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REGISTERED NUMBER: 13499613 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

BLUE VISBY SERVICES LIMITED

BLUE VISBY SERVICES LIMITED (REGISTERED NUMBER: 13499613)

Contents of the Financial Statements
for the year ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BLUE VISBY SERVICES LIMITED

Company Information
for the year ended 31 December 2024







Directors: M J Kuosa
P T Pakkanen
F Van Kempen
C Wounlund
C Zografakis





Secretary: Ms C Mcknight





Registered office: 3rd Floor
86-90 Paul Street
London
EC2A 4NE





Registered number: 13499613 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

BLUE VISBY SERVICES LIMITED (REGISTERED NUMBER: 13499613)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 1,487,639 703,964
Tangible assets 5 10,915 -
Investments 6 1,594,972 1,594,972
3,093,526 2,298,936

Current assets
Debtors 7 30,259 49,647
Cash at bank 1,684,293 416,270
1,714,552 465,917
Creditors
Amounts falling due within one year 8 1,941,830 1,728,970
Net current liabilities (227,278 ) (1,263,053 )
Total assets less current liabilities 2,866,248 1,035,883

Capital and reserves
Called up share capital 4,000 1,449
Share premium 4,603,728 1,699,772
Retained earnings (1,741,480 ) (665,338 )
Shareholders' funds 2,866,248 1,035,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BLUE VISBY SERVICES LIMITED (REGISTERED NUMBER: 13499613)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:





C Wounlund - Director


BLUE VISBY SERVICES LIMITED (REGISTERED NUMBER: 13499613)

Notes to the Financial Statements
for the year ended 31 December 2024


1. Statutory information

Blue Visby Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

BLUE VISBY SERVICES LIMITED (REGISTERED NUMBER: 13499613)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises of current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on the going concern basis. The directors are aware that the company suffered losses during the year. However, the company has been successful in raising investment funds during the period and the directors believe the company has sufficient resources to meet its obligations, if and when, they fall due. The directors are therefore of the opinion that financial statements should be prepared on the going concern basis.


3. Employees and directors

The average number of employees during the year was 1 (2023 - NIL ) .

BLUE VISBY SERVICES LIMITED (REGISTERED NUMBER: 13499613)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


4. Intangible fixed assets
Patents and Development
licences costs Totals
£ £ £
Cost
At 1 January 2024 43,546 666,587 710,133
Additions - 812,727 812,727
At 31 December 2024 43,546 1,479,314 1,522,860
Amortisation
At 1 January 2024 6,169 - 6,169
Amortisation for year 4,397 24,655 29,052
At 31 December 2024 10,566 24,655 35,221
Net book value
At 31 December 2024 32,980 1,454,659 1,487,639
At 31 December 2023 37,377 666,587 703,964

5. Tangible fixed assets
Computer
equipment
£
Cost
Additions 11,664
At 31 December 2024 11,664
Depreciation
Charge for year 749
At 31 December 2024 749
Net book value
At 31 December 2024 10,915

6. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 January 2024
and 31 December 2024 1,594,972
Net book value
At 31 December 2024 1,594,972
At 31 December 2023 1,594,972

BLUE VISBY SERVICES LIMITED (REGISTERED NUMBER: 13499613)

Notes to the Financial Statements - continued
for the year ended 31 December 2024


6. Fixed asset investments - continued

Investments in group undertakings and participating interests.

7. Debtors: amounts falling due within one year
2024 2023
£ £
Amounts owed by group undertakings 4,400 4,400
Other debtors 25,859 45,247
30,259 49,647

8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 208,333 102,170
Taxation and social security 1,697 -
Other creditors 1,731,800 1,626,800
1,941,830 1,728,970

Included within other creditors are convertible loans of £1,581,800 mature on the first anniversary of each agreement (or such later date as the Lender may determine). The convertible loans are interest free.

Included within other creditors is an amount owed to BV Alpha Systems Limited of £49,999 (2023: £55,000). The loans are interest free and repayable on demand.

9. Related party disclosures

In the year a director was paid £164,330 (2023: £19,019) for consultancy services.

10. Post balance sheet events

On 21 January 2025 a Finnish subsidiary was set up with a registered office address of Napa Ltd, P.O. Box 470, 00181 Helsinki.

11. Controlling party

In the opinion of the directors, the company does not have an ultimate controlling party, as no individual shareholder or group of shareholders exercises control over the company.