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REGISTERED NUMBER: 05553047 (England and Wales) |
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Blue Systems Limited |
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Report of the Directors and |
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Consolidated Financial Statements |
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for the Year Ended 31 March 2017 |
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REGISTERED NUMBER: 05553047 (England and Wales) |
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Blue Systems Limited |
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Report of the Directors and |
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Consolidated Financial Statements |
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for the Year Ended 31 March 2017 |
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Blue Systems Limited (Registered number: 05553047) |
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Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Consolidated Income Statement | 5 |
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Consolidated Other Comprehensive Income | 6 |
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Consolidated Statement of Financial Position | 7 |
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Company Statement of Financial Position | 8 |
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Consolidated Statement of Changes in Equity | 9 |
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Company Statement of Changes in Equity | 10 |
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Notes to the Consolidated Financial Statements | 11 |
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Blue Systems Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Sterling House |
97 Lichfield Street |
Tamworth |
Staffordshire |
B79 7QF |
Blue Systems Limited (Registered number: 05553047) |
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Report of the Directors |
for the Year Ended 31 March 2017 |
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The directors present their report with the financial statements of the company and the group for the year ended |
31 March 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of The principal activity of the company in the year |
under review was that of the provision of its cloud computing software as a service (SaaS). It specialises in sales |
intelligence software and support especially through mobile applications. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report. |
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Other changes in directors holding office are as follows: |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the |
directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. |
They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable |
steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors |
are aware of that information. |
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AUDITORS |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Blue Systems Limited |
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We have audited the financial statements of Blue Systems Limited for the year ended 31 March 2017 on pages five to |
sixteen. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
error. This includes an assessment of: whether the accounting policies are appropriate to the group's and the parent |
company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of |
significant accounting estimates made by the directors; and the overall presentation of the financial statements. In |
addition, we read all the financial and non-financial information in the Report of the Directors to identify material |
inconsistencies with the audited financial statements and to identify any information that is apparently materially |
incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If |
we become aware of any apparent material misstatements or inconsistencies we consider the implications for our |
report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2017 and of
the group's profit for the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the |
Directors for the financial year for which the financial statements are prepared is consistent with the financial |
statements, and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and |
understanding of the group and the parent company and its environment, we have not identified any material |
misstatements in the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Blue Systems Limited |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime
and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Chartered Accountants and Statutory Auditors |
Sterling House |
97 Lichfield Street |
Tamworth |
Staffordshire |
B79 7QF |
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Blue Systems Limited (Registered number: 05553047) |
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Consolidated Income Statement |
for the Year Ended 31 March 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER | 6,216,303 | 4,474,484 |
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Cost of sales | 2,616,257 | 2,362,998 |
GROSS PROFIT | 3,600,046 | 2,111,486 |
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Administrative expenses | 2,620,632 | 2,407,871 |
OPERATING PROFIT/(LOSS) | 5 | 979,414 | (296,385 | ) |
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Interest payable and similar expenses | 24,750 | 38,945 |
PROFIT/(LOSS) BEFORE TAXATION | 954,664 | (335,330 | ) |
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Tax on profit/(loss) | 6 | - | - |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
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Profit/(loss) attributable to: |
Owners of the parent | 954,664 | (335,330 | ) |
Blue Systems Limited (Registered number: 05553047) |
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Consolidated Other Comprehensive Income |
for the Year Ended 31 March 2017 |
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2017 | 2016 |
Notes | £ | £ |
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PROFIT/(LOSS) FOR THE YEAR | 954,664 | (335,330 | ) |
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OTHER COMPREHENSIVE INCOME |
Translation reserve movement | (337,625 | ) | (77,203 | ) |
Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX |
(337,625 |
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(77,203 |
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TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
617,039 |
(412,533 |
