Company Registration No. 07447718 (England and Wales)
BLUSEAL (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
BLUSEAL (HOLDINGS) LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
BLUSEAL (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
326,904
331,382
Investments
4
340
340
327,244
331,722
Current assets
Trade and other receivables
6
237,708
177,030
Cash and cash equivalents
11,512
3,646
249,220
180,676
Current liabilities
7
(374,215)
(310,523)
Net current liabilities
(124,995)
(129,847)
Total assets less current liabilities
202,249
201,875
Non-current liabilities
8
(193,334)
(198,298)
Net assets
8,915
3,577
Equity
Called up share capital
1,300
1,300
Retained earnings
7,615
2,277
Total equity
8,915
3,577
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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.
BLUSEAL (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION (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 14 October 2021 and are signed on its behalf by:
Mr S Spencer
Director
Company Registration No. 07447718
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Bluseal (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Almswood House, 93 High Street, Evesham, Worcestershire, United Kingdom, WR11 4DU. The principal place of business is Unit Q, Blackpole Trading Estate East, Worcester, Worcestershire, United Kingdom, WR3 8SG.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Revenue
Revenue 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 other sales related taxes
.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% on cost (excluding land)
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
.
Included in Freehold Property is land at cost of £111,953 that has not been depreciated.
1.4
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Impairment of non-current 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).
1.6
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.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
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 income statement 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 income statement, 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.
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
3
Property, plant and equipment
Land and buildings
£
Cost
At 1 April 2020 and 31 March 2021
335,860
Depreciation and impairment
At 1 April 2020
4,478
Depreciation charged in the year
4,478
At 31 March 2021
8,956
Carrying amount
At 31 March 2021
326,904
At 31 March 2020
331,382
Land & buildings include the land at cost of £111,953 (2020: £111,953) that has not been depreciated.
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
340
340
5
Subsidiaries
The company's investments at the Balance Sheet date in the share capital of companies include the following:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Bluseal Doors Limited
Dormant
Ordinary
100.00
0
Bluseal Metals Limited
Dormant
Ordinary
100.00
0
Bluseal Limited
Manufacturing
Ordinary
100.00
0
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
6
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
3,600
3,601
Amounts owed by group undertakings
234,108
173,088
Other receivables
341
237,708
177,030
7
Current liabilities
2021
2020
£
£
Bank loans
21,343
21,519
Trade payables
890
Corporation tax
2,302
412
Other taxation and social security
3,328
1,646
Other payables
347,242
286,056
374,215
310,523
8
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
193,334
198,298
9
Borrowings
2021
2020
£
£
Bank loans
214,677
219,817
Payable within one year
21,343
21,519
Payable after one year
193,334
198,298
The long-term loans are secured by fixed charges over the Company's assets.
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
10
Related party transactions
(Continued)
- 7 -
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
234,108
173,088
11
Directors' transactions
Dividends totalling £187,500 (2020 - £187,500) were paid in the year in respect of shares held by the company's directors.
At the date of the Financial Statements the company owed the Directors £290,173 (2020 : £225,162). The loans are interest free.