Blue Copal Limited
Unaudited Financial Statements
For the year ended 31 December 2022
For Filing with Registrar
Company Registration No. 12587922 (England and Wales)
Blue Copal Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Blue Copal Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,526
7,541
Investments
4
1,030,869
827,332
1,038,395
834,873
Current assets
Debtors
5
100,355
76,995
Cash at bank and in hand
7,196
14,201
107,551
91,196
Creditors: amounts falling due within one year
6
(1,960,319)
(1,747,787)
Net current liabilities
(1,852,768)
(1,656,591)
Net liabilities
(814,373)
(821,718)
Capital and reserves
Called up share capital
7
12,000
12,000
Profit and loss reserves
(826,373)
(833,718)
Total equity
(814,373)
(821,718)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Blue Copal Limited
Balance Sheet (Continued)
As at 31 December 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 15 July 2023 and are signed on its behalf by:
J Dreux
Director
Company Registration No. 12587922
Blue Copal Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 3
1
Accounting policies
Company information
Blue Copal Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Magnus House, 3 Lower Thames Street, London, EC3R 6HD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
During the year ended 31 December 202true2, the company made a profit of £7,345 and at the balance sheet date, has net liabilities of £814,373.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The previous annual financial statements were presented for a period shorter than one year, due to the company incorporating on 6 May 2020. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
Revenue is recognised when the performance obligations have been satisfied, which is once control of the goods and/or services has transferred to the buyer. Revenue is measured based on consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The same recognition and presentation principles apply to revenues arising from physical settlement of forward sale contracts that do not meet the own use exemption.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Blue Copal Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments
Investments are initially measured at transaction price excluding transaction costs. Investments are subsequently sold at market rate and the gain or loss on the transaction is recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Blue Copal Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 5
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Blue Copal Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 6
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
10,364
Additions
1,929
At 31 December 2022
12,293
Depreciation and impairment
At 1 January 2022
2,823
Depreciation charged in the year
1,944
At 31 December 2022
4,767
Carrying amount
At 31 December 2022
7,526
At 31 December 2021
7,541
Blue Copal Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 7
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
1,030,869
827,332
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2022
827,332
Purchases
(185,000)
Commission, fees and forex
(86,811)
Profit on trades
475,348
At 31 December 2022
1,030,869
Carrying amount
At 31 December 2022
1,030,869
At 31 December 2021
827,332
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
100,355
76,995
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,158
Taxation and social security
5,519
7,148
Other creditors
1,951,642
1,740,639
1,960,319
1,747,787
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
1,200,000
1,200,000
12,000
12,000
Blue Copal Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 8
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Land and buildings
5,250
28,000
9
Related party transactions
Included in other creditors is an amount of £1,944,221 (2021: £1,733,912) payable to the director.