Blue Canyon Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC280177 (Scotland)

Financial Statements

for the Year Ended 31 March 2022

for

Blue Canyon Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M W Qadir

Mrs S Qadir

M S Qadir

Mrs S P Qadir

M S Qadir

Mrs S P Qadir

M S Qadir

SECRETARY:

M W Qadir

REGISTERED OFFICE:

4G Queen Anne Drive

Newbridge

Edinburgh

EH28 8PL

REGISTERED NUMBER:

SC280177 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Property, plant and equipment

4

88,440

96,408

CURRENT ASSETS

Inventories

5

1,625,197

1,058,489

Debtors

6

1,064,281

775,883

Cash at bank

3,071

174,428

2,692,549

2,008,800

CREDITORS

Amounts falling due within one year

7

894,683

343,731

NET CURRENT ASSETS

1,797,866

1,665,069

TOTAL ASSETS LESS CURRENT LIABILITIES

1,886,306

1,761,477

CREDITORS

Amounts falling due after more than one year

8

(309,722

)

(200,451

)

PROVISIONS FOR LIABILITIES

10

(16,555

)

(16,119

)

NET ASSETS

1,560,029

1,544,907

CAPITAL AND RESERVES

Called up share capital

6,010

6,000

Retained earnings

1,554,019

1,538,907

SHAREHOLDERS' FUNDS

1,560,029

1,544,907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 6 July 2022 and were signed on its behalf by:

M W Qadir - Director

1.	STATUTORY INFORMATION

Blue Canyon Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

Revenue represents the invoiced amounts derived from the provision of bathroom accessories and housewares, excluding value added tax and trade discounts.

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.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 8 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

40,445

200,268

22,923

263,636

Additions

1,630

7,332

1,201

10,163

At 31 March 2022

42,075

207,600

24,124

273,799

DEPRECIATION

At 1 April 2021

24,249

125,272

17,707

167,228

Charge for year

2,674

12,349

3,108

18,131

At 31 March 2022

26,923

137,621

20,815

185,359

NET BOOK VALUE

At 31 March 2022

15,152

69,979

3,309

88,440

At 31 March 2021

16,196

74,996

5,216

96,408

5.	INVENTORIES

31/3/22

31/3/21

£

£

Stocks

1,625,197

1,058,489

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Trade debtors

431,643

317,954

Other debtors

632,638

457,929

1,064,281

775,883

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Bank loans and overdrafts

167,657

37,960

Trade creditors

241,251

17,344

Taxation and social security

52,687

121,300

Other creditors

433,088

167,127

894,683

343,731

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/22

31/3/21

£

£

Bank loans

309,722

200,451

9.	SECURED DEBTS

Clydesdale bank hold a floating charge over the property and assets of the company.

10.	PROVISIONS FOR LIABILITIES

31/3/22

31/3/21

£

£

Deferred tax

16,555

16,119

Deferred

tax

£

Balance at 1 April 2021

16,119

Provided during year

436

Balance at 31 March 2022

16,555