Blue Bay Group Limited - Period Ending 2018-03-31

Blue Bay Group Limited

Annual Report and Unaudited Financial Statements
Period from 12 July 2017 to 31 March 2018

Registration number: 10862263

Blue Bay Group Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Blue Bay Group Limited

Balance Sheet

31 March 2018

	Note	2018 £
Fixed assets
Investment property	4	23,421
Investments	5	219,504
		242,925
Current assets
Debtors	6	386,854
Cash at bank and in hand		55,000
		441,854
Creditors: Amounts falling due within one year	7	(361,606)
Net current assets		80,248
Total assets less current liabilities		323,173
Creditors: Amounts falling due after more than one year	7	(217,000)
Net assets		106,173
Capital and reserves
Called up share capital		3,601
Profit and loss account		102,572
Total equity		106,173

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Blue Bay Group Limited

Balance Sheet

31 March 2018

For the financial period ending 31 March 2018 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 November 2018 and signed on its behalf by:
 

......................................... Mr K P C Body Director

Company Registration Number: 10862263

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Blue Bay Group Limited

Notes to the Financial Statements

Period from 12 July 2017 to 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4 Beechwood House
Beech Avenue
Plymouth
Devon
PL4 0QQ

These financial statements were authorised for issue by the Board on 13 November 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Disclosure of long or short period

The company shortened its accounting period from 31 July 2018 to 31 March 2018 to be coterminous with its subsidiary companies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 3

Blue Bay Group Limited

Notes to the Financial Statements

Period from 12 July 2017 to 31 March 2018

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7.

4	Investment properties

	2018 £
Additions	23,421

There has been no valuation of investment property by an independent valuer.

Page 4

Blue Bay Group Limited

Notes to the Financial Statements

Period from 12 July 2017 to 31 March 2018

5	Investments

	2018 £
Investments in subsidiaries	219,504

Subsidiaries	£
Cost or valuation
Additions	219,504
Provision
Carrying amount
At 31 March 2018	219,504

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018
Subsidiary undertakings
BEW Properties (Plymouth) Limited	Unit 4 Beechwood House Beech Avenue Cattedown Plymouth PL4 0QQ	Ordinary	100%
Body & Wisdom (Plymouth) Limited	Unit 4 Beechwood House Beech Avenue Cattedown Plymouth PL4 0QQ	Ordinary	100%

The principal activity of BEW Properties (Plymouth) Limited is the rental and development of properties.

The principal activity of Body & Wisdom (Plymouth) Limited is the rental of properties.

Page 5

Blue Bay Group Limited

Notes to the Financial Statements

Period from 12 July 2017 to 31 March 2018

6

Debtors

	Note	31 March 2018  £
Amounts due from group undertakings	10	385,681
Other debtors		1,173
		386,854

7

Creditors

Creditors: amounts falling due within one year

	Note	31 March 2018  £
Due within one year
Loans and borrowings	8	7,082
Trade creditors		3,461
Corporation tax		31,576
Other creditors		319,487
		361,606
Due after one year
Loans and borrowings	8	217,000

Creditors: amounts falling due after more than one year

	Note	2018 £
Due after one year
Loans and borrowings	8	217,000

Page 6

Blue Bay Group Limited

Notes to the Financial Statements

Period from 12 July 2017 to 31 March 2018

8	Loans and borrowings

	2018 £
Loans and borrowings due after one year
Other borrowings	217,000

	2018 £
Current loans and borrowings
Bank overdrafts	7,082

9	Share capital

Allotted, called up and fully paid shares

	2018
	No.	£
Ordinary A shares of £1 each	1,170	1,170
Ordinary B shares of £1 each	1,170	1,170
Ordinary C shares of £1 each	630	630
Ordinary D shares of £1 each	630	630
Ordinary Growth share of £1 each	1	1
	3,601	3,601

10	Related party transactions

Summary of transactions with subsidiaries

Body & Wisdom (Plymouth) Limited and BEW Properties (Plymouth) Limited
 During the year Blue Bay Group Limited acquired the entire share capital of Body & Wisdom (Plymouth) Limited and BEW Properties (Plymouth) Limited, companies owned by the directors Mr K P C Body and Mr A H Wisdom and their spouses, after receiving tax clearance from HM Revenue and Customs.
 

Page 7