BusySky Limited 02305079 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is letting of its own commercial investment property. Digita Accounts Production Advanced 6.30.9574.0 true false true true 02305079 2023-01-01 2023-12-31 02305079 2023-12-31 02305079 bus:OrdinaryShareClass1 2023-12-31 02305079 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 02305079 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 02305079 core:CurrentFinancialInstruments 2023-12-31 02305079 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02305079 core:Non-currentFinancialInstruments 2023-12-31 02305079 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02305079 core:FurnitureFittingsToolsEquipment 2023-12-31 02305079 core:MotorVehicles 2023-12-31 02305079 1 2023-12-31 02305079 bus:SmallEntities 2023-01-01 2023-12-31 02305079 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02305079 bus:FilletedAccounts 2023-01-01 2023-12-31 02305079 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02305079 bus:RegisteredOffice 2023-01-01 2023-12-31 02305079 bus:Director1 2023-01-01 2023-12-31 02305079 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02305079 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02305079 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 02305079 core:MotorVehicles 2023-01-01 2023-12-31 02305079 core:OfficeEquipment 2023-01-01 2023-12-31 02305079 core:Vehicles 2023-01-01 2023-12-31 02305079 core:AllSubsidiaries 2023-01-01 2023-12-31 02305079 core:OtherRelatedParties 2023-01-01 2023-12-31 02305079 core:ParentEntities 2023-01-01 2023-12-31 02305079 core:Subsidiary1 2023-01-01 2023-12-31 02305079 core:Subsidiary1 1 2023-01-01 2023-12-31 02305079 core:Subsidiary1 countries:EnglandWales 2023-01-01 2023-12-31 02305079 countries:EnglandWales 2023-01-01 2023-12-31 02305079 1 2023-01-01 2023-12-31 02305079 2022-12-31 02305079 core:CostValuation 2022-12-31 02305079 core:FurnitureFittingsToolsEquipment 2022-12-31 02305079 core:MotorVehicles 2022-12-31 02305079 1 2022-12-31 02305079 2022-01-01 2022-12-31 02305079 2022-12-31 02305079 bus:OrdinaryShareClass1 2022-12-31 02305079 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 02305079 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 02305079 core:CurrentFinancialInstruments 2022-12-31 02305079 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02305079 core:Non-currentFinancialInstruments 2022-12-31 02305079 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 02305079 core:FurnitureFittingsToolsEquipment 2022-12-31 02305079 core:MotorVehicles 2022-12-31 02305079 1 2022-12-31 02305079 core:Subsidiary1 1 2022-01-01 2022-12-31 02305079 1 2022-01-01 2022-12-31 02305079 1 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02305079

BusySky Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

BusySky Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

BusySky Limited

Company Information

Director

J J P Priestley

Registered office

Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

Accountants

CHF Accountancy Limited
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

BusySky Limited

(Registration number: 02305079)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

54,207

50,948

Investment property

5

1,175,000

1,178,832

Investments

6

206,978

50,002

 

1,436,185

1,279,782

Current assets

 

Debtors

7

1,252,064

519,446

Cash at bank and in hand

 

145,023

85,353

 

1,397,087

604,799

Creditors: Amounts falling due within one year

8

(1,324,505)

(580,193)

Net current assets

 

72,582

24,606

Total assets less current liabilities

 

1,508,767

1,304,388

Creditors: Amounts falling due after more than one year

8

(143,601)

-

Provisions for liabilities

(13,552)

(12,450)

Net assets

 

1,351,614

1,291,938

Capital and reserves

 

Called up share capital

9

100

100

Other reserves

-

188,581

Retained earnings

1,351,514

1,103,257

Shareholders' funds

 

1,351,614

1,291,938

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

BusySky Limited

(Registration number: 02305079)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 February 2025
 

.........................................
J J P Priestley
Director

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD
United Kingdom

These financial statements were authorised for issue by the director on 4 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

In common with virtually every other business in the country, the Company has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at the current time, the Directors believe that they have taken all possible steps to protect the Company including assessing relevant Government assistance.

