Company registration number 05027528 (England and Wales)
BIG SKY PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
BIG SKY PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BIG SKY PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
31 January 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
24,750
80,000
Tangible assets
5
1,042,829
1,247,661
1,067,579
1,327,661
Current assets
Stocks
48,595
44,771
Debtors
6
2,222,330
2,206,546
Cash at bank and in hand
202,920
777,705
2,473,845
3,029,022
Creditors: amounts falling due within one year
7
(3,905,514)
(1,415,986)
Net current (liabilities)/assets
(1,431,669)
1,613,036
Total assets less current liabilities
(364,090)
2,940,697
Creditors: amounts falling due after more than one year
8
(420,000)
(2,829,852)
Net (liabilities)/assets
(784,090)
110,845
Capital and reserves
Called up share capital
50,463
50,463
Profit and loss reserves
(834,553)
60,382
Total equity
(784,090)
110,845
The notes on pages 3 to 9 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BIG SKY PARTNERSHIP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
Ms L Gorman
Director
Company registration number 05027528 (England and Wales)
BIG SKY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Big Sky Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29-31 Brewery Road, London, N7 9QH.
The company's registration number is 05027528.
1.1
Reporting period
These financial statements have been prepared for the thirteen months to 31 January 2024. The company extended the reporting period to coincide with the change of ownership of the company. The comparatives presented in the financial statements and related notes are for twelve months and, therefore, they are not entirely comparable.
1.2
Accounting convention
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified by the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The company has reported trading losses before taxation for the previous two reporting periods and at the balance sheet date there are net liabilities of £784,090 on the balance sheet. After the period end the company was acquired by Olgfc Limited. The new group have provided the company with a long term loan, which replaces finance by M and F Caraccia. The directors, therefore, consider that the company will remain a going concern for the foreseeable future.
1.4
Turnover
Turnover on the profit and loss account is solely derived from the rendering of services.
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. The following criteria must be met before revenue is recognised:
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisified:
the amount of revenue can be reliably measured;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the reporting date can be measured reliably; and
the costs incurred and the costs to complete the contract can be reliably measured.
BIG SKY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2018 and 2019, is being amortised evenly over an estimated useful life of ten years.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Development costs are capitalised when it is considered that they will produce an economic benefit to the company in future years.
Development costs
Amortisation on development costs is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
Amortisation is applied when commercial production has commenced (hence matching the income and expenditure to the period in which it relates).
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over 10 year lease
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Lighting equipment
20% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
BIG SKY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
The internally generated development costs are impaired, when no future economic benefits are expected from its use.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BIG SKY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Development costs
As describe in paragraph 1.6 of the accounting policies the company has assessed the likelihood of the development project being able to generate revenue in future years and has concluded that it is sufficiently unlikely so as to require the full impairment of that intangible fixed asset. It has not been disposed of because the asset continues to exist and the software in its current state of development does have the possibility of being improved if it could be done at a reasonable cost at some stage in the future.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
77
73
BIG SKY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 7 -
4
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2023 and 31 January 2024
260,000
203,711
463,711
Amortisation and impairment
At 1 January 2023
180,000
203,711
383,711
Amortisation charged for the period
55,250
55,250
At 31 January 2024
235,250
203,711
438,961
Carrying amount
At 31 January 2024
24,750
24,750
At 31 December 2022
80,000
80,000
5
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Lighting equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
955,418
592,388
671,481
1,226,472
74,921
3,520,680
Additions
18,272
22,947
26,647
67,866
At 31 January 2024
955,418
610,660
694,428
1,253,119
74,921
3,588,546
Depreciation and impairment
At 1 January 2023
334,396
404,470
435,169
1,034,816
64,168
2,273,019
Depreciation charged in the period
103,504
52,910
68,398
45,029
2,857
272,698
At 31 January 2024
437,900
457,380
503,567
1,079,845
67,025
2,545,717
Carrying amount
At 31 January 2024
517,518
153,280
190,861
173,274
7,896
1,042,829
At 31 December 2022
621,022
187,918
236,312
191,656
10,753
1,247,661
BIG SKY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 8 -
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
1,311,809
1,462,157
Corporation tax recoverable
20,862
74,826
Other debtors
409,040
392,434
1,741,711
1,929,417
2024
2022
Amounts falling due after more than one year:
£
£
Other debtors
194,075
201,543
Deferred tax asset
286,544
75,586
480,619
277,129
Total debtors
2,222,330
2,206,546
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
240,000
240,000
Trade creditors
346,768
492,598
Taxation and social security
425,565
261,621
Other creditors
2,893,181
421,767
3,905,514
1,415,986
The total secured liabilities falling due within one year are £240,000 (2022: £274,842).
The obligations under finance leases are secured on the assets concerned £nil (2022: £34,482).
The bank loan is subject to a fixed and floating charge over all assets of the company created by a mortgage debenture in favour of the bank dated 21 January 2011 together with a postponement of the directors loan, provided by the director, to the value of £895,985.
BIG SKY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
420,000
720,000
Other creditors
2,109,852
420,000
2,829,852
The total value of secured liabilities due after more that one year is £420,000 (2022: £720,000 ).
At the balance sheet date the bank loan was subject to a fixed and floating charge over all assets of the company created by a mortgage debenture in favour of the bank dated 21 January 2011.
9
Share capital
The company has £50,463 of fully paid-up allotted share capital (2022: £50,463).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
6,876,512
8,146,629
The comparative value has been revised from the previously reported £7,336,684 to £8,146,629 due to the omission of the future commitments relating to one lease which has a period of tenancy from 18 May 2022 to 17 May 2027.
11
Events after the reporting date
On 19 February 2024 the ownership of the company transferred from M Caraccia to Olgfc Limited.
On change of ownership the loans advanced to the company by M and F Caraccia were repaid and new loans were advanced to the company by the new group.
12
Parent company
At the date that the financial statements were authorised the parent company was Olgfc Limited; the ultimate holding company is Olg Holdings Limited, which shares control of the company with L Gorman.
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