Blue Circle Life Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10488262 (England and Wales)

Financial Statements for the Year Ended 31 March 2019

for

Blue Circle Life Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S B Bedford

Mr M Dalby

Mr J S Stubbings

REGISTERED OFFICE:

1 Finsbury Circus

London

EC2M 7SH

REGISTERED NUMBER:

10488262 (England and Wales)

SENIOR STATUTORY AUDITOR:

Philippa Duckworth BSc FCCA

AUDITORS:

WP Audit Limited

Statutory Auditors

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Tangible assets

4

68,023

103,077

CURRENT ASSETS

Debtors

5

31,895

72,308

Cash at bank

71,663

19,825

103,558

92,133

CREDITORS

Amounts falling due within one year

6

(24,646

)

(272,068

)

NET CURRENT ASSETS/(LIABILITIES)

78,912

(179,935

)

TOTAL ASSETS LESS CURRENT LIABILITIES

146,935

(76,858

)

CAPITAL AND RESERVES

Called up share capital

350,001

1

Retained earnings

(203,066

)

(76,859

)

SHAREHOLDERS' FUNDS

146,935

(76,858

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 June 2019 and were signed on its behalf by:

Mr S B Bedford - Director

1.	STATUTORY INFORMATION

Blue Circle Life Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts are prepared on a going concern basis as in the opinion of the directors the company

has sufficient finance available to it to meet its obligations as they fall due for the foreseeable

future, that is at least 12 months from the date of approval of the accounts.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make

judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are

not readily apparent from other sources. The estimates and associated assumptions are based on

historical experience and other factors that are considered to be relevant. Actual results may differ

from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects

both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the service is provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment

-

20% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method,

except for investments in non-convertible preference and non-puttable preference and ordinary

shares, which are measured at fair value, with changes recognised in profit or loss. Derivative

financial instruments are initially recorded at cost and therefore at fair value, with changes

recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. 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 or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

120,182

Additions

9,555

Disposals

(29,861

)

At 31 March 2019

99,876

DEPRECIATION

At 1 April 2018

17,105

Charge for year

19,227

Eliminated on disposal

(4,479

)

At 31 March 2019

31,853

NET BOOK VALUE

At 31 March 2019

68,023

At 31 March 2018

103,077

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

8,084

-

Amounts owed by group undertakings

-

54,887

Other debtors

23,811

17,421

31,895

72,308

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

509

-

Trade creditors

7,711

32,350

Taxation and social security

-

2,348

Other creditors

16,426

237,370

24,646

272,068

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.19

31.3.18

£

£

Within one year

12,490

6,636

The lease is cancellable with 3 months notice. Penalty clauses in place for early cancellation.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

9.	RELATED PARTY DISCLOSURES

Denali International MU changed its name to Kalibre Group MU by special resolution on 20th May

2019.

As at the period end the company was owed £Nil (2018: £54,887) from Kalibre Group MU. A

company within the same group.

During the year the Company issued £350,000 of convertible preference shares of £1.00 each, these

are held by Kalibre Group MU.

10.	POST BALANCE SHEET EVENTS

On 3rd June 2019 the Company received £100,000 in relation to the issue of further convertible

preference shares of £1.00 each, persuant to the agreement dated 17th August 2018. The Board

formally approved the share issue, dated 4th June 2019.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Cardinal Mauritius Limited.

The Ultimate Controlling Party is Leapfrog Financial Inclusion Fund.