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REGISTERED NUMBER: 12748136 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

BLUE SKY IP LIMITED

BLUE SKY IP LIMITED (REGISTERED NUMBER: 12748136)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 8

BLUE SKY IP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: E B Brown
A R J Darwood
U Meirovich





REGISTERED OFFICE: Russell House
140 High Street
Edgware
Middlesex
HA8 7LW





REGISTERED NUMBER: 12748136 (England and Wales)





ACCOUNTANTS: MGR Paris Limited
Chartered Accountants
Russell House
140 High Street
Edgware
HA8 7LW

BLUE SKY IP LIMITED (REGISTERED NUMBER: 12748136)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 3,279 3,747
Tangible assets 5 215,186 46,282
218,465 50,029

CURRENT ASSETS
Stocks - 53,842
Debtors 6 1,368,113 378,090
Cash at bank 3,994,618 3,102,535
5,362,731 3,534,467
CREDITORS
Amounts falling due within one year 7 (163,125 ) (92,318 )
NET CURRENT ASSETS 5,199,606 3,442,149
TOTAL ASSETS LESS CURRENT LIABILITIES 5,418,071 3,492,178

CREDITORS
Amounts falling due after more than one
year

8

(6,000

)

(6,000

)
NET ASSETS 5,412,071 3,486,178

CAPITAL AND RESERVES
Called up share capital 9 3,167 2,589
Share premium 12,432,226 8,320,470
Retained earnings (7,023,322 ) (4,836,881 )
SHAREHOLDERS' FUNDS 5,412,071 3,486,178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BLUE SKY IP LIMITED (REGISTERED NUMBER: 12748136)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:





E B Brown - Director


BLUE SKY IP LIMITED (REGISTERED NUMBER: 12748136)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Blue Sky IP Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

BLUE SKY IP LIMITED (REGISTERED NUMBER: 12748136)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets
Financial assets, other than those held at fair value are assessed for indicators or impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfer the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from group undertakings that are classified as debt are initially measured 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 the market rate of interest.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 15 ) .

BLUE SKY IP LIMITED (REGISTERED NUMBER: 12748136)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 August 2023
and 31 July 2024 4,407
AMORTISATION
At 1 August 2023 660
Amortisation for year 468
At 31 July 2024 1,128
NET BOOK VALUE
At 31 July 2024 3,279
At 31 July 2023 3,747

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023 27,435 17,054 37,431 81,920
Additions 199,665 9,297 10,941 219,903
Reclassification/transfer (15,377 ) - - (15,377 )
At 31 July 2024 211,723 26,351 48,372 286,446
DEPRECIATION
At 1 August 2023 7,295 4,779 23,564 35,638
Charge for year 19,895 4,569 16,125 40,589
Eliminated on disposal (4,967 ) - - (4,967 )
At 31 July 2024 22,223 9,348 39,689 71,260
NET BOOK VALUE
At 31 July 2024 189,500 17,003 8,683 215,186
At 31 July 2023 20,140 12,275 13,867 46,282

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other debtors 1,368,113 378,090

BLUE SKY IP LIMITED (REGISTERED NUMBER: 12748136)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 131,987 83,891
Taxation and social security 3,756 2,452
Other creditors 27,382 5,975
163,125 92,318

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Other creditors 6,000 6,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
316,700 Ordinary 1p 1p 3,167 2,589

57,827 Ordinary 1p shares of 1p were issued during the year for cash of £4,111,755

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BLUE SKY IP LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blue Sky IP Limited for the year ended 31 July 2024 which comprise the Income Statement, 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Blue Sky IP Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Blue Sky IP Limited and state those matters that we have agreed to state to the Board of Directors of Blue Sky IP Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blue Sky IP Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Blue Sky IP 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 Blue Sky IP Limited. You consider that Blue Sky IP 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 Blue Sky IP 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.






MGR Paris Limited
Chartered Accountants
Russell House
140 High Street
Edgware
HA8 7LW


7 March 2025