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Registered number: 09593831
Capital Sky Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—10
Page 1
Company Information
Director M Maloney
Company Number 09593831
Registered Office SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Accountants Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 1
Page 2
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Capital Sky Limited For The Year Ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Capital Sky Limited For The Year Ended 30 June 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Capital Sky Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Capital Sky Limited and state those matters that we have agreed to state to the director of Capital Sky Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Capital Sky Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Capital Sky Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Capital Sky Limited . You consider that Capital Sky Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Capital Sky Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
27/08/2024
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
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Page 3
Statement of Financial Position
Registered number: 09593831
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 49,395 89,531
49,395 89,531
CURRENT ASSETS
Debtors 5 1,238,092 1,457,166
Cash at bank and in hand 505,703 294,432
1,743,795 1,751,598
Creditors: Amounts Falling Due Within One Year 6 (930,203 ) (1,015,002 )
NET CURRENT ASSETS (LIABILITIES) 813,592 736,596
TOTAL ASSETS LESS CURRENT LIABILITIES 862,987 826,127
Creditors: Amounts Falling Due After More Than One Year 7 (26,052 ) (92,092 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (12,349 ) (22,383 )
NET ASSETS 824,586 711,652
CAPITAL AND RESERVES
Called up share capital 12 4 4
Income Statement 824,582 711,648
SHAREHOLDERS' FUNDS 824,586 711,652
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
M Maloney
Director
27/08/2024
The notes on pages 5 to 10 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Capital Sky Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09593831 . The registered office is SAS House, Chipperfield Road, Kings Langley, Hertfordshire, WD4 9JB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Significant judgements and estimations
In the application of the company's accounting policies, the director is required to make judgements, estimates, and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 4 years straight line
Motor Vehicles 4 years straight line
Fixtures & Fittings 4 years straight line
Computer Equipment 4 years straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 2)
4 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 66,750 19,000 3,702 4,882 94,334
Additions - 26,884 2,325 11,542 40,751
Disposals (66,750 ) - - - (66,750 )
As at 30 June 2024 - 45,884 6,027 16,424 68,335
Depreciation
As at 1 July 2023 1,391 792 888 1,732 4,803
Provided during the period 1,391 11,471 1,396 2,661 16,919
Disposals (2,782 ) - - - (2,782 )
As at 30 June 2024 - 12,263 2,284 4,393 18,940
Net Book Value
As at 30 June 2024 - 33,621 3,743 12,031 49,395
As at 1 July 2023 65,359 18,208 2,814 3,150 89,531
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 602,781 156,430
Prepayments and accrued income 4,968 10,339
Other debtors 615,123 1,248,712
VAT - 37,106
Director's loan account 14,718 -
Amounts owed by group undertakings 502 4,579
1,238,092 1,457,166
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,804 4,551
Trade creditors 811,307 582,987
Bank loans and overdrafts 33,293 166,371
Corporation tax 17,634 131,477
Other taxes and social security 34,045 342
VAT 1,057 -
Other creditors 27,036 30,000
...CONTINUED
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Director's loan account - 99,274
Amounts owed to group undertakings 27 -
930,203 1,015,002
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 26,052 12,226
Bank loans - 79,866
26,052 92,092
8. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 33,293 246,237
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,804 4,551
Later than one year and not later than five years 26,052 12,226
31,856 16,777
31,856 16,777
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 12,349 22,383
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11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 22,383 22,383
Deferred taxation (10,034 ) (10,034 )
Balance at 30 June 2024 12,349 12,349
12. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
1 Ordinary A shares of £ 1.00 each 1 1
1 Ordinary B shares of £ 1.00 each 1 1
4 4
13. Related Party Transactions
At the year end £27 (2023: £4,479 owed from) was owed to Capital Sky Plant Limited, a fellow subsidiary of Capital Sky Limited. The balance is included within amounts owed to group undertakings.
At the year end £502 (2023: £Nil) was owed from Shauna Limited, a company in which Martin Maloney is a director. The balance is included within amounts owed by group undertakings.
14. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Capital Sky Holdings Limited . Capital Sky Holdings Limited was incorporated in England and Wales.
The ultimate controlling party is Martin Maloney who controls 100% of the shares of Capital Sky Holdings Limited .
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