Blue Morpheus Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 08966569

Blue Morpheus Limited

Filleted Unaudited Financial Statements

31 March 2022

Blue Morpheus Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		41,578	43,526

Current assets

Debtors	6	77,090	18,252
Cash at bank and in hand		192,395	1,847
		---------	--------
		269,485	20,099

Creditors: amounts falling due within one year	7	( 175,728)		( 100,515)
		---------		---------
Net current assets/(liabilities)			93,757	( 80,416)
			---------	--------
Total assets less current liabilities			135,335	( 36,890)

Provisions

Taxation including deferred tax	( 7,397)	( 7,711)
	---------	--------
Net assets/(liabilities)	127,938	( 44,601)
	---------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	127,838	( 44,701)
	---------	--------
Shareholders funds/(deficit)	127,938	( 44,601)
	---------	--------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Blue Morpheus Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 25 October 2022 , and are signed on behalf of the board by:

Mr H Zambarloukos

Director

Company registration number: 08966569

Blue Morpheus Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, 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 sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicle	-	20% straight line
Equipment	-	33% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2021	51,675	27,902	79,577
Additions	–	13,682	13,682
Disposals	–	( 9,006)	( 9,006)
	--------	--------	--------
At 31 March 2022	51,675	32,578	84,253
	--------	--------	--------
Depreciation
At 1 April 2021	17,212	18,839	36,051
Charge for the year	10,335	5,295	15,630
Disposals	–	( 9,006)	( 9,006)
	--------	--------	--------
At 31 March 2022	27,547	15,128	42,675
	--------	--------	--------
Carrying amount
At 31 March 2022	24,128	17,450	41,578
	--------	--------	--------
At 31 March 2021	34,463	9,063	43,526
	--------	--------	--------

6. Debtors

	2022	2021
	£	£
Trade debtors	39,082	–
Other debtors	38,008	18,252
	--------	--------
	77,090	18,252
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	9,700	–
Corporation tax	46,934	–
Social security and other taxes	40,978	12,576
Other creditors	78,116	87,939
	---------	---------
	175,728	100,515
	---------	---------

Included within other creditors is an amount of £62,783 (2021 £81,310) due to the directors.