Blueshore Southern Limited - Period Ending 2014-03-31

Registration number: 06847462

Blueshore Southern Limited Unaudited Abbreviated Accounts for the Year Ended 31 March 2014

Blueshore Southern Limited
Contents

Abbreviated Balance Sheet   1

Notes to the Abbreviated Accounts   2 to 4

Blueshore Southern Limited
(Registration number: 06847462)
Abbreviated Balance Sheet at 31 March 2014

	Note		2014						(As restated) 2013
	£			£			£			£
Fixed assets
Intangible fixed assets						90,000						108,000
Tangible fixed assets						178,891						35,341
	2					268,891						143,341
Current assets
Stocks			100,000						70,000
Debtors			270,707						232,910
Cash at bank and in hand			162,609						179,726
			533,316						482,636
Creditors: Amounts falling due within one year			(426,155)						(436,608)
Net current assets						107,161						46,028
Total assets less current liabilities						376,052						189,369
Creditors: Amounts falling due after more than one year						(69,741)						-
Net assets						306,311						189,369
Capital and reserves
Called up share capital	4		250						250
Profit and loss account			306,061						189,119
						306,311						189,369

 
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Board on 27 February 2015 and signed on its behalf by:

......................................... Mr S Carter Director

......................................... Mr D Docherty Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Blueshore Southern Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Turnover is recognised and accrued for based on the stage of completion of individual projects.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	18% reducing balance
Freehold property	2% straight line/15% reducing balance
Motor vehicles	20% reducing balance
Office equipment	20% straight line
Fixtures and fittings	10% straight line

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.

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Blueshore Southern Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2013		180,000			63,879			243,879
Additions		-			164,566			164,566
At 31 March 2014		180,000			228,445			408,445
Depreciation
At 1 April 2013		72,000			28,538			100,538
Charge for the year		18,000			21,016			39,016
At 31 March 2014		90,000			49,554			139,554
Net book value
At 31 March 2014		90,000			178,891			268,891
At 31 March 2013		108,000			35,341			143,341

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		2,236			-
Amounts falling due after more than one year		69,741			-
Total secured creditors		71,977			-

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		59,210			-

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		250			250			250			250

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Blueshore Southern Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014

5	Prior period adjustments

The following items relating to the year ended 31 March 2013 and earlier were identified in the preparation of the 2014 financial statements: a) Motor vehicles with cost value of £23,753 were omitted from the prior year tangible fixed assets b) Depreciation on the above motor vehicles was not reflected in the company balance sheet or the profit and loss account for the year c) The closing valuation of work in progress as at 31 March 2013 was overstated by £148,495 on the company balance sheet and in the profit and loss account. d) The closing valuation of stock of £30,000 as at 31 March 2013 was omitted from the total of stock held on the company balance sheet and the profit and loss account. e) Accrued income of £50,000 as at 31 March 2013 was omitted from current assets f) Duplicated sales invoices totalling £87,664 were included in trade debtors as at 31 March 2013 g) Other debtors were overstated by £1,200 as at 31 March 2013 h) The cash and bank balances were understated by £59,865 as at 31 March 2013 i) Trade creditors were understated by £107,703 as at 31 March 2013 j) Other creditors were understated by £1,630 as at 31 March 2013 k) Motor expenses owing to the directors had been overstated by £138,252 from the years ended 31 March 2011, 2012 and 2013 l) Directors loan interest of £41,709 from the years ended 31 March 2012 and 2013 had been erroneously charged and credited to the directors' loan accounts m) Management charges of £12,000 for the year ended 31 March 2010 had been erroneously charged and credited to the directors' loan accounts n) Share capital was understated by £70, since the company was incorporated. There have been no shares issued since incorporation and all shares are owned by the directors. The above misstatements are material and pervasive in nature. Therefore adjustments to prior year comparatives are necessary to ensure the accounts show a true and fair view of the assets, liabilities, profit of the company and financial position. The net effect of the adjustments has been to reduce prior year profit before tax by £49,251. The corporation tax charge has been recalculated based on the adjusted figures, resulting in a reduction of tax due for the year ended 31 March 2013 of £13,651. The net effect of the adjustments above result in a reduction in net profit of £35,601, which has been reflected in the brought forward profit and loss reserve for the current year.

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