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Registration number: 09059076

Blue Development Homes Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

Blue Development Homes Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 10

 

Blue Development Homes Limited

Company Information

Director

M J Roberts

Company secretary

M J Roberts

Registered office

76 Bridgford Road
West Bridgford
Nottingham
NG2 6AX

Accountants

9ine
Chartered Accountants
76 Bridgford Road
West Bridgford
Nottingham
NG2 6AX

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Blue Development Homes Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blue Development Homes Limited for the year ended 31 May 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Blue Development Homes Limited, as a body, in accordance with the terms of our engagement letter dated 23 May 2024. Our work has been undertaken solely to prepare for your approval the accounts of Blue Development Homes Limited and state those matters that we have agreed to state to the Board of Directors of Blue Development Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blue Development Homes Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Blue Development Homes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Blue Development Homes Limited. You consider that Blue Development Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Blue Development Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

9ine
Chartered Accountants
76 Bridgford Road
West Bridgford
Nottingham
NG2 6AX

12 February 2025

 

Blue Development Homes Limited

(Registration number: 09059076)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

As restated
2023
£

Fixed assets

 

Tangible assets

4

266,249

207,140

Current assets

 

Stocks

218,684

75,000

Debtors

368,358

287,217

Cash at bank and in hand

 

11,228

44,636

 

598,270

406,853

Prepayments and accrued income

 

6,122

-

Creditors: Amounts falling due within one year

5.1

(308,190)

(256,449)

Net current assets

 

296,202

150,404

Total assets less current liabilities

 

562,451

357,544

Creditors: Amounts falling due after more than one year

5.2

(224,157)

(93,106)

Provisions for liabilities

(29,320)

(36,603)

Accruals and deferred income

 

(12,916)

(1,500)

Net assets

 

296,058

226,335

Capital and reserves

 

Called up share capital

10

1

Retained earnings

296,048

226,334

Shareholders' funds

 

296,058

226,335

 

Blue Development Homes Limited

(Registration number: 09059076)
Abridged Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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.

Approved and authorised by the director on 12 February 2025



 

.........................................

M J Roberts
Company secretary and director

 

Blue Development Homes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
76 Bridgford Road
West Bridgford
Nottingham
NG2 6AX

These financial statements were authorised for issue by the director on 12 February 2025.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Blue Development Homes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and machinery

10% reducing balance

Fixtures and fittings

10% reducing balance

Office equipment

33% straight line

Motor vehicles

10% or 20% reducing balance

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.

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.

 

Blue Development Homes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Blue Development Homes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

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 the director) during the year, was 10 (2023 - 7).

4

Tangible assets

Total
£

Cost or valuation

At 1 June 2023

240,857

Additions

227,414

Disposals

(160,678)

At 31 May 2024

307,593

Depreciation

At 1 June 2023

33,717

Charge for the year

39,623

Eliminated on disposal

(31,996)

At 31 May 2024

41,344

Carrying amount

At 31 May 2024

266,249

At 31 May 2023

207,140

5

Creditors

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £38,946 (2023 - £72,556).

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £208,967 (2023 - £59,957).

 

Blue Development Homes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

6

Related party transactions

During the year the Company made loans to and from related companies in which the Director is also a Director and Shareholder. No interest is charged on the loans. At 31 May 2024 the total amount owed to the Company was £91,967 (2023 - £141,606).

7

Transition to FRS 102

Prior to the adoption of FRS102 1a, Blue Development Homes Limited did not provide for deferred tax. FRS102 requires all deferred tax on potential gains and losses to be recognised.

Consequently, a deferred tax liability of £29,039 at 1 June 2022 has been made to reflect this. The liability at 31 May 2023 had increased to £36,603 and the increase in provision of £26,984 (after reclassification of accrued taxes) has been recognised in the profit and loss account in the year ended 31 May 2023.

Balance Sheet at 1 June 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

116,154

-

-

116,154

Current assets

Stocks

75,000

-

-

75,000

Debtors

290,623

-

-

290,623

Cash at bank and in hand

8,709

-

-

8,709

374,332

-

-

374,332

Creditors: Amounts falling due within one year

(181,935)

-

-

(181,935)

Net current assets

192,397

-

-

192,397

Total assets less current liabilities

308,551

-

-

308,551

Creditors: Amounts falling due after more than one year

(127,955)

-

-

(127,955)

Provisions for liabilities

-

-

(29,039)

(29,039)

Net assets/(liabilities)

180,596

-

(29,039)

151,557

Capital and reserves

Called up share capital

(1)

-

-

(1)

Retained earnings

(180,595)

-

29,039

(151,556)

Total equity

(180,596)

-

29,039

(151,557)

 

Blue Development Homes Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Balance Sheet at 31 May 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

207,140

-

-

207,140

Current assets

Stocks

75,000

-

-

75,000

Debtors

287,217

-

-

287,217

Cash at bank and in hand

44,636

-

-

44,636

406,853

-

-

406,853

Creditors: Amounts falling due within one year

(238,529)

(19,420)

-

(257,949)

Net current assets/(liabilities)

168,324

(19,420)

-

148,904

Total assets less current liabilities

375,464

(19,420)

-

356,044

Creditors: Amounts falling due after more than one year

(93,106)

-

-

(93,106)

Provisions for liabilities

-

19,420

(56,023)

(36,603)

Net assets/(liabilities)

282,358

-

(56,023)

226,335

Capital and reserves

Called up share capital

(1)

-

-

(1)

Retained earnings

(282,357)

-

56,023

(226,334)

Total equity

(282,358)

-

56,023

(226,335)