20 false false false false false false false false false true false false true true true true No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 298,000 298,000 xbrli:pure xbrli:shares iso4217:GBP 04706040 2022-04-01 2023-03-31 04706040 2023-03-31 04706040 2022-03-31 04706040 2021-04-01 2022-03-31 04706040 2022-03-31 04706040 2021-03-31 04706040 core:NetGoodwill 2022-04-01 2023-03-31 04706040 core:PlantMachinery 2022-04-01 2023-03-31 04706040 core:FurnitureFittings 2022-04-01 2023-03-31 04706040 core:MotorVehicles 2022-04-01 2023-03-31 04706040 bus:Director3 2022-04-01 2023-03-31 04706040 core:NetGoodwill 2023-03-31 04706040 core:PlantMachinery 2022-03-31 04706040 core:FurnitureFittings 2022-03-31 04706040 core:MotorVehicles 2022-03-31 04706040 core:PlantMachinery 2023-03-31 04706040 core:FurnitureFittings 2023-03-31 04706040 core:MotorVehicles 2023-03-31 04706040 core:WithinOneYear 2023-03-31 04706040 core:WithinOneYear 2022-03-31 04706040 core:ShareCapital 2023-03-31 04706040 core:ShareCapital 2022-03-31 04706040 core:RetainedEarningsAccumulatedLosses 2023-03-31 04706040 core:RetainedEarningsAccumulatedLosses 2022-03-31 04706040 core:FurnitureFittings 2022-03-31 04706040 core:MotorVehicles 2022-03-31 04706040 bus:SmallEntities 2022-04-01 2023-03-31 04706040 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04706040 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04706040 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04706040 bus:FullAccounts 2022-04-01 2023-03-31 04706040 core:ComputerEquipment 2022-04-01 2023-03-31 04706040 core:ComputerEquipment 2022-03-31 04706040 core:ComputerEquipment 2023-03-31 04706040 core:ImmediateParent 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 04706040
The Blue Skies Partnership (Universe) Limited
Filleted Unaudited Financial Statements
31 March 2023
The Blue Skies Partnership (Universe) Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
20,218
3,002
Current assets
Debtors
7
59,768
95,670
Cash at bank and in hand
586,314
550,113
---------
---------
646,082
645,783
Creditors: amounts falling due within one year
8
75,686
95,925
---------
---------
Net current assets
570,396
549,858
---------
---------
Total assets less current liabilities
590,614
552,860
Provisions
Taxation including deferred tax
486
570
---------
---------
Net assets
590,128
552,290
---------
---------
Capital and reserves
Called up share capital
100
8
Profit and loss account
590,028
552,282
---------
---------
Shareholder funds
590,128
552,290
---------
---------
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.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Blue Skies Partnership (Universe) Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
T N Cowan
Director
Company registration number: 04706040
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.And the option not to file the Profit and Loss Account has been taken.
The Blue Skies Partnership (Universe) Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Skyview House, 10 St Neots Road, Sandy, Bedfordshire, England, SG19 1LB.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 and as such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
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. During the period in questions, apart from those involving estimations, the management has made no judgements or uncertain policy, within the process of applying the entity's accounting policies.
Revenue recognition
Turnover represents fees received for accountancy services provided during the year, excluding value added tax. Fee income represents revenue earned under a wide variety of contracts to provide accountancy services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors. Payments on account in excess of the relevant amount of revenue are included in creditors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
Taxation
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. 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill amortisation
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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:
Office Gym
-
20% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
25% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
298,000
---------
Amortisation
At 1 April 2022 and 31 March 2023
298,000
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
3,434
33,071
78,674
113,213
228,392
Additions
23,337
23,337
Disposals
( 8,847)
( 1,384)
( 67,694)
( 77,925)
-------
--------
--------
---------
---------
At 31 March 2023
3,434
24,224
77,290
68,856
173,804
-------
--------
--------
---------
---------
Depreciation
At 1 April 2022
3,434
32,938
76,604
112,414
225,390
Charge for the year
133
2,035
3,952
6,120
Disposals
( 8,847)
( 1,384)
( 67,693)
( 77,924)
-------
--------
--------
---------
---------
At 31 March 2023
3,434
24,224
77,255
48,673
153,586
-------
--------
--------
---------
---------
Carrying amount
At 31 March 2023
35
20,183
20,218
-------
--------
--------
---------
---------
At 31 March 2022
133
2,070
799
3,002
-------
--------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
( 12,560)
22,307
Other debtors
72,328
73,363
--------
--------
59,768
95,670
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
32,170
29,943
Corporation tax
8,581
22,221
Social security and other taxes
34,504
42,602
Other creditors
431
1,159
--------
--------
75,686
95,925
--------
--------
9. Finance leases and hire purchase contracts
The company is entered into a future commitment under an operating lease, for the rental of the property which is agreed at a £30,000 per annum.
10. Director's advances, credits and guarantees
£92 were advanced interest free to the directors during the year (2022: £NIL). At the year end, £92 was owed to the company by the director Mr S Sykes (2022: NIL). At the year end, £312 was owed by the company to the to the director Mr T Cowan (2022: £NIL).
11. Related party transactions
During the year, dividends of £ 24,231.33 were distributed to the parent company Blue Skies Ptnrs Holdings Limited.
12. Controlling party
The company is owned by Blue Skies Ptnrs Holdings Limited who hold more than 75% of the share capital and voting rights.