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Registered number: 12726704
Blueskies Simulators Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12726704
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,221 20,275
16,221 20,275
CURRENT ASSETS
Debtors 5 41,324 40,113
Cash at bank and in hand 68,936 95,755
110,260 135,868
Creditors: Amounts Falling Due Within One Year 6 (27,159 ) (79,893 )
NET CURRENT ASSETS (LIABILITIES) 83,101 55,975
TOTAL ASSETS LESS CURRENT LIABILITIES 99,322 76,250
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (3,082 ) (3,852 )
NET ASSETS 96,240 72,398
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account 96,230 72,388
SHAREHOLDERS' FUNDS 96,240 72,398
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Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Neil Mccarthy
Director
27/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Blueskies Simulators Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12726704 . The registered office is 4 Gibson House, Brunswick Industrial Estate, Newcastle Upon Tyne, NE13 7GB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 August 2023 25,454
As at 31 July 2024 25,454
Depreciation
As at 1 August 2023 5,179
Provided during the period 4,054
As at 31 July 2024 9,233
Net Book Value
As at 31 July 2024 16,221
As at 1 August 2023 20,275
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 957 895
Other debtors 40,367 39,218
41,324 40,113
Other debtors includes:
£500 rental deposit
£39,867 deposit on new equipment expected for delviery after 2024 financial year. 
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 7,110
Corporation tax 5,735 10,755
Other taxes and social security 160 160
VAT 1,517 10,468
Other creditors 92 -
Accruals and deferred income 4,409 26,137
Director's loan account 15,246 25,263
27,159 79,893
Accruals includes £2,123 deferred income which is taxable in future financial periods (2023: £24,119)
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 3,082 3,852
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Neil Mccarthy 1,000 2,000
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