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COMPANY REGISTRATION NUMBER: 11430572
BLUWIN LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2024
BLUWIN LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Directors' responsibilities statement 1
Balance sheet 2
Notes to the financial statements 3
BLUWIN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BLUWIN LIMITED
BALANCE SHEET
31 December 2024
2024
2023
Note
$
$
Current assets
Debtors
5
1,975,913
1,241,377
Cash at bank and in hand
399,714
973,648
------------
------------
2,375,627
2,215,025
Creditors: amounts falling due within one year
6
1,114,907
1,173,467
------------
------------
Net current assets
1,260,720
1,041,558
------------
------------
Total assets less current liabilities
1,260,720
1,041,558
------------
------------
Net assets
1,260,720
1,041,558
------------
------------
Capital and reserves
Called up share capital
7
400,000
400,000
Profit and loss account
860,720
641,558
------------
------------
Shareholders funds
1,260,720
1,041,558
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Y Xu (Chairman)
Director
Company registration number: 11430572
BLUWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis and in US dollars which is the functional currency of the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 11 ).
5. Debtors
2024
2023
$
$
Trade debtors
1,687,073
1,059,700
Amounts owed by group undertakings
43,315
39,377
Prepayments and accrued income
52,991
134,000
Corporation tax repayable
179,451
Other debtors
13,083
8,300
------------
------------
1,975,913
1,241,377
------------
------------
6. Creditors: amounts falling due within one year
2024
2023
$
$
Trade creditors
17,609
14,650
Amounts owed to group undertakings
682,689
554,177
Accruals and deferred income
413,957
367,550
Corporation tax
231,035
Social security and other taxes
652
6,055
------------
------------
1,114,907
1,173,467
------------
------------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
$
No.
$
Ordinary shares of $ 1 each
400,000
400,000
400,000
400,000
------------
------------
------------
------------
8. Summary audit opinion
The auditor's report dated 26 March 2025 was unqualified .
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
9. Related party transactions
The group balances included in debtors and creditors are unsecured, repayable on demand and currently interest-free.
10. Controlling party
The company is a wholly owned subsidiary of Dystar Global Holdings (Singapore) Pte Limited , a company incorporated in Singapore. Consolidated accounts can be obtained from 80 Robinson Road, #2, Singapore (068898). The ultimate parent company is Zhejiang Longsheng Group Co. Ltd , a company incorporated in the peoples' republic of China. Consolidated accounts can be obtained from Zhejiang Longsheng, Daoxu Town, Shangyu Dist., Shaoxing, Zhejiang, 312368, China .