Registration number:
Blue Lizard Consulting Limited
for the Year Ended 30 June 2024
Blue Lizard Consulting Limited
Contents
Company Information |
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Independent Auditor's Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Blue Lizard Consulting Limited
Company Information
Directors |
AG Bloom A S Franks ML Sugarman |
Company secretary |
A S Franks |
Registered office |
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Auditors |
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Blue Lizard Consulting Limited
Independent Auditor's Report to the Members of Blue Lizard Consulting Limited
Opinion
We have audited the financial statements of Blue Lizard Consulting Limited (the 'company') for the year ended 30 June 2024, which comprise the Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Blue Lizard Consulting Limited
Independent Auditor's Report to the Members of Blue Lizard Consulting Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the .
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors
As explained more fully in the [set out on page ], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Blue Lizard Consulting Limited
Independent Auditor's Report to the Members of Blue Lizard Consulting Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations; |
• |
Obtaining an understanding of the company's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; |
• |
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience. |
As a result of these procedures we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health and safety, employment law and compliance with the UK Companies Act. |
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In addition to the above, our procedures to respond to risks identified included the following: |
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• |
Making enquiries of management about any known or suspected instances of non-compliance with laws, regulations and fraud; |
• |
Assessment of matters recorded on the company's health and safety incident register; |
• |
Challenging assumptions and judgements made by management in their significant accounting estimates; |
• |
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. |
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Blue Lizard Consulting Limited
Independent Auditor's Report to the Members of Blue Lizard Consulting Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Maria House
35 Millers Road
BN1 5NP
Blue Lizard Consulting Limited
(Registration number: 04222542)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
113,395,111 |
95,604,123 |
|
|
|
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Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
25,000,001 |
25,000,001 |
|
Retained earnings |
8,094,231 |
2,687,334 |
|
Shareholders' funds |
33,094,232 |
27,687,335 |
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.
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
A S Franks
Company secretary and director
Blue Lizard Consulting Limited
Statement of Changes in Equity for the Year Ended 30 June 2024
Share capital |
Retained earnings |
Total |
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At 1 July 2023 |
|
|
|
Profit for the year |
- |
|
|
At 30 June 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
|
Loss for the year |
- |
( |
( |
At 30 June 2023 |
25,000,001 |
2,687,334 |
27,687,335 |
The profit and loss account includes £30,056,317 (2023 - £24,431,832) of non-distributable funds relating to fair value increases net of deferred tax provisions in non-current investments.
Blue Lizard Consulting Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 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 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.
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.
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 group operates and generates taxable income.
Blue Lizard Consulting Limited
Notes to the Financial Statements for the Year Ended 30 June 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.
Artwork is included in the balance sheet at cost. No depreciation is provided in respect of artwork
because the directors consider that the expected residual value and the expected economic life of the
assets are such that the resulting depreciation charge would be immaterial to the results of the
company.
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 |
Artwork |
Nil |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Blue Lizard Consulting Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Fair value adjustments |
Fair value gains/(losses) for the period are attributable to the following asset classes:
2024 |
2023 |
|
Non-current financial assets |
7,499,314 |
(6,928,246) |
7,499,314 |
(6,928,246) |
Taxation charge |
The tax for the period is attributable to:
2024 |
2023 |
|
Deferred Tax |
||
Arising from origination and reversal of timing differences |
1,490,172 |
(988,970) |
Total deferred tax charge |
1,490,172 |
(988,970) |
Total tax charge for period |
1,490,172 |
(988,970) |
Tangible assets |
Artwork |
Total |
|
Cost or valuation |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Depreciation |
||
Carrying amount |
||
At 30 June 2024 |
|
|
At 30 June 2023 |
|
|
Blue Lizard Consulting Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2023 |
|
At 30 June 2024 |
|
Provision |
|
At 1 July 2023 |
|
At 30 June 2024 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 2023 |
|
Blue Lizard Consulting Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Details of undertakings
Investments in group undertakings include long term loans to group companies and equity investments and are stated at fair value where a reliable value can be calculated.
Subsidiary undertakings |
Blue Lizard Consulting Investments Limited The principal activity of Blue Lizard Consulting Investments Limited is |
Blue and White Capital Limited The principal activity of Blue and White Capital Limited is |
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
Maria House, 35 Millers Road, Brighton, East Sussex, BN1 5NP United Kingdom |
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|
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Maria House, 35 Millers Road, Brighton, East Sussex, BN1 5NP United Kingdom |
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Blue Lizard Consulting Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 July 2023 |
95,604,123 |
95,604,123 |
Fair value adjustments |
7,499,314 |
7,499,314 |
Additions |
18,924,946 |
18,924,946 |
Disposals |
(8,633,272) |
(8,633,272) |
At 30 June 2024 |
|
113,395,111 |
Non-current financial assets represent investments in private unlisted investment funds, unlisted private investments, and listed investments. Private fund based investments have been adjusted to fair values based upon valuations provided by the fund managers at the year end or to market value if the investments are listed. Fair value adjustments for this class of asset amount to £7,499,314 (2023 - £(6,928,245)) for the year and £40,075,090 (2023 - £32,575,776) in aggregate.
Debtors |
2024 |
2023 |
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Accruals and deferred income |
|
|
Creditors: amounts falling due after more than one year
2024 |
2023 |
|
Due after one year |
||
Other non-current financial liabilities |
|
|
Blue Lizard Consulting Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Related party transactions |
Summary of transactions with subsidiaries
The following are subsidiaries of Blue Lizard Consulting Limited:
Blue and White Capital Limited
Included in administrative costs is £1,560,000 (2023 - £1,200,000) relating to consultancy fees provided by the subsidiary company.
Other debtors include amounts owed by the subsidiary to the value of £270,000 (2023 - £nil).
Blue Lizard Consulting Investments Limited
Other debtors include loans to the subsidiary to the value of £307,044 (2023 - £295,163).
These loans have a par value of £3,019,227 and accumulated provisions for impairment of £2,712,183.
Director loan
Included in creditors: amounts falling due after more than one year is an amount owed to AG Bloom by the company of £75,676,789 (2023 - £65,405,052). This loan is interest free and unsecured.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
25,000,001 |
|
25,000,001 |
Ultimate controlling party |
The ultimate controlling party is