REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
BLUEPRINT DESIGN ENGINEERING LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
BLUEPRINT DESIGN ENGINEERING LIMITED |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
BLUEPRINT DESIGN ENGINEERING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
17/18 Trinity Enterprise Centre |
Furness Business Park |
Ironworks Road |
Barrow in Rurness |
Cumbria |
LA14 2PN |
BANKERS: |
113 Dalton Road |
Barrow in Furness |
Cumbria |
LA14 1WY |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
The directors present their strategic report for the year ended 30 September 2022. |
REVIEW OF BUSINESS |
As with previous years, the principal activity of the company is that of design, manufacture and sales of subsea acoustic sensors and navigation equipment. The market for these products is split into the commercial sectors of underwater survey & exploration and the governmental sectors of Military and Search and Rescue. The company's products are marketed and sold internationally, both directly and through an extensive group of distributors and partners. |
During the year ended 30 September 2022 the company continued a trend of steady growth. This was due in part to the continued growth in sales of the company's acoustic imaging and positioning products and also some larger military supply contracts for its diver navigation products. |
The company continues to work with numerous partners to develop new projects and systems enhancing the company's future abilities. |
The company continues to further its product portfolio and its markets by the ever-present research and development of new systems and accessories to current products. |
KEY PERFORMANCE INDICATORS |
Gross Turnover grew from £13.9m (21) to £16.2m (22) a 16.5% increase. |
Gross Profit has fallen from £9.12m (21) to £8.84m (22) a 3.2% decrease. |
Gross Profit percentage has fallen from 65.67% (21) to 54.50% (22) |
Net Profit has decreased from £5.73m (21) to £5.59m (22) |
Number of employees grew towards the end of the financial year from 32 (21) 36 (22) a 12.5% increase. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Covid 19 |
Whilst the company has never been significantly affected by the pandemic, the general knock-on risks associated with supply chain are still evident with some hard to source components and artificially high supply costs. The company has been mitigating disruptions with significant forward planning, agility and increased stock levels. |
Exposure to Foreign Economies |
The company operates internationally but manages to mitigate the risk of exposure to foreign exchange rates by using GP Pound Sterling as its functional currency. Whist a small percentage of the supply chain does expose the company to both EUROs and USDs this is mitigated by an almost bi-lateral amount of invoicing and the holding of bank accounts in those currencies. |
Global Economic Climate |
The global economic climate continues to pose an ever-present risk to the company. The company diversifies its sales across multiple market sectors and international user groups in order to manage the risk as much as possible. |
Competitive Pressure |
Whilst competitive pressure is constantly a risk for the company, it minimizes this risk by operating in extremely niche markets whilst constantly updating its products, keeping them as technologically advanced as possible. The company's wide spread of market sectors and the agility of its design department also minimises risk of competition. |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FUTURE DEVELOPMENTS |
The company continues to seek opportunities by forming strong alliances with partner companies in similar sectors, designing new and refreshed products and by diversification into new markets. Turnover is expected to increase by at least the current percentage with the pending award of tendered contracts and the release of new products. |
ON BEHALF OF THE BOARD: |
28 September 2023 |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
The directors present their report with the financial statements of the company for the year ended 30 September 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of electromechanical design and manufacturing consultancy. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2022 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2021 to the date of this report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLUEPRINT DESIGN ENGINEERING LIMITED |
Qualified opinion |
We have audited the financial statements of Blueprint Design Engineering Limited (the 'company') for the year ended 30 September 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 30 September 2022 and of its profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
The company did not require an audit for the comparative year. We were, therefore, not appointed until after 30 September 2021 and thus did not observe the counting of physical stock at the end of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 30 September 2021, which were included in the comparative balance sheet at £1,240,000, by using other audit procedures. Since opening stock affects the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for 2022. Our opinion on the current period's financial statements is therefore modified because of the possible effect off this matter on the comparability of the current period's figures and the corresponding figures. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Our approach to the audit |
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLUEPRINT DESIGN ENGINEERING LIMITED |
Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £1,240,000 held at 30 September 2021 and, therefore, of the retained profit at that date which may, therefore, be materially misstated for the same reason. |
Opinions on other matters prescribed by the Companies Act 2006 |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit: |
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In respect solely of the limitation on our work relating to stock, described above: |
-we have not obtained all the information and explanations that we considered necessary for the purpose of our a audit; and |
-we were unable to determine whether adequate accounting records had been maintained. |
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. |
Arising solely from the limitation on the scope of our work relating to the comparative period's stock, referred to above: |
-we have not obtained all the information and explanations that we considered necessary for the purposes of our audit; and |
-we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
-returns adequate for our audit have not been received from branches not visited by us; or |
-the financial statements are not in agreement with the accounting records and returns; or |
