Registered number
11847186
Blue Sky Property (North East) Limited
Filleted Accounts
29 February 2024
Blue Sky Property (North East) Limited
Report to the directors on the preparation of the unaudited statutory accounts of Blue Sky Property (North East) Limited for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blue Sky Property (North East) Limited for the year ended 29 February 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
1st Cloud Accountants
1st Cloud Accountants
Chartered Certified Accountants
Analysis House
117-119 Sea Road
Sunderland
Tyne and Wear
SR6 9EQ
2 October 2024
Blue Sky Property (North East) Limited
Registered number: 11847186
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 958 958
Investments 4 3,845,513 3,825,513
3,846,471 3,826,471
Current assets
Debtors 5 186,770 -
Cash at bank and in hand 56,972 175,717
243,742 175,717
Creditors: amounts falling due within one year 6 (390,948) (297,691)
Net current liabilities (147,206) (121,974)
Total assets less current liabilities 3,699,265 3,704,497
Creditors: amounts falling due after more than one year 7 (3,027,687) (3,021,424)
Provisions for liabilities (37,957) (40,145)
Net assets 633,621 642,928
Capital and reserves
Called up share capital 420 420
Share premium 459,700 459,700
Profit and loss account 173,501 182,808
Shareholders' funds 633,621 642,928
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.
Mr G N A Swalwell
Director
Approved by the board on 9 October 2024
Blue Sky Property (North East) Limited
Notes to the Accounts
for the year ended 29 February 2024
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 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.
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:
Plant and machinery over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 1,000
Additions 300
At 29 February 2024 1,300
Depreciation
At 1 March 2023 42
Charge for the year 300
At 29 February 2024 342
Net book value
At 29 February 2024 958
At 28 February 2023 958
4 Investments
Other
investments
£
Cost
At 1 March 2023 3,825,513
Additions 20,000
At 29 February 2024 3,845,513
Historical cost
At 1 March 2023 3,614,224
At 29 February 2024 3,614,224
One of the director's, Thom Swalwell, has good knowledge of the area and his estimates are based on values of similar properties on the market. The values for 125/126 Roker Avenue, 6 Mayholme and 15 Hemming Street has been valued the same as the previous year with no significant changes taking place in the market, whilst the additions of further properties last year have remained the same due to the recent acquisition of the properties.
5 Debtors 2024 2023
£ £
Other debtors 186,770 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,300 1,300
Trade creditors - 274
Directors loan accounts 219,556 145,811
Taxation and social security costs - 1,664
Other creditors 170,092 148,642
390,948 297,691
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,027,687 3,021,424
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 3,026,062 3,018,500
Secured bank loans 3,026,062 3,018,500
Security for the secured loans are protected by the properties outlined by the charges issued on Companies House against the company (1184 7186 0001, 1184 7186 0002 and 1184 7186 0003)
9 Other information
Blue Sky Property (North East) Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Grange Crescent
Ashbrooke
Sunderland
SR2 7BN
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