Blue Men Fin Ltd - Limited company accounts 17.3

REGISTERED NUMBER: SC487218 (Scotland)

Report of the Director and

Financial Statements for the Year Ended 30 September 2017

for

Blue Men Fin Ltd

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

R J Boyd

REGISTERED OFFICE:

7 Black Street

Chapelton

Stonehaven

Kincardineshire

AB39 8AF

REGISTERED NUMBER:

SC487218 (Scotland)

ACCOUNTANTS:

Graeme Munro & Company Ltd

Unit 19

50 Cotton Street

ABERDEEN

AB11 5EE

The director presents his report with the financial statements of the company for the year ended 30 September 2017.

DIRECTOR

R J Boyd held office during the whole of the period from 1 October 2016 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in

accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law

the director has 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 director must not approve the financial statements unless he is satisfied that

they give a true and fair view of the state of affairs of the company and of the profit or loss of the company

for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The director is responsible for keeping adequate accounting records that are sufficient to show and explain

the company's transactions and disclose with reasonable accuracy at any time the financial position of the

company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is

also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the

prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

Director

25 March 2018

TURNOVER

42,921

45,604

Administrative expenses

18,026

17,280

OPERATING PROFIT

4

24,895

28,324

Interest receivable and similar income

16

-

PROFIT BEFORE TAXATION

24,911

28,324

Tax on profit

4,928

5,762

PROFIT FOR THE FINANCIAL
YEAR

19,983

22,562

FIXED ASSETS

Tangible assets

6

1,090

1,454

CURRENT ASSETS

Debtors

7

7,591

1,173

Cash at bank

2,548

10,767

10,139

11,940

CREDITORS

Amounts falling due within one year

8

9,439

10,587

NET CURRENT ASSETS

700

1,353

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,790

2,807

CAPITAL AND RESERVES

Called up share capital

9

100

Retained earnings

10

1,690

2,707

SHAREHOLDERS' FUNDS

1,790

2,807

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 25 March 2018 and were signed by:

R J Boyd - Director

1.	STATUTORY INFORMATION

Blue Men Fin Ltd is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 1 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.17

30.9.16

£

Depreciation - owned assets

364

484

5.

DIVIDENDS

30.9.17

30.9.16

£

Ordinary shares of £1 each

Interim

21,000

26,297

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2016

and 30 September 2017

2,600

DEPRECIATION

At 1 October 2016

1,146

Charge for year

364

At 30 September 2017

1,510

NET BOOK VALUE

At 30 September 2017

1,090

At 30 September 2016

1,454

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

Trade debtors

7,299

-

Other debtors

292

1,173

7,591

1,173

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

Taxation and social security

4,928

5,762

Other creditors

4,511

4,825

9,439

10,587

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

100

Ordinary

£1

100

10.

RESERVES

Retained

earnings

£

At 1 October 2016

2,707

Profit for the year

19,983

Dividends

(21,000

)

At 30 September 2017

1,690

11.	FIRST YEAR ADOPTION

The Company has transitioned to FRS 102 from previously being prepared under the historical cost

convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective

January 2015) as at 1st October 2016.