Bluebolt Limited - Accounts to registrar - small 17.1.1
Bluebolt Limited - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended |
| 31 December 2016 |
| for |
| Bluebolt Limited |
| Bluebolt Limited (Registered number: 06944773) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Bluebolt Limited |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Floor 1 |
| 24 Blythswood Square |
| Glasgow |
| G2 4BG |
| Bluebolt Limited (Registered number: 06944773) |
| Balance Sheet |
| 31 December 2016 |
| 2016 | 2015 |
| as restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 on |
| Bluebolt Limited (Registered number: 06944773) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Bluebolt Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Functional currency |
| The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the |
| nearest whole pound. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
| tax and other sales taxes. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Improvements to property 20% straight line |
| Plant & Machinery 33.33% Straight line |
| Fixtures & Fittings 25% Straight line |
| Fixed assets are initially recorded at cost. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing |
| stocks to their present location and condition. |
| 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 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. |
| Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
| Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Bluebolt Limited (Registered number: 06944773) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain accounting estimates. It also the requires Directors to |
| exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or |
| complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: |
| Estimation Uncertainty |
| Useful life of properties, plant and equipment |
| The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be |
| depreciated based on this. |
| Recoverability of Debtors |
| The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and |
| perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is |
| made against the recoverability of these debts. |
| Stock Valuation |
| The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was |
| purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has |
| fallen below its' original cost, a provision is made by Management against the stock value in the financial statements. |
| Key Judgements made in the application of Accounting Policies |
| a) Exemptions taken in the transition to FRS 102 |
| The Company has considered and taken advantage of the following exemptions in its first time application of FRS 102: |
| i) The Company has not revisited previous accounting estimates |
| Financial instruments |
| Classification |
| The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in |
| accordance with Section 11 of the Financial Reporting Standard. |
| Recognition and measurement |
| The Company's debt instruments are measured at amortised cost using the effective interest rate method. |
| Impairment |
| Financial instruments are reviewed annually for impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Bluebolt Limited (Registered number: 06944773) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 5. | STOCKS |
| 2016 | 2015 |
| as restated |
| £ | £ |
| Work-in-progress |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| as restated |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 300,000 | 5,142 |
| VAT |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to associates | 1,488,000 | - |
| Social security and other taxes |
| VAT | 72,864 | - |
| Accrued expenses |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | as restated |
| £ | £ |
| Share capital 1 | 1 | 1,000 | 1,000 |
| The share capital of the company has been incorrectly reflected in previous years. The actual share capital of the company is |
| 1,000 shares with a nominal value of £1 each. |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2016 |
| 10. | OTHER FINANCIAL COMMITMENTS |
| The Mount Eden Land Limited hold a rent deposit deed and a rent security deposit deed over all monies due or to become |
| due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge. |
| The deposited sums being £12,654.75 and £24,150.00 respectively. |
| Bluebolt Limited (Registered number: 06944773) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| As at 31 December 2016, Mr C Jarett, a former director in the company owed £0 (2015: £0) |
| As at 31 December 2016, Ms L Ainsworth-Taylor, a Director and shareholder in the company owed £150,000 to Bluebolt Limited (2015: £5,142) |
| As at 31 December 2016, Mrs A Barson, a Director and shareholder in the company owed £150,000 to Bluebolt Limited |
| (2015: £0) |
| 12. | RELATED PARTY DISCLOSURES |
| Pistachio Limited, a company under common control and directorship, was owed £1,488,000 (2015: £0) from Bluebolt Limited as at 31 December 2016. During the year, purchases of £138,000 (2015: £625,000) were made from Pistachio Limited. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The directors do not consider there to be an ultimate controlling party. |
| 14. | FINANCIAL RISK MANAGEMENT |
| The Company has exposure to four main areas of risk - liquidity, market, credit and foreign exchange risk. |
| Liquidity Risk |
| The objective of the Company in managing its liquidity risk is to ensure that it can meet its financial obligations through |
| operating cash flows. Cash flow is regularly reviewed as part of the Company's reporting process to ensure that it is |
| achieved. Based on the obligations set out in these financial statements, the Company is in position to meet its commitments |
| and obligations as they come due given the continued support of its' immediate parent company. |
| Market risk |
| The market for the Company's products and services remains competitive. The Company is consistently reviewing its |
| marketing strategies, and how to attract customers to purchase its' products through attendance at various industry |
| conventions in order to identify the current needs within the industry. The Company also focuses on handling of customer |
| enquiries and by maintaining strong relationships with key customers and suppliers. Where appropriate, the Company seeks |
| to minimise exposure to certain future risks of cost increases, e.g. exchange rate fluctuations. |
| Credit risk |
| The Company's credit risk is primarily attributable to the recoverability of cash from external trade. The Company monitors |
| cash flow as part of its' day to day control procedures. The Board considers cash flow projections on a monthly basis and |
| ensures that appropriate facilities are available to be drawn upon as necessary. |
| Foreign exchange risk |
| The Company is exposed to foreign exchange risk. |
| 15. | FIRST YEAR ADOPTION |
| There has been no impact on the capital and reserves, or retained earnings from the implementation of FRS 102 - Section |
| 1A. |