-certain disclosures of directors' remuneration specified by law are not made. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLUEPRINT DESIGN ENGINEERING LIMITED |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures, in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
- Enquiry of management, and those charged with governance around actual and potential litigation and claims. |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLUEPRINT DESIGN ENGINEERING LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
17/18 Trinity Enterprise Centre |
Furness Business Park |
Ironworks Road |
Barrow in Rurness |
Cumbria |
LA14 2PN |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,122,592 | 2,361,293 |
6,722,022 | 6,755,781 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Income from fixed asset investments | 8 |
Interest receivable and similar income | 9 |
8,239 | 27,884 |
6,730,261 | 6,784,665 |
Interest payable and similar expenses | 10 |
PROFIT BEFORE TAXATION |
Tax on profit | 11 |
PROFIT FOR THE FINANCIAL YEAR |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Note |
Prior year adjustment | 13 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
BALANCE SHEET |
30 SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Stocks | 16 |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 | 5,271,096 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 October 2020 |
Changes in equity |
Issue of share capital | ( |
) | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | 4,967,417 | - | 4,967,417 |
Balance at 30 September 2021 | 92 | 4,924,550 | 19,990 | 4,944,632 |
Prior year adjustment | - | - |
As restated |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2022 |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Dividends received |
Grants received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | - | (2 | ) |
Share issue | ( |
) |
Share buyback | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
2,683,048 |
Cash and cash equivalents at end of year | 2 | 4,059,478 | 2,972,126 |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Government grants | ( |
) |
Finance costs | 80 | - |
Finance income | (8,239 | ) | (27,884 | ) |
6,759,457 | 6,792,483 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 4,059,478 | 2,972,126 |
Year ended 30 September 2021 |
30.9.21 | 1.10.20 |
as restated |
£ | £ |
Cash and cash equivalents | 2,972,126 | 2,683,048 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.21 | Cash flow | At 30.9.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,972,126 | 1,087,352 | 4,059,478 |
2,972,126 | 4,059,478 |
Total | 2,972,126 | 1,087,352 | 4,059,478 |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
1. | STATUTORY INFORMATION |
Blueprint Design Engineering Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and trade discounts. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
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. |
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. |
Taxation |
Taxation for the year comprises current. 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 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
4. | OTHER OPERATING INCOME |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Grants |
5. | EMPLOYEES AND DIRECTORS |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.9.22 | 30.9.21 |
as restated |
Marketing, sales and trading | 25 | 25 |
Research and development | 8 | 8 |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
5. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Foreign exchange differences | ( |
) |
7. | AUDITORS' REMUNERATION |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
4,180 |
- |
8. | INCOME FROM FIXED ASSET INVESTMENTS |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Franked investment income | 6,245 | 27,882 |
9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Interest received |
10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Interest payable |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
11. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
UK corporation tax has been charged at 19% (2021 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation in excess of capital allowances |
Research & development uplift | (218,205 | ) | (242,983 | ) |
Prior year adjustment | 81,288 | - |
Adjustment | 795 | - |
Total tax charge | 1,145,171 | 1,050,712 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 30 September 2022. |
30.9.21 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | ( |
) | - | (419,990 | ) |
12. | DIVIDENDS |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
A ordinary shares of £1 each |
Interim |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
13. | PRIOR YEAR ADJUSTMENT |
Reconciliation of: | Equity | Profit |
2021 | 2021 |
£ | £ |
As previously reported | 4,944,632 | 5,387,407 |
Adjustments arising; |
Currency differences | (175,141 | ) | (175,141 | ) |
Double counting of sales adjustments and bad debts | 602,975 | 602,975 |
Corporation tax effect | (81,288 | ) | (81,288 | ) |
Amended equity/profit reported | 5,291,178 | 5,733,953 |
Currency differences |
Bank accounts and trade debtors denominated in currencies other than Sterling were not converted into Sterling for inclusion in the accounts. As a consequence, the sales relating to these items were also overstated. |
Double counting of sales adjustments and bad debts |
Sales ledger adjustments were made in respect of sales invoices that should never have been raised and bad debt provisions. However, some adjustments were entered twice. |
Corporation tax effect |
The effect on the corporation tax charge for the above adjustments. |
14. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
15. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
16. | STOCKS |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Stocks |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Trade debtors |
Debtors | - | (6,000 | ) |
Directors' current accounts | 8,766 | 8,766 |
VAT |
Prepayments |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Trade creditors |
Corporation tax |
Other taxes | ( |
) | ( |
) |
Other creditors |
Accrued expenses |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.22 | 30.9.21 |
value: | as restated |
£ | £ |
A ordinary | £1 | 90 | 90 |
A dividend | £1 | 1 | 1 |
B dividend | £1 | 1 | 1 |
92 | 92 |
BLUEPRINT DESIGN ENGINEERING LIMITED (REGISTERED NUMBER: 05881532) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
20. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2021 | 4,944,540 |
Prior year adjustment |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 September 2022 | 6,876,096 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2022 and 30 September 2021: |
30.9.22 | 30.9.21 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
22. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mr J Barratt and Mr R Sharphouse. |