| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2025 |
| FOR |
| BLUE CLOTHING COMPANY LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2025 |
| FOR |
| BLUE CLOTHING COMPANY LIMITED |
| BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 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 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 5 Jardine House |
| Harrovian Business Village |
| Bessborough Road |
| Harrow |
| Middlesex |
| HA1 3EX |
| BANKERS: |
| BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103) |
| BALANCE SHEET |
| 31 MAY 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Fair value reserve | 9 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| 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 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 1. | STATUTORY INFORMATION |
| Blue Clothing Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover comprises of commercial property rental income receivable. |
| TANGIBLE FIXED ASSETS |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| FREEHOLD INVESTMENT PROPERTY |
| Freehold investment property is shown at valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised through the Income Statement. |
| 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. |
| 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 |
| BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 |
| BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 June 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 May 2025 |
| DEPRECIATION |
| At 1 June 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2024 |
| Additions |
| Revaluation surplus | 225,581 |
| At 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| Fair value at 31 May 2025 is represented by: |
| £ |
| Valuation in 2024 | 619,928 |
| Valuation in 2025 | 225,581 |
| Cost | 5,404,491 |
| 6,250,000 |
| BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 5. | INVESTMENT PROPERTY - continued |
| The freehold investment property was revalued at £6,250,000 as at 31 May 2025 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 £225,581 has been recognised in the Income Statement, in accordance with Section 16 of FRS 102 (Investment Property). |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Amount due from parent undertaking | 7,672 | - |
| Prepayments and accrued income |
| Amounts due from parent undertaking of £7,672 (2024: £NIL) is in respect of the tax benefit of current year losses surrendered to the parent company, Townsend Investment Corporation. |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Amounts owed to group undertakings refers to loan of £1,630,000 (2024: £1,600,000) payable to the parent company, Townsend Investment Corporation, 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 £3,397 (2024 : £12,989). These are unsecured, interest free and repayable on demand. |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary shares | 1 | 10,000 | 10,000 |
| 'A' Ordinary shares | 1 | 5,000 | 5,000 |
| 15,000 | 15,000 |
| BLUE CLOTHING COMPANY LIMITED (REGISTERED NUMBER: 01942103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2025 |
| 8. | CALLED UP SHARE CAPITAL - continued |
| 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. |
| 9. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 June 2024 | 4,430,173 |
| Profit for the year |
| Transfer to fair value reserve | (225,581 | ) | 225,581 | - |
| At 31 May 2025 | 4,642,954 |
| 10. | PENSION COMMITMENTS |
| The company paid £800 (2024 - £874) into a pension scheme for employees, which are not maintained by the company. |
| 11. | ULTIMATE PARENT UNDERTAKING |
| The immediate and ultimate holding company is Townsend Investment Corporation, a company incorporated in the Bahamas. |
| 12. | CONTROLLING PARTY |
| The company is controlled by Mordechai Nachshon, director by virtue of his shareholding in the parent company. |