| REGISTERED NUMBER: |
| Blooq Technology Limited |
| Financial Statements |
| for the Year Ended 31 December 2023 |
| REGISTERED NUMBER: |
| Blooq Technology Limited |
| Financial Statements |
| for the Year Ended 31 December 2023 |
| Blooq Technology Limited (Registered number: 12853344) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Blooq Technology Limited |
| Company Information |
| for the Year Ended 31 December 2023 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 3 Sheen Road |
| Richmond Upon Thames |
| TW9 1AD |
| Blooq Technology Limited (Registered number: 12853344) |
| Balance Sheet |
| 31 December 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 3 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 director and authorised for issue on |
| Blooq Technology Limited (Registered number: 12853344) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2023 |
| 1. | ACCOUNTING POLICIES |
| COMPANY INFORMATION |
| Blooq Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Eastman Way, Pin Green Industrial Area, Stevenage, Hertfordshire, United Kingdom, SG1 4SZ. |
| ACCOUNTING CONVENTION |
| These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £. |
| The financial statements of the company are consolidated in the financial statements of Harlequin Design (London) LImited. These consolidated financial statements may be obtained from Companies House, Crown Way, Cardiff. |
| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
| BASIS OTHER THAN GOING CONCERN |
| During 2023 the decision was made for the company to transfer all operations to another group company and therefore cease trading and subsequently liquidate the company. Thus the basis of accounting in preparing the financial statements has changed from the going concern basis to an alternative basis reflecting these developments. |
| The company has reviewed its assets and liabilities and determined that: |
| - All assets held at 31 December 2023 are reflected at their recoverable amounts; |
| - All liabilities, including contractual commitments that have become onerous as at 31 December 2023 |
| as a result of the company no longer being a going concern have been recorded or disclosed as |
| appropriate. |
| TURNOVER |
| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
| Revenue from the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. |
| STOCKS |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost |
| comprises direct materials and, where applicable, direct labour costs and those overheads that have |
| been incurred in bringing the stocks to their present location and condition. |
| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of |
| stocks over its estimated selling price less costs to complete and sell is recognised as an impairment |
| loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.. |
| FINANCIAL INSTRUMENTS |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Blooq Technology Limited (Registered number: 12853344) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| TRADE AND OTHER DEBTORS |
| Trade and other 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. |
| TRADE AND OTHER CREDITORS |
| Trade and other creditors 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| TAXATION |
| The tax expense represents the sum of the tax currently payable and deferred tax. |
| CURRENT TAX |
| The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
| DEFERRED TAX |
| Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. |
| Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
| EMPLOYEE BENEFITS |
| The costs of short-term employee benefits are recognised as a liability and an expense. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| RETIREMENT BENEFITS |
| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
| GOVERNMENT GRANTS |
| Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability. |
| Blooq Technology Limited (Registered number: 12853344) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 1. | ACCOUNTING POLICIES - continued |
| FOREIGN EXCHANGE |
| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
| 2. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| A debenture was created on 31 October 2023 in favour of the company's bankers giving fixed and floating charges over all assets of the company for loan and overdraft facilities made available to the company. At 31 December 2023 the balance owing to the bank on these facilities amounted to £nil (2022: £nil). |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary share of £1 each | 1 | 100 | 100 |
| Blooq Technology Limited (Registered number: 12853344) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| We draw attention to Note 2 in the financial statements "Basis other than Going Concern" which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2. |
| Our opinion is not modified in respect of this matter. |
| for and on behalf of |
| 7. | RELATED PARTY TRANSACTIONS |
| The company has taken advantage of the exemption available under FRS 102 chapter 33 not to disclose transactions or balances with its parent company and wholly owned fellow subsidiaries. |
| 8. | CONTROLLING PARTY |
| The immediate and ultimate parent company and controlling party is Harlequin Design ( London ) Limited, a company registered in England and Wales with its registered office at Unit 2 Eastman Way, Pin Green Industrial Area, Stevenage, Hertfordshire, United Kingdom, SG1 4SZ. |