2023-01-012023-12-312023-12-31false08587998BLUE SKY EVENT MANAGEMENT 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BLUE SKY EVENT MANAGEMENT LIMITED

Registered Number
08587998
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

BLUE SKY EVENT MANAGEMENT LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

BARSCH, Annabel Mary
WATSON, James Edward

Registered Address

11a Kimberley Park Road
Falmouth
TR11 2DA

Registered Number

08587998 (England and Wales)
BLUE SKY EVENT MANAGEMENT LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4468,424218,622
468,424218,622
Current assets
Stocks52,5002,500
Debtors56,86327,227
Cash at bank and on hand79,85390,110
139,216119,837
Creditors amounts falling due within one year7(296,978)(70,560)
Net current assets (liabilities)(157,762)49,277
Total assets less current liabilities310,662267,899
Creditors amounts falling due after one year8(30,430)(36,582)
Provisions for liabilities9(52,943)(11,804)
Net assets227,289219,513
Capital and reserves
Called up share capital15,000100,000
Profit and loss account212,289119,513
Shareholders' funds227,289219,513
The financial statements were approved and authorised for issue by the Board of Directors on 26 March 2024, and are signed on its behalf by:
WATSON, James Edward
Director
Registered Company No. 08587998
BLUE SKY EVENT MANAGEMENT LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings20
Vehicles10
Office Equipment20
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year65
3.Intangible assets
4.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 23293,63633,30062,4358,009397,380
Additions320,33235,4007,7572,081365,570
Disposals-(6,750)--(6,750)
At 31 December 23613,96861,95070,19210,090756,200
Depreciation and impairment
At 01 January 23128,0323,33044,2623,134178,758
Charge for year97,1875,9305,1851,391109,693
On disposals-(675)--(675)
At 31 December 23225,2198,58549,4474,525287,776
Net book value
At 31 December 23388,74953,36520,7455,565468,424
At 31 December 22165,60429,97018,1734,875218,622
5.Stocks

2023

2022

££
Finished goods2,5002,500
Total2,5002,500
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables40,84821,408
Other debtors12,0162,818
Prepayments and accrued income3,9993,001
Total56,86327,227
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables31,3605,399
Bank borrowings and overdrafts5,5935,776
Taxation and social security-3,400
Other creditors177,79615,289
Accrued liabilities and deferred income82,22940,696
Total296,97870,560
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts30,43036,582
Total30,43036,582
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)52,94311,804
Total52,94311,804