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13245314 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13245314 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13245314 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 13245314
Blue Reef Property Limited
Filleted Unaudited Financial Statements
31 March 2024
Blue Reef Property Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
640,000
600,000
Current assets
Debtors
5
260
Cash at bank and in hand
3,220
1,181
-------
-------
3,220
1,441
Creditors: amounts falling due within one year
6
275,699
232,633
---------
---------
Net current liabilities
272,479
231,192
---------
---------
Total assets less current liabilities
367,521
368,808
Creditors: amounts falling due after more than one year
7
347,625
347,625
Provisions
3,012
3,012
---------
---------
Net assets
16,884
18,171
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
16,784
18,071
--------
--------
Shareholders funds
16,884
18,171
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Blue Reef Property Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 17 June 2024 , and are signed on behalf of the board by:
Mr K S Bazaz
Director
Company registration number: 13245314
Blue Reef Property Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Tangible assets
Freehold property
£
Cost
At 1 April 2023
600,000
Additions
40,000
---------
At 31 March 2024
640,000
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
640,000
---------
At 31 March 2023
600,000
---------
Included within the above is investment property as follows:
£
At 1 April 2023
600,000
Additions
40,000
---------
At 31 March 2024
640,000
---------
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. No depreciation is provided on freehold land and investment property.
5. Debtors
2024
2023
£
£
Other debtors
260
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
38,701
38,700
Corporation tax
1,227
Other creditors
236,998
192,706
---------
---------
275,699
232,633
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
347,625
347,625
---------
---------
8. Secured debt
Included within other creditors are liabilities of £386,325 (2023 - £386,325), which have been secured on the assets of the company.
9. Non-distributable reserves
Included within profit and loss account is non-distributable reserves for the sum of £12,842 (2023: £12,842)
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs D K Bazaz
( 106,507)
( 37,547)
( 144,054)
Mr A S Madhan
( 36,033)
36,033
---------
--------
---------
( 142,540)
( 1,514)
( 144,054)
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs D K Bazaz
( 93,380)
( 13,127)
( 106,507)
Mr A S Madhan
( 64,337)
28,304
( 36,033)
---------
--------
---------
( 157,717)
15,177
( 142,540)
---------
--------
---------