Registered number
08179757
Blue Water Systems Limited
Filleted Accounts
31 August 2024
Blue Water Systems Limited
Registered number: 08179757
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 4,420
Current assets
Debtors 4 36,921 47,133
Cash at bank and in hand 885 1,873
37,806 49,006
Creditors: amounts falling due within one year 5 (22,376) (28,921)
Net current assets 15,430 20,085
Total assets less current liabilities 15,430 24,505
Creditors: amounts falling due after more than one year 6 (14,919) (22,964)
Net assets 511 1,541
Capital and reserves
Called up share capital 100 100
Profit and loss account 411 1,441
Shareholders' funds 511 1,541
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B. Margulies, Esq.
Director
Approved by the board on 13 May 2025
Blue Water Systems Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 5,597 16,500 22,097
At 31 August 2024 5,597 16,500 22,097
Depreciation
At 1 September 2023 4,477 13,200 17,677
Charge for the year 1,120 3,300 4,420
At 31 August 2024 5,597 16,500 22,097
Net book value
At 31 August 2024 - - -
At 31 August 2023 1,120 3,300 4,420
4 Debtors 2024 2023
£ £
Trade debtors 4,032 -
Due from group undertakings 1,867 100
Other debtors 31,022 47,033
36,921 47,133
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,500 7,500
Obligations under finance lease and hire purchase contracts - 2,300
Taxation and social security costs 8,944 11,914
Other creditors 5,932 7,207
22,376 28,921
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,919 22,006
Obligations under finance lease and hire purchase contracts - 958
14,919 22,964
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr & Mrs Margulies
current account 34,972 55,451 (70,128) 20,295
34,972 55,451 (70,128) 20,295
8 Related party transactions 2024 2023
£ £
Blue Water Renewables Ltd (registered #13973436)
Description of relationship
B. Margulies, Esq is also the director and owner of Blue Water Renewables Ltd.
Amount due from the related party 1,867 100
9 Controlling party
The company is controlled by the directors, who own the entire share capital equally.
10 Other information
Blue Water Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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