| Blue Chip Capital Investments Plc |
| Strategic Report |
| for the year ended 30 November 2024 |
|
| Business Review |
| The board are considering expanding their investment portfolio in different companies in the financial sector. The company has the relevant funds and is seeking new opportunities. |
|
| The main financial indicators during the year were as follows: |
2024 |
2023 |
|
£ |
£ |
| - Loss after tax |
57,911 |
39,325 |
| - Shareholders fund |
2,535,949 |
2,593,860 |
|
|
| Principal risk and uncertainties |
| The company possess the required management expertise to monitor and manage risk. The principal risks and uncertainties facing the group and company are follows. |
|
| Economic Risk |
| Economic risk is due to the economic slowdown leading to a reduction and postponement of projects. Company is actively engaged in expanding their investment portfolio. |
|
| Price Risk |
| A Price risk arises as a result of fluctuations in commodity prices. This risk can never be eliminated but can be reduced by applying careful planning. |
|
| Financial Risk |
| Financial risk is due to fluctuations in foreign exchange. This is minimised by having most transactions in sterling. |
|
| Credit Risk |
| Credit Risk is addressed by ensuring debts and setting credit limits to customers given by its credit insurers. However, this does not necessarily guarantee that no loss will occur as a default of the customers. |
|
| Liquidity Risk |
| Liquidity risk is controlled by the appropriate arrangements with its finance providers. |
|
|
|
| This report was approved by the board on 21 May 2025 and signed on its behalf. |
|
|
|
| F Reyazat |
| Director |
|
|
| Basis of opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
|
| Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
|
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| ● |
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| ● |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
|
| Matters on which we are required to report by exception |
| The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. |
| Based on our understanding of the company and industry, and through discussion with the management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to their FCA permissions and requirements. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgmental areas of the financial statements such as accrued income. |
Audit procedures performed by the engagement team included: - Discussions with management and assessment of known or suspected instances of non compliance with laws and regulations and fraud; and - Assessment of identified fraud risk factors; and - Challenging assumptions and judgements made by management in its significant accounting estimates; and -Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and -Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and -Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and - Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. |
| There are inherent limitations in the audit procedures described above and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: -Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control. |
-Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members. -Conclude on the appropriateness of the members' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern. -Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors. |
|
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
|
|
| Asim Malik, FCA |
| (Senior Statutory Auditor) |
66 Earl Street |
| for and on behalf of |
Maidstone |
| Hamilton Coopers |
ME14 1PS |
| Accountants and Statutory Auditors |
| 21 May 2025 |
|
| Blue Chip Capital Investments Plc |
| Statement of Cash Flows |
| for the year ended 30 November 2024 |
|
| Notes |
|
2024 |
|
2023 |
| £ |
£ |
| Operating activities |
| Loss for the financial year |
(57,911) |
|
(39,325) |
|
| Adjustments for: |
| Interest receivable |
(49,900) |
|
(1) |
| Interest payable |
2,344 |
|
977 |
| Gain on revaluation of investments |
- |
| Decrease/(increase) in debtors |
500 |
|
(500) |
| (Decrease)/increase in creditors |
(670) |
|
13 |
|
|
|
(105,637) |
|
(38,836) |
|
| Interest received |
49,900 |
|
1 |
| Interest paid |
|
|
(2,344) |
|
(977) |
|
| Cash used in operating activities |
(58,081) |
|
(39,812) |
|
|
|
|
|
|
| Financing activities |
| Repayment of loans |
(8,334) |
|
(9,949) |
|
| Cash used in financing activities |
(8,334) |
|
(9,949) |
|
|
|
|
|
|
| Net cash used |
| Cash used in operating activities |
(58,081) |