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Total comprehensive income attributable to: |
Owners of the parent | 617,039 | (412,533 | ) |
Blue Systems Limited (Registered number: 05553047) |
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Consolidated Statement of Financial Position |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 107,222 | 114,781 |
Investments | 9 | - | - |
107,222 | 114,781 |
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CURRENT ASSETS |
Stocks | 19,946 | - |
Debtors | 10 | 1,102,079 | 660,257 |
Cash at bank | 1,105,818 | 464,931 |
2,227,843 | 1,125,188 |
CREDITORS |
Amounts falling due within one year | 11 | 1,402,498 | 872,832 |
NET CURRENT ASSETS | 825,345 | 252,356 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
932,567 |
367,137 |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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205,209 |
NET ASSETS | 932,567 | 161,928 |
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CAPITAL AND RESERVES |
Called up share capital | 15 | 258 | 245 |
Share premium | 16 | 2,646,375 | 2,492,788 |
Other reserves | 16 | (560,911 | ) | (223,286 | ) |
Retained earnings | 16 | (1,153,155 | ) | (2,107,819 | ) |
SHAREHOLDERS' FUNDS | 932,567 | 161,928 |
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The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
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The financial statements were approved by the Board of Directors on 22 December 2017 and were signed on its behalf |
by: |
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Mr P Black - Director |
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Blue Systems Limited (Registered number: 05553047) |
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Company Statement of Financial Position |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 75,895 | 69,320 |
Investments | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Share premium | 16 |
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Retained earnings | 16 |
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SHAREHOLDERS' FUNDS |
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Company's profit/(loss) for the financial year | 581,794 | (218,002 | ) |
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The financial statements were approved by the Board of Directors on
by: |
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Blue Systems Limited (Registered number: 05553047) |
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Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2017 |
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Called up |
share | Retained | Share | Other | Total |
capital | earnings | premium | reserves | equity |
£ | £ | £ | £ | £ |
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Balance at 1 April 2015 | 245 | (1,772,489 | ) | 2,492,788 | (146,083 | ) | 574,461 |
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Changes in equity |
Total comprehensive income | - | (335,330 | ) | - | (77,203 | ) | (412,533 | ) |
Balance at 31 March 2016 | 245 | (2,107,819 | ) | 2,492,788 | (223,286 | ) | 161,928 |
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Changes in equity |
Issue of share capital | 13 | - | 153,587 | - | 153,600 |
Total comprehensive income | - | 954,664 | - | (337,625 | ) | 617,039 |
Balance at 31 March 2017 | 258 | (1,153,155 | ) | 2,646,375 | (560,911 | ) | 932,567 |
Blue Systems Limited (Registered number: 05553047) |
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Company Statement of Changes in Equity |
for the Year Ended 31 March 2017 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 April 2015 |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 31 March 2016 |
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Changes in equity |
Issue of share capital |
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Total comprehensive income | - |
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Balance at 31 March 2017 |
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Blue Systems Limited (Registered number: 05553047) |
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Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Blue Systems Limited is a
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registered number and registered office address can be found on the General Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with |
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of |
transition to FRS 102 Section 1A is 1 April 2015. |
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Basis of consolidation |
The group accounts consolidate the accounts of the company and its subsidiary undertakings made up to 31 |
March 2017. The profits and losses of subsidiary undertakings are consolidated from the date of acquisition. |
Intragroup sales and profits are eliminated fully on consolidation. |
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Significant judgements and estimates |
In the application of the group's accounting policies, the directors are required to make judgement, estimates |
and assumptions about carrying amounts of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that |
are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that |
period, or in the period of revision and future periods where the revision affects both current and future periods. |
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Turnover |
Fee income represents revenue earned under contracts to provide professional services. Revenue is recognised |
as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its |
performance under these contracts. Subscriptions are recognised in equal instalments over the period of cover. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Blue Systems Limited (Registered number: 05553047) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position 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. |
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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. |
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Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension |
scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average monthly number of employees during the year was
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The average number of employees by undertakings that were proportionately consolidated during the year was |
19 . |
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5. | OPERATING PROFIT/(LOSS) |
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The operating profit (2016 - operating loss) is stated after charging: |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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6. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 March 2017 nor for the year ended 31 March 2016. |
