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Bluestaq Limited
Registered number: 16270771
Annual Report
For the period from the date of
incorporation (24 February 2025)
to 31 December 2025
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16270771
31 December 2025
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BLUESTAQ LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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16270771
31 December 2025
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BLUESTAQ LIMITED
CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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16270771
31 December 2025
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BLUESTAQ LIMITED
REGISTERED NUMBER: 16270771
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after one year
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 10 form part of these financial statements.
- 1 -
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Bluestaq Limited (the "Company") is a private company, limited by shares, and incorporated in England and Wales. The registered number of the Company is 16270771. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU.
The Company was incorporated on 24 February 2025. During this period, the Company's accounting reference date was changed from 28 February 2026 to 31 December 2025 to align this with other group companies. As a result, these financial statements cover the 10-month period ending 31 December 2025.
The principal activity of the Company is the provision of subcontracted software services to group entities.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 have been presented in Pound Sterling which is also the Company's functional currency. This is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. In making this assessment, the directors have considered the results for the period, cash flow forecasts and expectations of future trading.
The Company remains dependent on the continued financial and operational support of its immediate and ultimate parent undertaking, Bluestaq LLC, including ongoing intercompany service arrangements and the availability of group resources. The directors have considered the intention and ability of Bluestaq LLC to provide such support for the foreseeable future.
Based on this assessment, the directors are satisfied that the Company will have sufficient resources to continue in operational existence for the foreseeable future and, accordingly, the financial statements have been prepared on the going concern basis.
- 2 -
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.
Revenue represents amounts receivable for services provided by the entity to its parent company, Bluestaq LLC under intercompany arrangements. Revenue is measured at the fair value of the consideration receivable and is recognised when the outcome of a transaction can be measured reliably and it is probable that economic benefits will flow to the entity. The entity has two primary revenue streams:
∙Service revenue based on time charged
Employees record time worked on chargeable projects through timesheets. Revenue is recognised by reference to the stage of completion of the service contract, determined based on chargeable hours worked multiplied by the agreed rate cards as set out in the subcontract agreement with its parent company, Bluestaq LLC. This reflects the performance of services over time.
∙Recharge of travel and expense (T&E) costs
Travel and expense costs incurred in relation to chargeable projects are recharged to the US entity on a cost reimbursable basis. These costs are typically recognised as revenue in the period in which they are incurred, with a 15.63% G&A burden rate applied in accordance with the contractual arrangement.
Revenue is recognised only when:
- 3 -
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
∙the amount of revenue can be measured reliably;
∙it is probable that the entity will receive the consideration due; and
∙the stage of completion of the transaction at the reporting date can be measured reliably.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
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 identified, 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables 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 receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.
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The average monthly number of employees, including the directors, during the period was 6.
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free and payable on demand.
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Credited to profit or loss
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The deferred tax asset is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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- 8 -
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Allotted, called up and fully paid
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80,000 Ordinary- A shares of $10 each
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20,000 Ordinary- B shares of $10 each
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Both Ordinary A and B shares have attached to them full dividend and capital distribution (including upon winding up) rights; they do not confer any rights of redemption. However, only Ordinary A shares have full voting rights.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £7,127 were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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The Company has taken advantage of the exemptions provided by paragraph 33.1A of FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a Group, provided that any undertaking which is party to the transaction is wholly-owned by a member of that Group.
Under paragraph 1AC.35 of FRS 102 Section 1A, the Company is not required to disclose transactions entered into with related parties which have been concluded under normal market conditions.
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Post balance sheet events
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There have been no significant events affecting the Company since the period end.
The immediate and ultimate parent undertaking of the Company is Bluestaq LLC, a corporation incorporated in the United States. Its registered office address is 2 South Cascade Ave, Suite 200, Colorado Springs, United States, 80903.
Bluestaq LLC is both the smallest and largest group company that prepares consolidated financial statements including the Company. These financial statements are available at the address listed above.
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16270771
31 December 2025
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BLUESTAQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The auditor's report on the financial statements for the period ended 31 December 2025 was unqualified.
The audit report was signed on 27 August 2026 by Maurice Hickey (Senior Statutory Auditor) on behalf of Forvis Mazars.
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