Blue Horizon (Woolacombe) Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Blue Horizon (Woolacombe) Limited

(Registration number: 14684011)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	855,971	910,266
Current assets
Debtors	5	-	2,227
Cash at bank and in hand		14	2
		14	2,229
Creditors: Amounts falling due within one year	6	(403,208)	(386,282)
Net current liabilities		(403,194)	(384,053)
Total assets less current liabilities		452,777	526,213
Creditors: Amounts falling due after more than one year	6	(549,997)	(549,998)
Net liabilities		(97,220)	(23,785)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(97,221)	(23,786)
Shareholders' deficit		(97,220)	(23,785)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 22 December 2025
 

Mr S Lea Director

Blue Horizon (Woolacombe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is letting of its own property.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

Blue Horizon (Woolacombe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Fixtures and fittings	20% reducing balance
Long leasehold land and buildings	No depreciation is applied to the investment property

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Blue Horizon (Woolacombe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

Blue Horizon (Woolacombe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Total £
Cost or valuation
At 1 April 2024	902,802	9,330	912,132
Revaluations	(65,383)	-	(65,383)
Additions	12,581	-	12,581
At 31 March 2025	850,000	9,330	859,330
Depreciation
At 1 April 2024	-	1,866	1,866
Charge for the year	-	1,493	1,493
At 31 March 2025	-	3,359	3,359
Carrying amount
At 31 March 2025	850,000	5,971	855,971
At 31 March 2024	902,802	7,464	910,266

Included within the net book value of long leasehold land and buildings above is £850,000 (2024 - £902,802) in respect of investment property.
 

Revaluation

The fair value of the company's long leasehold property was revalued on 31 March 2025. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £915,383 (2024 - £902,802).

5

Debtors

	2025 £	2024 £
Other debtors	-	2,227
	-	2,227

Blue Horizon (Woolacombe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	361,881	361,881
Accruals and deferred income		2,002	1,000
Other creditors		39,325	23,401
		403,208	386,282

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	549,997	549,998

Creditors include bank loans which are secured by a fixed and floating charge over all property or undertakings of the company, and over all property and undertakings of its parent company Prime Seascape Limited, of £549,997 (2024 - £549,998).

Creditors include bank loans not repayable by instalments of £549,997 (2024 - £549,998) due after more than five years.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8	Going concern

The company benefits from an ongoing support from its director. The director has determined that the company will have adequate resources available to finance its trading and other obligations during the course of the twelve months from the date of approval of these financial statements. These financial statements have therefore been prepared on a going concern basis.

Blue Horizon (Woolacombe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	549,997	549,998

10	Related party transactions

Summary of transactions with key management

During the year the director entered into the following interest free advances and credits with the company. The loan is repayable on demand.
 

Transactions with the director

2025	At 1 April 2024 £	Advances to director £	Other payments made to company by director £	At 31 March 2025 £
Director	(22,958)	47,558	(61,730)	(37,130)

2024	At 1 October 2023 £	Advances to director £	Repayments by director £	Other payments made to company by director £	At 31 March 2024 £
Director	-	8,089	(8,089)	(22,958)	(22,958)

Blue Horizon (Woolacombe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

10	Related party transactions (continued)

Loans to related parties

2024	Parent £	Total £
At start of period	1	1
Repaid	(1)	(1)
At end of period	-	-

Terms of loans to related parties

The loan is interest free and repayable on demand.
 

Loans from related parties

2025	Parent £	Total £
At start of period	361,881	361,881
At end of period	361,881	361,881

2024	Parent £	Total £
Advanced	361,881	361,881
At end of period	361,881	361,881

Terms of loans from related parties

The loan is interest free and repayable on demand.
 

11	Parent and ultimate parent undertaking

The company's immediate parent is Prime Seascape Limited, incorporated in England and Wales. The registered office is 47 Boutport Street, Barnstaple, Devon EX31 1SQ.