Registered number
13427676
Blue Grey Ltd
Filleted Accounts
31 May 2024
Blue Grey Ltd
Registered number: 13427676
Balance Sheet
as at 31 May 2024
Notes 2024
£
Fixed assets
Investments 3 225,100
Current assets
Cash at bank and in hand 246
Creditors: amounts falling due within one year 4 (71,003)
Net current liabilities (70,757)
Total assets less current liabilities 154,343
Creditors: amounts falling due after more than one year 5 (106,021)
Net assets 48,322
Capital and reserves
Called up share capital 100
Revaluation reserve 7 55,390
Profit and loss account (7,168)
Shareholders' funds 48,322
The directors are 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 directors acknowledge their 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.
Jeremy Hastings
Director
Approved by the board on 12 September 2024
Blue Grey Ltd
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).
Investments
Investment properties are measured at fair value. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2024
Number
Average number of persons employed by the company 2
3 Investments
Investments in
subsidiary Investment
undertakings properties Total
£ £ £
Cost
At 1 June 2023 100 179,110 179,210
Revaluation - 45,890 45,890
At 31 May 2024 100 225,000 225,100
Historical cost
At 1 June 2023 100 179,110
At 31 May 2024 100 179,110
4 Creditors: amounts falling due within one year 2024
£
Bank loans and overdrafts 3,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest 52,943
Taxation and social security costs 547
Other creditors 14,013
71,003
5 Creditors: amounts falling due after one year 2024
£
Bank loans 105,727
Other creditors 294
106,021
6 Loans 2024
£
Creditors include:
Instalments falling due for payment after more than five years 109,728
Secured bank loans 109,728
The loan is secured by a fixed security upon Unit 6D Treburley Industrial Estate, Treburley, Cornwall PL15 9PU.
7 Revaluation reserve 2024
£
Gain on revaluation of land and buildings 45,890
Deferred taxation arising on the revaluation of land and buildings 9,500
At 31 May 2024 55,390
8 Related party transactions
Blue Grey Ltd is the ultimate holding company of Slate Sphere Ltd and owns the freehold factory occupied by Slate Sphere Ltd. At the balance sheet date Blue Grey Ltd owed the Slate Sphere Ltd £52,943 (2023 - £63,876).
9 Controlling party
Jeremy Hastings and Victoria Hastings, as Directors and Shareholders, are the ultimate controlling party of the company.
# Other information
Blue Grey Ltd is a private company limited by shares and incorporated in England. Its registered office is:
31 Bluebell Way
Laurceston
Cornwall
PL15 9JU
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