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Tax effects relating to effects of other comprehensive income |
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2017 |
Gross | Tax | Net |
£ | £ | £ |
Translation reserve movement | ( |
) | - | (337,625 | ) |
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2016 |
Gross | Tax | Net |
£ | £ | £ |
Translation reserve movement | ( |
) | - | (77,203 | ) |
Blue Systems Limited (Registered number: 05553047) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
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7. | INDIVIDUAL INCOME STATEMENT |
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As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not |
presented as part of these financial statements. |
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8. | TANGIBLE FIXED ASSETS |
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Group |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2016 | 251,321 |
Additions | 49,446 |
Exchange differences |
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At 31 March 2017 | 315,489 |
DEPRECIATION |
At 1 April 2016 | 136,540 |
Charge for year | 62,605 |
Exchange differences |
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At 31 March 2017 | 208,267 |
NET BOOK VALUE |
At 31 March 2017 | 107,222 |
At 31 March 2016 | 114,781 |
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Company |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2016 | 151,375 |
Additions | 43,786 |
At 31 March 2017 | 195,161 |
DEPRECIATION |
At 1 April 2016 | 82,055 |
Charge for year | 37,211 |
At 31 March 2017 | 119,266 |
NET BOOK VALUE |
At 31 March 2017 | 75,895 |
At 31 March 2016 | 69,320 |
Blue Systems Limited (Registered number: 05553047) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
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9. | FIXED ASSET INVESTMENTS |
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Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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The group or the company's investments at the Statement of Financial Position date in the share capital of |
companies include the following: |
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Subsidiary |
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Registered office: |
Nature of business:
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% |
Class of shares: | holding |
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2017 | 2016 |
£ | £ |
Aggregate capital and reserves | ( |
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Profit/(loss) for the year |
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( |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Group | Company |
2017 | 2016 | 2017 | 2016 |
£ | £ | £ | £ |
Trade debtors | 1,033,415 | 586,379 |
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Amounts owed by group undertakings | - | - |
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Other debtors | 68,664 | 73,878 |
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1,102,079 | 660,257 |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Group | Company |
2017 | 2016 | 2017 | 2016 |
£ | £ | £ | £ |
Bank loans and overdrafts | 309,708 | 20,833 |
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Trade creditors | 21,124 | 62,727 |
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Taxation and social security | 204,533 | 147,154 |
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Other creditors | 867,133 | 642,118 |
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1,402,498 | 872,832 |
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Blue Systems Limited (Registered number: 05553047) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
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12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
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Group | Company |
2017 | 2016 | 2017 | 2016 |
£ | £ | £ | £ |
Bank loans | - | 5,209 |
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Other creditors | - | 200,000 |
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- | 205,209 |
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13. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Group |
Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year | 137,750 | 71,576 |
Between one and five years | 5,375 | 69,871 |
143,125 | 141,447 |
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Company |
Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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14. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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Company |
2017 | 2016 |
£ | £ |
Bank loans |
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15. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £0.00 | 1 | 258 | 245 |
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Blue Systems Limited (Registered number: 05553047) |
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Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
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16. | RESERVES |
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Group |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
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At 1 April 2016 | (2,107,819 | ) | 2,492,788 | (223,286 | ) | 161,683 |
Profit for the year | 954,664 | 954,664 |
Cash share issue | - | 153,587 | - | 153,587 |
Translation reserve movement | - | - | (337,625 | ) | (337,625 | ) |
At 31 March 2017 | (1,153,155 | ) | 2,646,375 | (560,911 | ) | 932,309 |
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Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 April 2016 |
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2,563,102 |
Profit for the year |
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Cash share issue | - | 153,587 | 153,587 |
At 31 March 2017 |
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3,298,483 |
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17. | FIRST YEAR ADOPTION |
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The group has adopted the provisions set out in FRS102 (Section 1A) for small companies. This is the first year |
that the group has prepared financial statements under the new regulatory framework. It is not considered that |
there are any transitional adjustments required to either the prior year figures nor those at the transitional date. |
As such, no reconciliation is provided in these financial statements. |