Company Registration No. 04556115 (England and Wales)
BLUE SKY INTERACTIVE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BLUE SKY INTERACTIVE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
BLUE SKY INTERACTIVE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,594
23,361
Current assets
Debtors
4
700,059
565,333
Cash at bank and in hand
240,215
365,557
940,274
930,890
Creditors: amounts falling due within one year
5
(478,342)
(422,528)
Net current assets
461,932
508,362
Total assets less current liabilities
480,526
531,723
Provisions for liabilities
(4,649)
-
0
Net assets
475,877
531,723
Capital and reserves
Called up share capital
110
110
Profit and loss reserves
475,767
531,613
Total equity
475,877
531,723

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 7 January 2025 and are signed on its behalf by:
Mr N J Evans
Director
Company registration number 04556115 (England and Wales)
BLUE SKY INTERACTIVE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
110
1,552,276
1,552,386
Year ended 30 April 2023:
Profit and total comprehensive income
-
240,535
240,535
Contribution to EOT
-
(1,261,198)
(1,261,198)
Balance at 30 April 2023
110
531,613
531,723
Year ended 30 April 2024:
Profit and total comprehensive income
-
244,154
244,154
Contribution to EOT
-
(300,000)
(300,000)
Balance at 30 April 2024
110
475,767
475,877
BLUE SKY INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
3
1
Accounting policies
Company information

Blue Sky Interactive Limited is a private company limited by shares incorporated in England and Wales. The registered office is MB House, 248 Shepcote Lane, Sheffield, South Yorkshire, England, S9 1TP.

1.1
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. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of MB Group (UK)

Limited. These consolidated financial statements are available from its registered office.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
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
20% straight line
Fixtures and fittings
25% - 50% straight line

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.

During the period the directors amended the depreciation estimate on computer equipment from straight line over 12 months to straight line over 24 months. This was done to more accurately reflect the useful life of the equipment. The effect on the financial statements is immaterial.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BLUE SKY INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
4
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

BLUE SKY INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
5
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.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
53
58
BLUE SKY INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
16,378
120,158
136,536
Additions
-
0
6,742
6,742
Disposals
-
0
(23,547)
(23,547)
At 30 April 2024
16,378
103,353
119,731
Depreciation and impairment
At 1 May 2023
2,502
110,673
113,175
Depreciation charged in the year
4,491
5,819
10,310
Eliminated in respect of disposals
-
0
(22,348)
(22,348)
At 30 April 2024
6,993
94,144
101,137
Carrying amount
At 30 April 2024
9,385
9,209
18,594
At 30 April 2023
13,876
9,485
23,361
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
629,717
378,913
Amounts owed by group undertakings
-
0
126,102
Other debtors
70,342
60,318
700,059
565,333
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
140,477
102,835
Corporation tax
13,114
2,100
Other taxation and social security
197,835
195,279
Other creditors
126,916
122,314
478,342
422,528
BLUE SKY INTERACTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Steven Knowles FCA
Statutory Auditor:
Knowles Warwick Audit Services Limited
Date of audit report:
7 January 2025
7
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for the lease of the office from which it operates. Leases are negotiated for an average term of 5 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
Within one year
35,833
38,324
Between two and five years
78,000
113,833
In over five years
-
0
-
0
113,833
152,157
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
7,920
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Fellow subsidiary entities
67,793
-
9
Parent company

The company's parent company is MB Group (UK) Limited. A company incorporated and registered in England. Copies of the group accounts can be obtained from the group's registered office.

 

The shares in MB Group (UK) Limited are owned via an employee ownership trust. MB Bluesky Trustees Limited is the trustee body responsible for governing the trust on behalf of the employees.

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