Registered number
04789469
Bluesky International Limited
Filleted Accounts
31 December 2023
Bluesky International Limited
Registered number: 04789469
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,694,052 3,929,358
Current assets
Stocks 29,098 83,529
Debtors 4 1,495,284 1,662,294
Cash at bank and in hand 591,853 1,008,922
2,116,235 2,754,745
Creditors: amounts falling due within one year 5 (1,712,637) (1,784,244)
Net current assets 403,598 970,501
Total assets less current liabilities 4,097,650 4,899,859
Creditors: amounts falling due after more than one year 6 (636,778) (1,462,589)
Net assets 3,460,872 3,437,270
Capital and reserves
Called up share capital 65,667 65,667
Share premium 91,937 91,937
Capital redemption reserve 900 900
Profit and loss account 3,302,368 3,278,766
Shareholders' funds 3,460,872 3,437,270
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rachel Tidmarsh
Director
Approved by the board on 29 February 2024
Bluesky International Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers and cameras 20% and 33% straight line
Plant, machinery and motor vehicles 20%, 25% and 33% straight line
Database 15% straight line reducing to 4% after 5 years
with a residual value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 32 30
3 Tangible fixed assets
Computers and cameras Plant, machinery and motor vehicles Database Total
£ £ £ £
Cost
At 1 January 2023 5,680,227 184,970 7,059,525 12,924,722
Additions 55,157 - 908,426 963,583
At 31 December 2023 5,735,384 184,970 7,967,951 13,888,305
Depreciation
At 1 January 2023 4,266,701 68,273 4,660,390 8,995,364
Charge for the year 696,067 29,984 472,838 1,198,889
At 31 December 2023 4,962,768 98,257 5,133,228 10,194,253
Net book value
At 31 December 2023 772,616 86,713 2,834,723 3,694,052
At 31 December 2022 1,413,526 116,697 2,399,135 3,929,358
4 Debtors 2023 2022
£ £
Trade debtors 895,160 726,420
Prepayments and accrued income 148,729 166,952
Amounts owed by related undertakings 66,033 255,287
Corporation tax recoverable 29,007 45,014
Directors loan accounts 41,060 153,995
Other debtors 315,295 314,626
1,495,284 1,662,294
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 152,840 154,989
Obligations under finance lease and hire purchase contracts 299,158 477,528
Trade creditors 574,471 592,997
Amounts owed to related undertakings 99,785 57,667
Accruals and deferred icome 283,819 349,554
Taxation and social security costs 288,896 142,786
Other creditors 13,668 8,723
1,712,637 1,784,244
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 486,506 638,944
Obligations under finance lease and hire purchase contracts 150,272 449,431
Trade creditors - 374,214
636,778 1,462,589
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Rachel Tidmarsh
Rachel Tidmarsh 20,000 - 20,000
James Eddy (resigned 24 March 2023)
James Eddy 133,995 (133,995) -
Hedley Coleman
Hedley Coleman 21,060 21,060
153,995 21,060 (133,995) 41,060
8 Related party transactions
During the year Bluesky International Limited was charged rent totalling £8,400 (2022: £5,520) by Wildsky Holdings Limited, the ultimate parent companies of both entities have common shareholders. As at the year end Wildsky Holdings Limited was owed £46,400 by the company (2022: £57,667), this balance is shown in creditors above,
During the year Bluesky International Limited charged Bluesky Geospatial Limited, a company with common shareholders, cost recharges of £320,359 (2022: £265,270). Bluesky Geospatial Limited charged the company £60,000 (2022: £60,000) of management charges throughout the year. At the year end Bluesky Geospatial Limited owed Bluesky International Limited £52,578 (2022: £168,.522), this balance is shown in debtors above.
During the year Bluesky International Limited was charged £230,549 (2022: £298,477) of production costs by Bluesky Geospatial PVT Limited a company in which they have a shareholding.
9 Controlling party
The entire share capital of the company is owned by BS INT Holdings Limited.
The company's controlling party is Rachel Tidmarsh (Director) by virtue of her majority shareholding in Bluesky UK Holdings Limited which is the company's ultimate parent company.
10 Other information
Bluesky International Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Station
Station Road
Ashby De-La-Zouch
LE65 2AS
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