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Registration number: 07241603

Blue Mare Express Line Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Blue Mare Express Line Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Blue Mare Express Line Limited

Company Information

Director

O Haase

Registered office

130 Shaftesbury Avenue
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Blue Mare Express Line Limited

Statement of Financial Position as at 31 May 2024

Note

2024
£

(As restated)

2023
£

Current assets

 

Debtors

4

104,086

57,995

Cash at bank and in hand

 

-

40,511

 

104,086

98,506

Creditors: Amounts falling due within one year

5

(11,060)

(4,590)

Net assets

 

93,026

93,916

Capital and reserves

 

Called up share capital

1

1

Retained earnings

93,025

93,915

Shareholders' funds

 

93,026

93,916

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.

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.

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 25 February 2025
 

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

O Haase

Director

Company registration number: 07241603

 

Blue Mare Express Line Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
London
W1D 5EU

The principal activity of the company is Sea and coastal freight water transport.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 May 2024 and had net assets at that date of £93,026. The director has considered the potential effect of the current economic climate and the director's current view is that the impact remains manageable as the company maintains minimal overheads.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing financial statements.

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 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 tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Blue Mare Express Line Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Debtors

2024
£

(As restated)

2023
£

Other debtors

104,086

57,995

104,086

57,995

5

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Taxation and social security

4,760

3,591

Accruals and deferred income

6,300

-

Other creditors

-

999

11,060

4,590

6

Related party transactions

At 31 May 2024 an amount of £92,934 (2022: £999 creditor) was due to the company from a director. During the year advances of £92,336 and repayments of £159 were made. Interest of £757 (2022: £Nil) has been charged on overdrawn balances at a rate of 2.25% per annum.

 

Blue Mare Express Line Limited

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

7

Prior period adjustment

During the year the directors identified that several bank transactions had been omitted from the previous year. It was also identified that a loan to the company from the director on incorporation had been classified as share capital. These have been corrected in these financial statements and the comparatives have been restated.

The effect of these adjustments is to increase the net assets at 31 May 2023 by £7,312 from that previously reported and the profit for the year then ended is £8,311 greater than previously reported. Specifically turnover has increased by £10,313 than previously reported and a tax charge on the adjustment of £1,950 has been recognised.