Company registration number 09431374 (England and Wales)
BLUE PORT ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BLUE PORT ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BLUE PORT ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
823
823
Tangible assets
4
190,967
201,290
Investment property
5
13,543,296
13,543,296
13,735,086
13,745,409
Current assets
Debtors
6
5,700
9,300
Creditors: amounts falling due within one year
7
(8,518,807)
(8,994,786)
Net current liabilities
(8,513,107)
(8,985,486)
Total assets less current liabilities
5,221,979
4,759,923
Creditors: amounts falling due after more than one year
8
(1,800,000)
(1,800,000)
Provisions for liabilities
(8,454)
(10,079)
Net assets
3,413,525
2,949,844
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
3,412,525
2,948,844
Total equity
3,413,525
2,949,844
BLUE PORT ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr R W Hume-Kendall
Director
Company registration number 09431374 (England and Wales)
BLUE PORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Blue Port Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, High Field Business Park, Pityme, St Minver, Wadebridge, Cornwall, PL27 6FE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the rental income and management fees receivable, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Cherished number plate
Not depreciated
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on the straight line method
Plant and equipment
25% on the reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Gains or losses arising from changes in the fair value of investment property are included in profit and loss for the period in which they arise.
BLUE PORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2). However no remuneration was paid.
2024
2023
Number
Number
Total
2
2
BLUE PORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Intangible fixed assets
Cherished number plate
£
Cost
At 1 January 2024 and 31 December 2024
823
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
823
At 31 December 2023
823
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
198,428
97,626
296,054
Depreciation and impairment
At 1 January 2024
31,369
63,395
94,764
Depreciation charged in the year
3,969
6,354
10,323
At 31 December 2024
35,338
69,749
105,087
Carrying amount
At 31 December 2024
163,090
27,877
190,967
At 31 December 2023
167,059
34,231
201,290
5
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
13,543,296
Investment property comprises of commercial properties acquired during the last eight years. The directors consider that the fair value of these properties at the year end is reasonably represented by their historical cost.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,700
9,300
BLUE PORT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
219,460
207,083
Other creditors
8,299,347
8,787,703
8,518,807
8,994,786
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans (secured)
1,800,000
1,800,000
The long-term loan is secured by first legal charges over investment properties;
personal guarantees by the directors;
and a deed of postponement in respect of £1,000,000 owing by the company to the directors.
9
Related party transactions
Included in other creditors is £8,083,072 (2023:£8,600,970) owing to Mr RW and Mrs CE Hume-Kendall, directors, arising from transactions between them and the company.