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Registration number: 06593319

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

for
 

Blue Sky Designers Ltd

 

Blue Sky Designers Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Blue Sky Designers Ltd

Company Information

Director:

D Robinson

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

06593319

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Blue Sky Designers Ltd

(Registration number: 06593319)
Balance Sheet as at 31 October 2023

Note

31.10.23

31.10.22

   

£

£

£

£

FIXED ASSETS

   

 

Intangible assets

4

 

130,340

 

103,040

CURRENT ASSETS

   

 

Debtors

6

-

 

8,154

 

Cash at bank and in hand

 

6,513

 

6,345

 

 

6,513

 

14,499

 

CREDITORS

   

 

Creditors within 1yr

7

1,392,279

 

1,324,636

 

Net current liabilities

   

(1,385,766)

 

(1,310,137)

Total assets less current liabilities

   

(1,255,426)

 

(1,207,097)

Creditors
Amounts falling due after more than one year

7

 

11,314

 

10,333

Net liabilities

   

(1,266,740)

 

(1,217,430)

CAPITAL AND RESERVES

   

 

Called up share capital

 

1,000

 

1,000

Profit and loss account

 

(1,267,740)

 

(1,218,430)

Shareholders' deficit

   

(1,266,740)

 

(1,217,430)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024

.........................................
D Robinson
Director

 

Blue Sky Designers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 31 July 2024.

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Blue Sky Designers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc.

Straight line over 3 years

Amortisation

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised over their estimated useful life.

Asset class

Amortisation method and rate

Development costs

between 5-10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Blue Sky Designers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4.

Intangible assets

Internally generated software development costs etc.
 £

Cost or valuation

At 1 November 2022

1,156,267

Additions acquired separately

66,325

At 31 October 2023

1,222,592

Amortisation

At 1 November 2022

1,053,227

Amortisation charge

39,025

At 31 October 2023

1,092,252

Carrying amount

At 31 October 2023

130,340

At 31 October 2022

103,040

 

Blue Sky Designers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

5.

Tangible assets

Office equipment etc.
£

Cost or valuation

At 1 November 2022

2,540

At 31 October 2023

2,540

Depreciation

At 1 November 2022

2,540

At 31 October 2023

2,540

Carrying amount

At 31 October 2023

-

 

Blue Sky Designers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

6.

Debtors

31.10.23
£

31.10.22
£

Trade debtors

-

8,154

-

8,154

7.

Creditors

Creditors: amounts falling due within one year

Note

31.10.23
£

31.10.22
£

Due within one year

 

Loans and borrowings

14,497

5,053

Trade creditors

 

33,312

23,675

Taxation and social security

 

22

2,117

Accruals and deferred income

 

1,900

1,250

Other creditors

 

1,342,548

1,292,541

 

1,392,279

1,324,636

Creditors: amounts falling due after more than one year

Note

31.10.23
£

31.10.22
£

Due after one year

 

Loans and borrowings

11,314

10,333