1
30/09/2021
2021-09-30
false
false
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
true
false
No description of principal activities is disclosed
2020-10-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:USD
08199746
2020-10-01
2021-09-30
08199746
2021-09-30
08199746
2020-09-30
08199746
2019-10-01
2020-09-30
08199746
2020-09-30
08199746
2019-09-30
08199746
bus:Director1
2020-10-01
2021-09-30
08199746
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-09-30
08199746
core:HedgingReserve
2019-10-01
2020-09-30
08199746
core:RetainedEarningsAccumulatedLosses
2019-10-01
2020-09-30
08199746
core:HedgingReserve
2020-10-01
2021-09-30
08199746
core:RetainedEarningsAccumulatedLosses
2020-10-01
2021-09-30
08199746
core:WithinOneYear
2021-09-30
08199746
core:WithinOneYear
2020-09-30
08199746
core:ShareCapital
2021-09-30
08199746
core:ShareCapital
2020-09-30
08199746
core:HedgingReserve
2021-09-30
08199746
core:HedgingReserve
2020-09-30
08199746
core:RetainedEarningsAccumulatedLosses
2021-09-30
08199746
core:RetainedEarningsAccumulatedLosses
2020-09-30
08199746
core:ShareCapital
2019-09-30
08199746
core:HedgingReserve
2019-09-30
08199746
core:RetainedEarningsAccumulatedLosses
2019-09-30
08199746
core:CostValuation
core:Non-currentFinancialInstruments
2021-09-30
08199746
core:Non-currentFinancialInstruments
2021-09-30
08199746
core:Non-currentFinancialInstruments
2020-09-30
08199746
core:RevaluationInvestmentPropertyDeferredTax
2021-09-30
08199746
core:RevaluationInvestmentPropertyDeferredTax
2020-09-30
08199746
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-09-30
08199746
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-09-30
08199746
core:DeferredTaxation
2020-09-30
08199746
core:DeferredTaxation
2021-09-30
08199746
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-10-01
2021-09-30
08199746
bus:SmallEntities
2020-10-01
2021-09-30
08199746
bus:AuditExempt-NoAccountantsReport
2020-10-01
2021-09-30
08199746
bus:FullAccounts
2020-10-01
2021-09-30
08199746
bus:SmallCompaniesRegimeForAccounts
2020-10-01
2021-09-30
08199746
bus:PrivateLimitedCompanyLtd
2020-10-01
2021-09-30
08199746
core:DeferredTaxation
2020-10-01
2021-09-30
08199746
core:RevaluationReserve
2019-09-30
08199746
core:RevaluationReserve
2020-09-30
08199746
core:RevaluationReserve
2021-09-30
08199746
1
2020-10-01
2021-09-30
08199746
1
2019-10-01
2020-09-30
Company registration number:
08199746
SOLID BLUE ASSETS LIMITED
Unaudited filleted financial statements
30 September 2021
SOLID BLUE ASSETS LIMITED
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SOLID BLUE ASSETS LIMITED
Statement of financial position
30 September 2021
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
Note
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
7
|
7,896,500
|
|
|
|
7,423,788
|
|
|
Investments
|
|
8
|
846
|
|
|
|
846
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
7,897,346
|
|
|
|
7,424,634
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
9
|
70,158
|
|
|
|
77,788
|
|
|
Cash at bank and in hand
|
|
|
486
|
|
|
|
457
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
70,644
|
|
|
|
78,245
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
10
|
(
3,236)
|
|
|
|
(
3,102)
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
Net current assets
|
|
|
|
|
67,408
|
|
|
|
75,143
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Total assets less current liabilities
|
|
|
|
|
7,964,754
|
|
|
|
7,499,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
11
|
|
|
(
971,384)
|
|
|
|
(
881,569)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Net assets
|
|
|
|
|
6,993,370
|
|
|
|
6,618,208
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
13
|
|
|
2,701,620
|
|
|
|
2,701,620
|
Fair value reserve
|
|
|
|
|
4,361,623
|
|
|
|
3,978,726
|
Profit and loss account
|
|
|
|
|
(
69,873)
|
|
|
|
(
62,138)
|
|
|
|
|
|
_________
|
|
|
|
_________
|
Shareholders funds
|
|
|
|
|
6,993,370
|
|
|
|
6,618,208
|
|
|
|
|
|
_________
|
|
|
|
_________
|
|
|
|
|
|
|
|
|
|
|
For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 June 2022
, and are signed on behalf of the board by:
Simon Curran
Director
Company registration number:
08199746
SOLID BLUE ASSETS LIMITED
Statement of changes in equity
Year ended 30 September 2021
|
|
Called up share capital
|
|
Fair value reserve
|
|
Profit and loss account
|
Total
|
|
|
|
|
|
$
|
|
$
|
|
$
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 October 2019
|
|
2,701,620
|
|
5,011,217
|
|
(
50,981)
|
7,661,856
|
|
|
|
|
|
_________
|
|
_________
|
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year
|
|
|
|
|
|
(
1,043,648)
|
(
1,043,648)
|
|
|
|
Reclassification to fair value reserve from profit and loss account
|
|
|
|
(1,032,491)
|
|
1,032,491
|
-
|
|
|
|
|
|
_________
|
|
_________
|
|
_________
|
_________
|
|
|
|
Total comprehensive income for the year
|
|
-
|
|
(
1,032,491)
|
|
(
11,157)
|
(
1,043,648)
|
|
|
|
|
|
_________
|
|
_________
|
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2020 and 1 October 2020
|
|
2,701,620
|
|
3,978,726
|
|
(
62,138)
|
6,618,208
|
|
|
|
|
|
_________
|
|
_________
|
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year
|
|
|
|
|
|
375,162
|
375,162
|
|
|
|
Reclassification to fair value reserve from profit and loss account
|
|
|
|
382,897
|
|
(382,897)
|
-
|
|
|
|
|
|
_________
|
|
_________
|
|
_________
|
_________
|
|
|
|
Total comprehensive income for the year
|
|
-
|
|
382,897
|
|
(
7,735)
|
375,162
|
|
|
|
|
|
_________
|
|
_________
|
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2021
|
|
2,701,620
|
|
4,361,623
|
|
(
69,873)
|
6,993,370
|
|
|
|
|
|
_________
|
|
_________
|
|
_________
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOLID BLUE ASSETS LIMITED
Notes to the financial statements
Year ended 30 September 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 78 York Street, London, W1H 1DP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis and under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in U.S. dollars, which is the functional currency of the entity and rounded to the nearest $.