At the time os signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Revenue recognition

Turnover represents rent received from operating leases, which is recognised on a straight line basis over the period of the lease.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

straight line over 3 years

Vehicles

25% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,748

52,266

55,014

Additions

666

58,353

59,019

Disposals

(832)

(52,266)

(53,098)

At 31 December 2023

2,582

58,353

60,935

Depreciation

At 1 January 2023

1,888

2,178

4,066

Charge for the year

810

12,168

12,978

Eliminated on disposal

(833)

(9,483)

(10,316)

At 31 December 2023

1,865

4,863

6,728

Carrying amount

At 31 December 2023

717

53,490

54,207

At 31 December 2022

860

50,088

50,948

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

5

Investment properties

2023
£

At 1 January

1,178,832

Disposals

(3,832)

At 31 December

1,175,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

2

2

Other investments

206,976

50,000

206,978

50,002

Subsidiaries

£

Cost or valuation

At 1 January 2023

2

Provision

Carrying amount

At 31 December 2023

2

At 31 December 2022

2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Kendal Works Ltd

Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

England and Wales

ordinary shares

100%

100%

Subsidiary undertakings

Kendal Works Ltd

The principal activity of Kendal Works Ltd is the letting and operating of own or leased real estate..

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

15,559

42,848

Amounts owed by related parties

11

-

100

Prepayments

 

4,942

5,898

Other debtors

 

1,231,563

470,600

   

1,252,064

519,446

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

476,263

56,784

Trade creditors

 

94,827

85,081

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

41,841

128,093

Taxation and social security

 

46,882

36,068

Accruals and deferred income

 

122,431

90,554

Other creditors

 

542,261

183,613

 

1,324,505

580,193

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

143,601

-

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

26,242

-

Hire purchase contracts

117,359

-

143,601

-

Current loans and borrowings

2023
£

2022
£

Bank borrowings

453,168

56,784

Hire purchase contracts

23,095

-

476,263

56,784

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

11

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director's loan account

95,965

1,066,243

(352,121)

810,087

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director's loan account

119,121

480,385

(503,541)

95,965

 

Interest has been charged on the loan at Bank of England Base rate + 2%,
The 31 December 2023 balance has been repaid in full by the director in the next accounting period.

Summary of transactions with parent

At 31 December 2023 the company owed £10,720 to its parent company Busysky Holdings Limited. This amount is included in other creditors. (2022 : £100 was owed to Busysky Limited and included in other debtors).
 

Summary of transactions with subsidiaries

At 31 December 2023 the company owed £31,120 (2022 : £128,093) to Kendal Works Limited, a subsidiary undertaking. This amount is included in other creditors.
 

 

BusySky Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Summary of transactions with other related parties

During the year, BusySky Limited collected rental income and paid expenses on behalf of Busysky (Adwick Park) Ltd, a company under common control, A balance of £99,383 (2022 : £40,716) was owed to Busysky (Adwick Park) Ltd at 31 December 2023 and is included in other credtors.

During the year, BusySky Limited provided cash flow support to Busysky (Clyde Road) Ltd, a company under common control, A balance of £350 (2022 : £200) was owed to Busysky Limited at 31 December 2023 and is included in other debtors.

During the year, BusySky Limited collected rental income and paid expenses on behalf of Busysky Developments Ltd, a company under common control. A balance of £381,890 (2022 : £368,131) was owed to Busysky Limited at 31 December 2023 and is included in other debtors.

During the year, BusySky Limited collected rental income and paid expenses on behalf of Busysky (Kendall) Ltd, a company under common control, A balance of £412,119 (2022 : £42,912) was owed to Busysky (Kendall) Ltd at 31 December 2023 and is included in other credtors.

During the year, BusySky Limited collected rental income and paid expenses on behalf of Busysky (Savile Park) Ltd, a company under common control, A balance of £23,988 was owed by Busysky (Savile Park) Ltd at 31 December 2023 and is included in other debtor (2022 : £38,868 included in other creditors).

During the year, BusySky Limited collected rental income and paid expenses on behalf of Busysky (Sutherland Street) Ltd, a company under common control, A balance of £30,759 (2022 : £29,776) was owed to Busysky (Sutherland Street) Ltd at 31 December 2023 and is included in other credtors.