Blue Flag Developments Limited 08183889 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is buying and selling of own real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 08183889 2023-09-01 2024-08-31 08183889 2024-08-31 08183889 core:FinanceLeases core:CurrentFinancialInstruments 2024-08-31 08183889 core:FinanceLeases core:Non-currentFinancialInstruments 2024-08-31 08183889 core:CurrentFinancialInstruments 2024-08-31 08183889 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 08183889 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 08183889 core:FurnitureFittingsToolsEquipment 2024-08-31 08183889 core:MotorVehicles 2024-08-31 08183889 bus:SmallEntities 2023-09-01 2024-08-31 08183889 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 08183889 bus:FilletedAccounts 2023-09-01 2024-08-31 08183889 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 08183889 bus:RegisteredOffice 2023-09-01 2024-08-31 08183889 bus:Director1 2023-09-01 2024-08-31 08183889 bus:Director2 2023-09-01 2024-08-31 08183889 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08183889 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 08183889 core:MotorVehicles 2023-09-01 2024-08-31 08183889 countries:AllCountries 2023-09-01 2024-08-31 08183889 2023-08-31 08183889 core:FurnitureFittingsToolsEquipment 2023-08-31 08183889 core:MotorVehicles 2023-08-31 08183889 2022-09-01 2023-08-31 08183889 2023-08-31 08183889 core:FinanceLeases core:CurrentFinancialInstruments 2023-08-31 08183889 core:FinanceLeases core:Non-currentFinancialInstruments 2023-08-31 08183889 core:CurrentFinancialInstruments 2023-08-31 08183889 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 08183889 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 08183889 core:FurnitureFittingsToolsEquipment 2023-08-31 08183889 core:MotorVehicles 2023-08-31 iso4217:GBP xbrli:pure

Company No: 08183889

Blue Flag Developments Limited

Unaudited Financial Statements

Year Ended

31 August 2024

 

Blue Flag Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Blue Flag Developments Limited

Company Information

Directors

P G Miracca

C N Miracca

Registered office

Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

Accountants

Brett Pittwood
Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

 

Blue Flag Developments Limited

(Registration number: 08183889)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

39,245

41,475

Current assets

 

Debtors

5

4,109,582

3,945,509

Cash at bank and in hand

 

44,649

347,657

 

4,154,231

4,293,166

Creditors: Amounts falling due within one year

6

(3,100,700)

(3,528,707)

Net current assets

 

1,053,531

764,459

Total assets less current liabilities

 

1,092,776

805,934

Creditors: Amounts falling due after more than one year

6

(17,147)

(22,864)

Net assets

 

1,075,629

783,070

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,075,529

782,970

Shareholders' funds

 

1,075,629

783,070

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 

P G Miracca
Director

 

Blue Flag Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

 

Blue Flag Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Blue Flag Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Blue Flag Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Blue Flag Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

-

67,971

67,971

Additions

17,563

-

17,563

At 31 August 2024

17,563

67,971

85,534

Depreciation

At 1 September 2023

-

26,496

26,496

Charge for the year

2,801

16,992

19,793

At 31 August 2024

2,801

43,488

46,289

Carrying amount

At 31 August 2024

14,762

24,483

39,245

At 31 August 2023

-

41,475

41,475

5

Debtors

2024
£

2023
£

Other debtors

4,064,513

3,855,309

Prepayments

239

231

Accrued income

44,830

89,969

4,109,582

3,945,509

 

Blue Flag Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,717

5,717

Trade creditors

 

542

1,602

Accruals and deferred income

 

1,690

1,220

Other creditors

 

3,092,751

3,520,168

 

3,100,700

3,528,707

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

17,147

22,864

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

17,147

22,864

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

5,717

5,717