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REGISTERED NUMBER: 01942103 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

BLUE CLOTHING COMPANY LIMITED

BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BLUE CLOTHING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: M Nachshon
D Nachshon



REGISTERED OFFICE: 6-16 Huntsworth Mews
London
NW1 6DD



REGISTERED NUMBER: 01942103 (England and Wales)



ACCOUNTANTS: Arithma LLP
Chartered Certified Accountants
5 Jardine House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX



BANKERS: Lloyds Bank PLC

BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 6,280 5,388,435
Investment property 5 6,000,000 -
6,006,280 5,388,435

CURRENT ASSETS
Debtors 6 97,514 107,354
Cash at bank and in hand 231,859 665,725
329,373 773,079
CREDITORS
Amounts falling due within one year 7 (1,890,480 ) (2,328,216 )
NET CURRENT LIABILITIES (1,561,107 ) (1,555,137 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,445,173

3,833,298

CAPITAL AND RESERVES
Called up share capital 9 15,000 15,000
Fair value reserve 10 619,928 -
Retained earnings 10 3,810,245 3,818,298
SHAREHOLDERS' FUNDS 4,445,173 3,833,298

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

BALANCE SHEET - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





M Nachshon - Director


BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Blue Clothing Company 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.

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 as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover include rental income receivable.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

FREEHOLD INVESTMENT PROPERTY
Freehold investment property is shown at valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.


BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

No provision has been made for deferred tax as the surplus on the property revaluation is fully covered by the available indexation allowances

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.

BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation f the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 14 ) .

BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 June 2023 5,827,423 899,909 19,251
Reclassification as investment
property (5,827,423 ) (899,909 ) -
At 31 May 2024 - - 19,251
DEPRECIATION
At 1 June 2023 454,539 895,347 19,251
Charge for year - - -
Reclassification (454,539 ) (895,347 ) -
At 31 May 2024 - - 19,251
NET BOOK VALUE
At 31 May 2024 - - -
At 31 May 2023 5,372,884 4,562 -

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 74,922 23,547 26,081 6,871,133
Reclassification as investment
property - - - (6,727,332 )
At 31 May 2024 74,922 23,547 26,081 143,801
DEPRECIATION
At 1 June 2023 74,922 12,558 26,081 1,482,698
Charge for year - 4,709 - 4,709
Reclassification - - - (1,349,886 )
At 31 May 2024 74,922 17,267 26,081 137,521
NET BOOK VALUE
At 31 May 2024 - 6,280 - 6,280
At 31 May 2023 - 10,989 - 5,388,435

BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 2,626
Revaluation surplus 619,928
Reclassification of freehold
property and improvements 5,377,446
At 31 May 2024 6,000,000
NET BOOK VALUE
At 31 May 2024 6,000,000

During the year, the company reclassified its freehold property from property, plant, and equipment (PPE) to investment property in accordance with Section 16 of FRS 102 (Investment Property).

The property, previously classified as PPE, includes a portion occupied by the company. However, as the area occupied by the company is small in comparison to the total area and will reduce further after 1 January 2025, the directors have deemed it more appropriate to account for the entire property as an investment property.

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2024 619,928
Cost 5,380,072
6,000,000

The freehold investment property was revalued at £6,000,000 as at 31 May 2024 by the directors. The valuation was conducted internally, based on the director’s knowledge of the property market and comparable market evidence at the reporting date. No independent valuation was obtained.

The revaluation surplus of £619,928 has been recognised in the profit and loss account, in accordance with Section 16 of FRS 102 (Investment Property).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 8,530
Other debtors - 8,554
Prepayments and accrued income 97,514 90,270
97,514 107,354

BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) - 526,277
Trade creditors 87,804 121,941
Amounts owed to group undertakings 1,600,000 1,500,000
Taxation and social security 21,411 9,385
Other creditors 181,265 170,613
1,890,480 2,328,216

Bank loans include a loan of £526,242 which was repayable monthly in arrears at a fixed interest rate for five years of 3.79% per annum and was repaid during the year.

The parent company, Townsend Investment Corporation, provided a loan of £1,600,000 at an interest rate of 6% per annum, payable quarterly in arrears. The loan is unsecured and repayable on demand.

Included in other creditors are amounts owed to the directors of £12,989 (2023 : £30,285). These are unsecured, interest free and repayable on demand.

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 35
Bank loans - 526,242
- 526,277

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary shares 1 10,000 10,000
5,000 'A' Ordinary shares 1 5,000 5,000
15,000 15,000

The holders of the 'A' ordinary shares have no rights to vote at the general meetings of the company nor are they entitled to receive a dividend other than as determined by the directors of the company at their sole and absolute discretion.

The 'A' ordinary shares have no right to redemption and upon winding up, liquidation, reduction of capital or otherwise, each holder of an 'A' ordinary share shall be entitled to receive a maximum sum equal to the nominal capital paid up or credited as paid up thereon but only after the sum of £10,000 per ordinary share has been distributed to the holders of the ordinary shares.

BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 3,818,298 - 3,818,298
Profit for the year 611,875 611,875
Transfer to fair value reserve (619,928 ) 619,928 -
At 31 May 2024 3,810,245 619,928 4,430,173

11. PENSION COMMITMENTS

The company paid £874 (2023 - £6,501) into a pension scheme for employees, which are not maintained by the company.

12. ULTIMATE PARENT UNDERTAKING

The immediate and ultimate holding company is Townsend Investment Corporation, a company incorporated in the Bahamas.

13. CONTROLLING PARTY

The company is controlled by Mordechai Nachshon, director by virtue of his shareholding in the parent company.