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Company No: 01561341 (England and Wales)

CHINA BLUE (DEVON) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

CHINA BLUE (DEVON) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

CHINA BLUE (DEVON) LIMITED

BALANCE SHEET

As at 31 December 2024
CHINA BLUE (DEVON) LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 828,185 674,404
Investment property 4 2,637,557 1,166,333
3,465,742 1,840,737
Current assets
Stocks 26,066 27,513
Debtors 5 14,758 62
Cash at bank and in hand 82,144 134,928
122,968 162,503
Creditors: amounts falling due within one year 6 ( 1,870,045) ( 1,554,589)
Net current liabilities (1,747,077) (1,392,086)
Total assets less current liabilities 1,718,665 448,651
Creditors: amounts falling due after more than one year 7 ( 415,867) 0
Provision for liabilities ( 25,566) ( 18,888)
Net assets 1,277,232 429,763
Capital and reserves
Called-up share capital 8 3,700 3,700
Capital redemption reserve 6,300 6,300
Profit and loss account 1,267,232 419,763
Total shareholder's funds 1,277,232 429,763

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of China Blue (Devon) Limited (registered number: 01561341) were approved and authorised for issue by the Board of Directors on 07 April 2025. They were signed on its behalf by:

Ms F J E Egan
Director
CHINA BLUE (DEVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
CHINA BLUE (DEVON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

China Blue (Devon) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Station Road, Totnes, Devon, TQ9 5JR, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 6 - 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 19

3. Tangible assets

Land and buildings Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2024 993,354 35,980 163,006 1,192,340
Additions 149,933 0 52,594 202,527
At 31 December 2024 1,143,287 35,980 215,600 1,394,867
Accumulated depreciation
At 01 January 2024 394,501 8,995 114,440 517,936
Charge for the financial year 22,866 6,746 19,134 48,746
At 31 December 2024 417,367 15,741 133,574 566,682
Net book value
At 31 December 2024 725,920 20,239 82,026 828,185
At 31 December 2023 598,853 26,985 48,566 674,404

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 1,166,333
Additions 837,557
Fair value movement 633,667
As at 31 December 2024 2,637,557

5. Debtors

2024 2023
£ £
Trade debtors 14,758 62

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 46,208 0
Trade creditors 75,088 93,339
Accruals 23,826 21,678
Taxation and social security 145,567 132,850
Other creditors 1,579,356 1,306,722
1,870,045 1,554,589

Included within creditors is an amount of £1,578,031 (2023 - £1,304,277) due to Devon Ceramics (Contracts) Limited, a company under common control. The loan is interest free and repayable on demand.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 415,867 0

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 231,037 0

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
185 'A' Ordinary shares of £ 1.00 each 185 185
185 'B' Ordinary shares of £ 1.00 each 185 185
3,330 Ordinary shares of £ 1.00 each 3,330 3,330
3,700 3,700

9. Ultimate controlling party

Parent Company:

Mandarin Blue Limited
Station Road, Totnes, Devon, TQ9 5JR