BLUE_REEF_PROJECTS_LIMITE - Accounts

BLUE REEF PROJECTS LIMITED - Company Information

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Company Registration No. 04056805 (England and Wales)

BLUE REEF PROJECTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2015

BLUE REEF PROJECTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

BLUE REEF PROJECTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

18,074

30,568

Current assets

Stocks

3,786

Debtors

89,464

110,946

93,250

114,732

Creditors: amounts falling due within one year

(132,822)

(145,276)

Net current liabilities

(39,572)

(30,544)

Total assets less current liabilities

(21,498)

Creditors: amounts falling due after more than one year

(6,120)

(19,250)

Provisions for liabilities

(2,214)

(3,545)

(29,832)

(22,771)

Capital and reserves

Called up share capital

100

Profit and loss account

(29,932)

(22,871)

Shareholders' funds

(29,832)

(22,771)

For the financial year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 17 May 2016

Mrs A J Game

Director

Company Registration No. 04056805

BLUE REEF PROJECTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Although the company’s balance sheet shows an insolvent position at the year end, the accounts have been prepared on the going concern basis. The company’s financing is dependent upon the support of the directors who have provided personal guarantees over the overdraft facility and have provided finance to the company during the year to reduce its bank borrowings. The company’s business sector remains difficult and is yet to show sustained improvement. The company continues to consider its staffing arrangements, and its overheads, in an attempt to return to surplus reserves.

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised in turnover to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are recieved from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land & buildings - leasehold improvements

Over the term of the lease

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

33.3% reducing balance

Motor vehicles

20% straight line

Fixed assets

Tangible assets

Cost

At 1 September 2014 & at 31 August 2015

196,749

Depreciation

At 1 September 2014

166,181

Charge for the year

12,494

At 31 August 2015

178,675

Net book value

At 31 August 2015

18,074

At 31 August 2014

30,568

BLUE REEF PROJECTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2015

- 3 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £13,130 (2014 - £39,967).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £6,120 (2014 - £19,251).

The directors have provided personal guarantees against the bank overdraft and loan to the company.

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr A M Game

20,504

47,500

(26,996)

Mrs A J Game

17,510

47,500

(29,990)

38,014

95,000

(56,986)

The highest balances on the loans during the year were for Mrs A. Game £17,510 (2014- £26,260) and Mr A. Game £20,504 (2014 - £20,504).