Company registration number 07447718 (England and Wales)
BLUSEAL (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BLUSEAL (HOLDINGS) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
BLUSEAL (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
317,948
322,426
Investments
4
340
340
318,288
322,766
Current assets
Trade and other receivables
6
253,023
212,918
Cash and cash equivalents
4,698
6,336
257,721
219,254
Current liabilities
7
(383,375)
(339,978)
Net current liabilities
(125,654)
(120,724)
Total assets less current liabilities
192,634
202,042
Non-current liabilities
8
(176,258)
(188,083)
Net assets
16,376
13,959
Equity
Called up share capital
1,300
1,300
Retained earnings
15,076
12,659
Total equity
16,376
13,959
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 2023 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.
The 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.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2023 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 2023
- 2 -
1
Accounting policies
Company information
Bluseal (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit P, Blackpole Trading Estate East, Worcester, Worcestershire, United Kingdom, WR3 8SG. 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 amounts 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 2023
1
Accounting policies
(Continued)
- 3 -
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
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.
1.8
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 non-current 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.
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Property, plant and equipment
Land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
335,860
Depreciation and impairment
At 1 April 2022
13,434
Depreciation charged in the year
4,478
At 31 March 2023
17,912
Carrying amount
At 31 March 2023
317,948
At 31 March 2022
322,426
Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within property, plant and equipment is £317,948 (2022 - £322,426).
Land & buildings include the land at cost of £111,953 (2022: £111,953) that has not been depreciated.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
340
340
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
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
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
2,598
3,600
Amounts owed by group undertakings
250,425
196,689
Other receivables
12,629
253,023
212,918
7
Current liabilities
2023
2022
£
£
Bank loans
13,297
13,297
Trade payables
180
12,992
Corporation tax
3,871
2,234
Other taxation and social security
1,752
1,683
Other payables
364,275
309,772
383,375
339,978
8
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
176,258
188,083
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
123,070
134,895
BLUSEAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Borrowings
2023
2022
£
£
Bank loans
189,555
201,380
Payable within one year
13,297
13,297
Payable after one year
176,258
188,083
The long-term loans are secured by fixed charges over the Company's assets.
10
Directors' transactions
Dividends totalling £187,500 (2022 - £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 £277,545 (2022 : £246,109). The loans are interest free.