Company Registration No. 05249561 (England and Wales)
BLUEFRUIT SOFTWARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
BLUEFRUIT SOFTWARE LIMITED
COMPANY INFORMATION
Directors
PG Massey
SJ Forth
RC Salvoni
MJ Verran
Secretary
J Massey
Company number
05249561
Registered office
Gateway Business Centre
Barncoose Gateway Park
Redruth
Cornwall
United Kingdom
TR15 3RQ
Accountants
Azets
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
BLUEFRUIT SOFTWARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
BLUEFRUIT SOFTWARE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
79,460
127,661
Current assets
Debtors
5
695,299
732,792
Cash at bank and in hand
219,960
586,824
915,259
1,319,616
Creditors: amounts falling due within one year
6
(578,533)
(558,046)
Net current assets
336,726
761,570
Total assets less current liabilities
416,186
889,231
Creditors: amounts falling due after more than one year
7
(14,415)
Provisions for liabilities
(14,896)
(21,712)
Net assets
401,290
853,104
Capital and reserves
Called up share capital
11
10
10
Profit and loss reserves
401,280
853,094
Total equity
401,290
853,104
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
BLUEFRUIT SOFTWARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2021 and are signed on its behalf by:
PG Massey
Director
Company Registration No. 05249561
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Bluefruit Software Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Gateway Business Centre, Barncoose Gateway Park, Redruth, Cornwall, United Kingdom, TR15 3RQ.
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
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
after making enquiries and having considered the company's business, its financial plans and the facilities available to finance the business, t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
In making their assessment the directors have specifically considered the impact of the COVID-19 pandemic on the company's ability to continue as a going concern.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period. Revenue is recognised as services are performed.
In respect of long-term contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease
Fixtures and fittings
25% on cost
Motor vehicles
25% on cost
Website development
25% on cost
Computer software
33% on cost
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors,
and
loans, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease
.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
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.
1.16
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
74
61
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
(94,891)
141,145
Adjustments in respect of prior periods
(193,359)
(107,821)
Total current tax
(288,250)
33,324
Deferred tax
Origination and reversal of timing differences
(6,816)
12,775
Total tax (credit)/charge
(295,066)
46,099
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Website development
Computer software
Total
£
£
£
£
£
£
Cost
At 1 April 2020
70,887
255,292
27,000
9,741
8,288
371,208
Additions
11,965
11,965
Disposals
(2,239)
(2,239)
At 31 March 2021
70,887
265,018
27,000
9,741
8,288
380,934
Depreciation and impairment
At 1 April 2020
52,934
162,657
10,125
9,543
8,288
243,547
Depreciation charged in the year
17,953
33,585
6,750
198
58,486
Eliminated in respect of disposals
(559)
(559)
At 31 March 2021
70,887
195,683
16,875
9,741
8,288
301,474
Carrying amount
At 31 March 2021
69,335
10,125
79,460
At 31 March 2020
17,953
92,635
16,875
198
127,661
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Motor vehicles
10,125
16,875
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
214,402
454,915
Other debtors
480,897
277,877
695,299
732,792
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
86,299
76,361
Taxation and social security
370,557
349,488
Other creditors
121,677
132,197
578,533
558,046
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
14,415
8
Loans and overdrafts
2021
2020
£
£
Other loans
9,282
Payable within one year
9,282
The company has provided a debenture to G.C. Factoring Limited over ground floor premises at Stanley Way and any subsequent acquired land and buildings with a fixed and floating charge over all the property or undertaking of the company.
In addition, the company has provided to The Co-Operative Bank PLC a fixed and floating charge over all the property or undertaking of the company.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
14,896
21,712
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
9
Deferred taxation
(Continued)
- 10 -
2021
Movements in the year:
£
Liability at 1 April 2020
21,712
Credit to profit or loss
(6,816)
Liability at 31 March 2021
14,896
10
Retirement benefit schemes
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
At the balance sheet date the company owed the scheme £10,510 (2020: £10,350).
11
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
510
510
5
5
Ordinary B of 1p each
490
490
5
5
1,000
1,000
10
10
Ordinary A shares hold voting rights, dividend rights on proportion of shareholding.
Ordinary B shares hold voting rights, dividend rights on proportion of shareholding.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
18,124
22,018
Between two and five years
5,859
23,982
23,983
46,000
BLUEFRUIT SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 11 -
13
Related party transactions
Transactions with related parties
On 2 October 2019 Bluefruit Software Employee Ownership Trust (the Trust) acquired 100% of the ordinary A shares comprising 51% of the voting rights in the company. In connection with this transaction the company has expressed a willingness to make gifts to the Trust to allow for payments of all sums owed (including interest payable at the Bank of England base rate plus 7.25% p.a.) to the exiting shareholders over a 10 year period provided the company has sufficient available funds. At 31 March 2021 the Trust owed £1,843,000 (2020: £1,908,000) to the exiting shareholders. The company has also expressed a willingness to make gifts to the Trust to cover all incidental costs of the Trust provided the company has sufficient available funds.
During the year the company made gifts totalling £106,750 (2020: £591,250) to Bluefruit Software Employee Ownership Trust.
14
Directors' transactions
Dividends totalling £0 (2020 - £0) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
PG Massey -
2.25
2,602
477
40
(2,926)
193
2,602
477
40
(2,926)
193
The balances are at call.
15
Controlling party
The company is controlled by the trustees of the Bluefruit Software Employee Ownership Trust.
16
Events after the reporting date
During April 2021, the company took out a Coronavirus Business Interruption Loan of £250,000.
2021-03-31
2020-04-01
false
20 October 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
PG Massey
SJ Forth
RC Salvoni
MJ Verran
CA Gould
J Massey
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