Going concern
At the time of approving the financial statements, the director is confident that the company will continue to receive financial support from its parent undertaking and therefore has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. The director therefore continues to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised
.
4.
Operating profit/loss
Operating profit/loss is stated after charging/(crediting):
|
|
|
|
2021
|
2020
|
|
|
|
|
$
|
$
|
|
Fair value adjustments to investment property
|
|
|
(
472,712)
|
1,274,680
|
|
Foreign exchange differences
|
|
|
(
453)
|
3,589
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2020:
1
).
6.
Tax on profit/loss
Major components of tax expense/income
|
|
|
2021
|
2020
|
|
|
|
$
|
$
|
|
Deferred tax:
|
|
|
|
|
Recognised on investment property revaluation
|
|
89,815
|
(
242,189)
|
|
|
|
_______
|
_______
|
|
Tax on profit/loss
|
|
89,815
|
(
242,189)
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Tangible assets
|
|
Freehold property
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
Cost or valuation
|
|
|
|
|
|
|
|
|
At 1 October 2020
|
7,423,788
|
|
|
|
|
|
|
|
Revaluation
|
472,712
|
|
|
|
|
|
|
|
|
_________
|
|
|
|
|
|
|
|
At 30 September 2021
|
7,896,500
|
|
|
|
|
|
|
|
|
_________
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 October 2020 and 30 September 2021
|
-
|
|
|
|
|
|
|
|
|
_________
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 September 2021
|
7,896,500
|
|
|
|
|
|
|
|
|
_________
|
|
|
|
|
|
|
|
At 30 September 2020
|
7,423,788
|
|
|
|
|
|
|
|
|
_________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
Included within the above is investment property measured at fair value as follows:
|
|
$
|
|
At 1 October 2020
|
7,423,788
|
|
Fair value adjustments
|
472,712
|
|
|
_________
|
|
At 30 September 2021
|
7,896,500
|
|
|
_________
|
|
|
|
8.
Investments
Shares in group undertaking
$
Cost
At 1 October 2020 and 30 September 2021
846
_______
|
Impairment
At 1 October 2020 and 30 September 2021
-
_______
|
Carrying amount
At 30 September 2021
846
_______
|
At 30 September 2020
846
_______
|
9.
Debtors
|
|
|
2021
|
2020
|
|
|
|
$
|
$
|
|
Amount owed by parent undertaking
|
|
68,347
|
75,956
|
|
Other debtors
|
|
1,811
|
1,832
|
|
|
|
_______
|
_______
|
|
|
|
70,158
|
77,788
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
$
|
$
|
|
Other creditors
|
|
3,236
|
3,102
|
|
|
|
_______
|
_______
|
|
|
|
|
|
11.
Provisions
|
|
Deferred tax (note 12)
|
|
|
|
|
|
|
$
|
|
|
|
|
|
At 1 October 2020
|
881,569
|
|
|
|
|
|
Movement on fair value adjustment
|
89,815
|
|
|
|
|
|
|
________
|
|
|
|
|
|
At 30 September 2021
|
971,384
|
|
|
|
|
|
|
________
|
|
|
|
|
|
|
|
|
|
|
|
12.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2021
|
2020
|
|
|
|
$
|
$
|
|
Included in provisions (note 11)
|
|
971,384
|
881,569
|
|
|
|
________
|
________
|
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2021
|
2020
|
|
|
|
$
|
$
|
|
Fair value adjustment of investment property
|
|
971,384
|
881,569
|
|
|
|
________
|
________
|
|
|
|
|
|
13.
Called up share capital
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
|
No
|
|
$
|
|
No
|
|
$
|
|
Issued and called up
|
|
|
|
|
|
|
|
|
|
Ordinary shares of USD 1.611 each
|
|
1,677,430
|
|
2,701,620
|
|
1,677,430
|
|
2,701,620
|
|
|
|
_________
|
|
_________
|
|
_________
|
|
_________
|
|
Issued and partly paid
|
|
|
|
|
|
|
|
|
|
Ordinary shares of USD 1.611 each - USD 1.570 paid
|
|
1,677,430
|
|
2,633,273
|
|
1,677,430
|
|
2,625,664
|
|
|
|
_________
|
|
_________
|
|
_________
|
|
_________
|
|
|
|
|
|
|
|
|
|
|
The share capital of the company is issued in pound sterling - 1,677,430 Ordinary shares of £1 each. The called up share capital is stated on the statement of financial position in U.S. dollars at the rate of exchange prevailing on the date of issue
.
14.
Related party transactions
During the year, the parent undertaking has continued to provide financial support to the company and paid various expenses on its behalf. At the reporting date, the net amount owed by the parent undertaking to the company, which represents unpaid share capital, was $ 68,347 (2020: $ 75,956).
15.
Controlling party
The company's parent and ultimate parent undertaking is Geonikon Ltd, a company registered in British Virgin Islands.