Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31truefalse2023-01-01falseNo description of principal activity76The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12990046 2023-01-01 2023-12-31 12990046 2022-01-01 2022-12-31 12990046 2023-12-31 12990046 2022-12-31 12990046 c:Director2 2023-01-01 2023-12-31 12990046 d:FurnitureFittings 2023-01-01 2023-12-31 12990046 d:FurnitureFittings 2023-12-31 12990046 d:FurnitureFittings 2022-12-31 12990046 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12990046 d:OfficeEquipment 2023-01-01 2023-12-31 12990046 d:OfficeEquipment 2023-12-31 12990046 d:OfficeEquipment 2022-12-31 12990046 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12990046 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12990046 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 12990046 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 12990046 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 12990046 d:CurrentFinancialInstruments 2023-12-31 12990046 d:CurrentFinancialInstruments 2022-12-31 12990046 d:Non-currentFinancialInstruments 2023-12-31 12990046 d:Non-currentFinancialInstruments 2022-12-31 12990046 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12990046 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12990046 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12990046 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12990046 d:ShareCapital 2023-12-31 12990046 d:ShareCapital 2022-12-31 12990046 d:SharePremium 2023-12-31 12990046 d:SharePremium 2022-12-31 12990046 d:RetainedEarningsAccumulatedLosses 2023-12-31 12990046 d:RetainedEarningsAccumulatedLosses 2022-12-31 12990046 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12990046 c:OrdinaryShareClass1 2023-12-31 12990046 c:OrdinaryShareClass1 2022-12-31 12990046 c:OrdinaryShareClass2 2023-01-01 2023-12-31 12990046 c:OrdinaryShareClass2 2023-12-31 12990046 c:OrdinaryShareClass2 2022-12-31 12990046 c:FRS102 2023-01-01 2023-12-31 12990046 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12990046 c:FullAccounts 2023-01-01 2023-12-31 12990046 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12990046 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 12990046 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12990046










THINKING SKY BLUE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THINKING SKY BLUE LIMITED
REGISTERED NUMBER: 12990046

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,386,306
1,048,200

Tangible assets
 5 
20,928
26,069

  
1,407,234
1,074,269

Current assets
  

Debtors: amounts falling due within one year
 6 
149,654
125,185

Cash at bank and in hand
 7 
36,239
443,677

  
185,893
568,862

Creditors: amounts falling due within one year
 8 
(113,422)
(35,913)

Net current assets
  
 
 
72,471
 
 
532,949

Total assets less current liabilities
  
1,479,705
1,607,218

Creditors: amounts falling due after more than one year
 9 
(23,509)
(26,843)

  

Net assets
  
1,456,196
1,580,375


Capital and reserves
  

Called up share capital 
 10 
523
340

Share premium account
  
3,677,867
2,689,625

Profit and loss account
  
(2,222,194)
(1,109,590)

  
1,456,196
1,580,375


Page 1

 
THINKING SKY BLUE LIMITED
REGISTERED NUMBER: 12990046
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 February 2024.




C Woodward-Jones
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
THINKING SKY BLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Thinking Sky Blue Limited is a company domiciled in England & Wales, registration number 12990046. The registered office is The Dairy, Manor Courtyard, Aston Sandford, Bucks, HP17 8JB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
THINKING SKY BLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Design & Development costs
-
5
Years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
THINKING SKY BLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Straight line
Office equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 5

 
THINKING SKY BLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 6).


4.


Intangible assets




Design costs

£



Cost


At 1 January 2023
1,259,892


Additions
677,043



At 31 December 2023

1,936,935



Amortisation


At 1 January 2023
211,692


Charge for the year on owned assets
338,937



At 31 December 2023

550,629



Net book value



At 31 December 2023
1,386,306



At 31 December 2022
1,048,200


The individual intangible assets, which are material to the financial statements, are the design & development costs of the company's software product.


Page 6

 
THINKING SKY BLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
2,474
26,757
29,231


Additions
-
767
767



At 31 December 2023

2,474
27,524
29,998



Depreciation


At 1 January 2023
323
2,839
3,162


Charge for the year on owned assets
495
5,413
5,908



At 31 December 2023

818
8,252
9,070



Net book value



At 31 December 2023
1,656
19,272
20,928



At 31 December 2022
2,151
23,918
26,069

Page 7

 
THINKING SKY BLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
55,389
7,500

Other debtors
86,313
104,475

Prepayments and accrued income
7,952
13,210

149,654
125,185



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
36,239
443,677

36,239
443,677



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,240
13,864

Other taxation and social security
42,285
-

Other creditors
41,897
7,833

Accruals and deferred income
2,000
14,216

113,422
35,913


Page 8

 
THINKING SKY BLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
21,287
21,287

Accruals and deferred income
2,222
5,556

23,509
26,843



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



165,000 (2022 - 165,000) Ordinary shares of £0.001 each
165
165
357,619 (2022 - 174,690) Ordinary B shares of £0.001 each
358
175

523

340


During the year, the company issued 182,929 ordinary B £0.001 shares for total consideration of £988,425.

 
Page 9