|
(39,812) |
| Cash used in financing activities |
(8,334) |
|
(9,949) |
|
| Net cash used |
(66,415) |
|
(49,761) |
|
| Cash and cash equivalents at 1 December |
2,608,394 |
|
2,658,155 |
| Cash and cash equivalents at 30 November |
2,541,979 |
|
2,608,394 |
|
|
|
|
|
|
| Cash and cash equivalents comprise: |
| Cash at bank |
2,541,979 |
|
2,608,394 |
|
|
|
|
|
|
|
| Blue Chip Capital Investments Plc |
| Notes to the Accounts |
| for the year ended 30 November 2024 |
|
| 1 |
Summary of significant accounting policies |
|
|
Basis of preparation |
|
The financial statements 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. |
|
|
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 investment. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Impairment |
|
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. |
|
|
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
|
Going Concern |
|
The financial statements are prepared on the basis of a going concern since directors believe that they have sufficient liquid resources which enable them to honor future liabilities. |
|
|
Consolidation |
|
The investment is held for the purpose of resale, therefore, the company seeks exemption from the preparation of group financial statements under section 405 of Companies Act 2006. |
|
|
| 2 |
Operating profit |
2024 |
|
2023 |
| £ |
£ |
|
This is stated after charging: |
|
|
Auditors' remuneration for audit services |
4,800 |
|
4,800 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Staff Costs |
- |
|
- |
|
| 4 |
Average number of employees during the year |
1 |
|
1 |
|
|
| 5 |
Interest payable |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans and overdrafts |
2,344 |
|
977 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Taxation |
2024 |
|
2023 |
| £ |
£ |
|
Analysis of charge in period |
|
|
Tax on profit on ordinary activities |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
Loss on ordinary activities before tax |
(57,911) |
|
(39,325) |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
19% |
|
19% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
(11,003) |
|
(7,472) |
|
|
Effects of: |
|
Losses carried forward |
11,003 |
|
7,472 |
|
|
Current tax charge for period |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Investments |
| Other |
| investments |
| £ |
|
Cost |
|
At 1 December 2023 |
24,103 |
|
|
At 30 November 2024 |
24,103 |
|
|
The company holds 20% or more of the share capital of the following companies: |
|
|
| Capital and |
Profit (loss) |
|
Company |
Shares held |
reserves |
for the year |
|
|
Class |
% |
£ |
£ |
|
Providence Asset Management Ltd |
Ordinary |
51 |
|
76,483 |
|
1,094 |
|
|
|
| 8 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
Other debtors |
- |
|
500 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
Bank loans |
8,333 |
|
8,333 |
|
Share Deposit account |
- |
|
1,670 |
|
Accruals and deferred income |
6,800 |
|
5,800 |
|
|
|
|
|
|
15,133 |
|
15,803 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans |
15,000 |
|
23,334 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Share capital |
Nominal |
|
2024 |
|
2024 |
|
2023 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
3,000,000 |
|
3,000,000 |
|
3,000,000 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Profit and loss account |
2024 |
|
2023 |
| £ |
£ |
|
At 1 December |
(406,140) |
|
(366,815) |
|
Loss for the financial year |
(57,911) |
|
(39,325) |
|
At 30 November |
(464,051) |
|
(406,140) |
|
|
|
|
|
|
|
|
|
|
| 13 |
Controlling party |
|
|
The controlling party is Zabihallah Panahi. |
|
|
| 14 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
|
| 15 |
Legal form of entity and country of incorporation |
|
|
Blue Chip Capital Investments Plc is an unquoted public company limited by shares and incorporated in England. |
|
|
| 16 |
Principal place of business |
|
|
The address of the company's principal place of business and registered office is: |
|
3 More London Riverside |
|
London |
|
SE1 2RE |
|
| 14 |
Related party transactions |
|
|
During the year the company entered into the following transactions with related parties: |
|
|
|
Transaction Value |
|
|
|
Balance owed by/(owed to) |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
Providence Asset Management Limited |
23,700 |
|
26,000 |
|
- |
|
- |
|
|
During the year transactions were made with Providence Asset Management Limited a company |
|
incorporated in England and Wales. Consultancy fee of £23,700 (2023: £26,000) was charged duing |
|
the year. |