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Registered number: 09140485
BLUE MOUNTAIN ADVISERS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2022
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BLUE MOUNTAIN ADVISERS LIMITED
REGISTERED NUMBER: 09140485
BALANCE SHEET
AS AT 31 JULY 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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BLUE MOUNTAIN ADVISERS LIMITED
REGISTERED NUMBER: 09140485
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2022
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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BLUE MOUNTAIN ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
Blue Mountain Advisers Limited is a limited company incorporated in the United Kingdom. The registered office is Ground Floor, 45 Pall Mall, London, SW1Y 5JG.
The principal activity of the business is providing management consultancy services.
The financial statements are presented in sterling which is the functional currency of the company and the nearest £.
The significant accounting polices applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The director believes the company's financial statements should be prepared on a going concern basis on the grounds the company will have support from both the director and also a connected company which will be adequate to meet the company's needs for a period of at least 12 months from the date of approval of these accounts.
Turnover comprises revenue recognised by the company in respect of management consultancy services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised to the extent that there is a reasonable expectation of income being recovered and where such income is contingent upon speculative future events, that income is recognised (or not) upon the future event becoming certain.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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BLUE MOUNTAIN ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 1 (2021 - 1).
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BLUE MOUNTAIN ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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BLUE MOUNTAIN ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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Charge for the year on owned assets
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Cash and cash equivalents
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BLUE MOUNTAIN ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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BLUE MOUNTAIN ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Related party transactions
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Cocoon Wealth LLP is a related party by virtue of Mr T Levy being a member of the LLP.
During the year, Cocoon Wealth LLP charged the company monthly fees for their services. The total fees during the year were £- (2021: £Nil) and at the year end £744,000.00 balance was outstanding (2021: £744,000). The company also provides services to Cocoon Wealth LLP under extended and contingent credit terms such that the fees are payable only in circumstances which are contingent for the protection of members and creditors of the Company and of Cocoon Wealth LLP. Consequently, the income is not recognised as its realisation is remote. During the year under review it became apparent that Cocoon Wealth LLP had little or no prospect of being able to fulfill its obligations under the agreement, and an Administrator was appointed to the LLP. As such the loan facility is not repayable and has been recognised as income. The amount of that facility, net of the reduction in assets in the company as a consequence was £nil (2021: £nil).
At the balance sheet date, £ 4,653,456 (2021: £3,703,379) was due from the director, Mr T Levy and his connected persons. The loans due from Mr Levy, whose main purpose was for funding various businesses, were repaid in April 2023.
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