Company registration number 03258162 (England and Wales)
BLENDNOVEL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BLENDNOVEL LIMITED
COMPANY INFORMATION
Director
J P Ledwidge
Company number
03258162
Registered office
23-25 Great Sutton Street
London
England
EC1V 0DN
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
23-25 Great Sutton Street
London
England
EC1V 0DN
BLENDNOVEL LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
BLENDNOVEL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The director presents his annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of property development.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

J P Ledwidge
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J P Ledwidge
Director
21 July 2025
BLENDNOVEL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BLENDNOVEL LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blendnovel Limited for the year ended 30 September 2024 set out on pages 4 to 9 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Blendnovel Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Blendnovel Limited and state those matters that we have agreed to state to the Board of Directors of Blendnovel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blendnovel Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Blendnovel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Blendnovel Limited. You consider that Blendnovel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Blendnovel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

Begbies
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
21 July 2025
BLENDNOVEL LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
2024
2023
£
£
Turnover
2,390,219
2,554,864
Cost of sales
(325,721)
(622,374)
Gross profit
2,064,498
1,932,490
Administrative expenses
(725,428)
(692,346)
Operating profit
1,339,070
1,240,144
Interest receivable and similar income
216
-
0
Interest payable and similar expenses
(1,728,792)
(1,349,594)
Loss before taxation
(389,506)
(109,450)
Tax on loss
-
0
-
0
Loss for the financial year
(389,506)
(109,450)

The income statement has been prepared on the basis that all operations are continuing operations.

BLENDNOVEL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
77,488
97,748
Current assets
Stocks
13,456,525
13,649,714
Debtors
5
17,873,124
22,003,822
Cash at bank and in hand
564,612
98,301
31,894,261
35,751,837
Creditors: amounts falling due within one year
6
(2,209,310)
(1,863,390)
Net current assets
29,684,951
33,888,447
Total assets less current liabilities
29,762,439
33,986,195
Creditors: amounts falling due after more than one year
7
(30,365,750)
(34,200,000)
Net liabilities
(603,311)
(213,805)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(603,411)
(213,905)
Total equity
(603,311)
(213,805)

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 21 July 2025
J P Ledwidge
Director
Company Registration No. 03258162
BLENDNOVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
100
(104,455)
(104,355)
Year ended 30 September 2023:
Loss and total comprehensive income
-
(109,450)
(109,450)
Balance at 30 September 2023
100
(213,905)
(213,805)
Year ended 30 September 2024:
Loss and total comprehensive income
-
(389,506)
(389,506)
Balance at 30 September 2024
100
(603,411)
(603,311)
BLENDNOVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
1
Accounting policies
Company information

Blendnovel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-25 Great Sutton Street, London, England, EC1V 0DN.

1.1
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, rounded to the nearest £.

The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

1.2
Turnover

Turnover from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have transferred to the buyer. This is usually at the point the purchaser has signed the contract.

Revenue from rent is recognised by reference to the period to which it relate to.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.

1.5
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.

BLENDNOVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -

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.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged

or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

1.10
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.

BLENDNOVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
192,650
Depreciation and impairment
At 1 October 2023
94,902
Depreciation charged in the year
20,260
At 30 September 2024
115,162
Carrying amount
At 30 September 2024
77,488
At 30 September 2023
97,748
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
261,062
1,061,787
Amounts owed by group undertakings
17,577,734
20,753,175
Other debtors
34,328
188,860
17,873,124
22,003,822
BLENDNOVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
1
Trade creditors
114,407
182,986
Amounts owed to group undertakings
163,790
81,123
Taxation and social security
253,632
35,754
Other creditors
1,677,481
1,563,526
2,209,310
1,863,390
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,365,750
34,200,000
30,365,750
34,200,000

The bank loans are secured by way of fixed and floating charges.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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