| BLUEGROUP PROPCO LIMITED |
| Notes to the Accounts |
| for the period from 12 November 2019 to 29 April 2021 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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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 £. |
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The Principal accounting policies are set out below. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rent receivable from property assets and is recognised as per rental licence agreements. Turnover is recognised when it is probable that the economic benefits associated with transactions will flow to the company and the amount of revenue can be measured reliably. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. The management have elected to account for its property assets as Fixed Asset Land and Buildings instead of Investment Property, due to the fact they are rented to wider Group companies. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 30 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Financial Instruments |
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Financial assets and financial liabilities are recognised in the statement of financial position when the group becomes a party to the contractual provisions of the instrument.
Trade debtors, accrued income, trade creditors, other creditors and accruals are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the group will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
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Going Concern |
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The major part of the company's working capital requirements are provided by a loan from Alteri Blue Group Cayman, a related company which is repayable on demand. It is anticipated this loan will be repaid from the sale of property, the net realisable value of which is in excess of the borrowing. Directors of the related company have indicated that they will not demand repayment; however no formal agreement is in place. The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Alexander Kelly |
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Firm: |
MHA Moore & Smalley |
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Date of audit report: |
1 March 2022 |
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| 3 |
Employees |
2021 |
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| Number |
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Average number of persons employed by the company |
0 |
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| 4 |
Tangible fixed assets |
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Land and buildings |
| £ |
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Cost |
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Additions |
7,344,750 |
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Disposals |
(3,774,250) |
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At 29 April 2021 |
3,570,500 |
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Depreciation |
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Charge for the period |
131,493 |
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On disposals |
(38,215) |
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At 29 April 2021 |
93,278 |
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Net book value |
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At 29 April 2021 |
3,477,222 |
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| 5 |
Debtors: amounts falling due within one year |
2021 |
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| £ |
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Amounts owed by group undertakings |
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649,261 |
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Other debtors |
1,261 |
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Total debtors |
650,522 |
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| 6 |
Creditors: amounts falling due within one year |
2021 |
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| £ |
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Taxation and social security costs |
53,023 |
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Other creditors |
19,700 |
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72,723 |
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| 7 |
Creditors: amounts falling due after one year |
2021 |
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| £ |
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Amounts owed to group undertakings |
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4,808,333 |
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| 8 |
Loans |
2021 |
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| £ |
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Creditors include: |
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Secured loans |
4,558,333 |
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The loan balance is secured by way of a floating charge on the assets of the company. |
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| 9 |
Called up share capital |
2021 |
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| £ |
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Ordinary share capital |
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Issued and fully paid |
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Ordinary A Shares of 1p each |
100 |
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1 |
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1 |
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On incorporation 100 ordinary shares of £0.01 each were issued at par. |
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| 10 |
Related party transactions |
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Loan amounts were due to connected companies to a total payable at period end of £4,558,333 with Blue Group Cayman Ltd and £250,000 with Bensons For Beds Manufacturing Ltd. |
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| 11 |
Controlling party |
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From incorporation BlueGroup IPCo Limited has been ultimately owned and controlled by funds managed by affiliates of Apollo Asset Management Inc, a Group listed on the New York stock exchange. |
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| 12 |
Other information |
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BLUEGROUP PROPCO LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Fifth Floor |
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15-16 Brook's Mews |
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London |
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W1K 4DS |
