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COMPANY REGISTRATION NUMBER: NI628196
Clear Sky Facilities Management Limited
Filleted Unaudited Financial Statements
31 October 2023
Clear Sky Facilities Management Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
Clear Sky Facilities Management Limited
Officers and Professional Advisers
The board of directors
Mr B Boyd
Ms F Boyd
Registered office
2nd Floor (Killultagh) The Linenhall
32-38 Linenhall Street
Belfast
BT2 8BG
Accountants
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Clear Sky Facilities Management Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Clear Sky Facilities Management Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clear Sky Facilities Management Limited for the year ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Clear Sky Facilities Management Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Clear Sky Facilities Management Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clear Sky Facilities Management Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Clear Sky Facilities Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Clear Sky Facilities Management Limited. You consider that Clear Sky Facilities Management Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Clear Sky Facilities Management 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 statutory financial statements.
Maneely Mc Cann Chartered Accountants Chartered Accountants
Aisling House 50 Stranmillis Embankment Belfast BT9 5FL
5 September 2024
Clear Sky Facilities Management Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Current assets
Cash at bank and in hand
13,817
13,859
Creditors: amounts falling due within one year
4
160,000
160,000
---------
---------
Net current liabilities
146,183
146,141
---------
---------
Total assets less current liabilities
( 146,183)
( 146,141)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 146,184)
( 146,142)
---------
---------
Shareholders deficit
( 146,183)
( 146,141)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 September 2024 , and are signed on behalf of the board by:
Mr B Boyd
Director
Company registration number: NI628196
Clear Sky Facilities Management Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2nd Floor (Killultagh) The Linenhall, 32-38 Linenhall Street, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on a going concern basis, notwithstanding the fact that the company had net current liabilities of £146,183 and a net shareholders deficiency of £146,183 at the balance sheet date. The directors have considered future financial projections and future cash flows and are confident that the company will continue to trade for the foreseeable future. The company depends on continued support from its parent company and fellow subsidiaries. Accordingly, the directors consider that, subject to the continued support from the group, it is appropriate that the financial statements for the period ended 31 October 2023 are prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.
4. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
160,000
160,000
---------
---------
5. Related party transactions
Control The company is a wholly owned subsidiary of Bright Sky Facilities Management Limited, a company incorporated in Northern Ireland. Mr B Boyd and Ms F Boyd are shareholders of Bright Sky Facilities Management Limited and as such are considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard 102 Section 1A Appendix C, Related Party Disclosures. The father of directors Mr B Boyd and Ms F Boyd, Mr F Boyd, is a director of a related party. Clear Sky Facilities Management Limited manage the properties of the related party, and charged management fees during the year totalling £Nil (2022: £39,464). Mr F Boyd is also a director of a company which charged Clear Sky Facilities Management Limited management fees totalling £Nil (2022: £37,491) during the year.