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Registration number: 11274378

Bluesky Shoreham Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

image-name
 

Bluesky Shoreham Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bluesky Shoreham Ltd

Company Information

Director

Mr Michael David Wilson

Registered office

2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Bluesky Shoreham Ltd

(Registration number: 11274378)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

125,963

185,475

Current assets

 

Debtors

5

152,837

36,539

Creditors: Amounts falling due within one year

6

(204,582)

(131,110)

Net current liabilities

 

(51,745)

(94,571)

Total assets less current liabilities

 

74,218

90,904

Creditors: Amounts falling due after more than one year

6

(34,946)

(38,073)

Provisions for liabilities

(1,095)

(10,118)

Net assets

 

38,177

42,713

Capital and reserves

 

Called up share capital

7

1,000

1,000

Profit and loss account

37,177

41,713

Shareholders' funds

 

38,177

42,713

For the financial year ending 30 June 2024 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.

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.

 

Bluesky Shoreham Ltd

(Registration number: 11274378)
Balance Sheet as at 30 June 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 January 2025
 

.........................................
Mr Michael David Wilson
Director

 

Bluesky Shoreham Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the director on 29 January 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.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Revenue recognition

Revenue from the provision of accommodation to customers is measured at the fair value of consideration received or receivable, excluding sales taxes. Where rent free periods are granted to customers, rental income is spread on a straight-line basis of the term of the contract.

Service income is recognised as services are rendered

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Bluesky Shoreham Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2

Accounting policies (continued)

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.

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 between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant & machinery

20% straight line

Fixture & fittings

20% straight line

Office equipment

20% straight line

Short Leasehold

6.25% straight line

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.

 

Bluesky Shoreham Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2

Accounting policies (continued)

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 3).

 

Bluesky Shoreham Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 July 2023

192,321

17,578

40,430

31,066

Disposals

-

-

(40,430)

-

At 30 June 2024

192,321

17,578

-

31,066

Depreciation

At 1 July 2023

60,100

11,568

2,022

22,230

Charge for the year

12,020

2,872

7,682

6,212

Eliminated on disposal

-

-

(9,704)

-

At 30 June 2024

72,120

14,440

-

28,442

Carrying amount

At 30 June 2024

120,201

3,138

-

2,624

At 30 June 2023

132,221

6,010

38,408

8,836

Total
£

Cost or valuation

At 1 July 2023

281,395

Disposals

(40,430)

At 30 June 2024

240,965

Depreciation

At 1 July 2023

95,920

Charge for the year

28,786

Eliminated on disposal

(9,704)

At 30 June 2024

115,002

Carrying amount

At 30 June 2024

125,963

At 30 June 2023

185,475

 

Bluesky Shoreham Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets (continued)

Included within the net book value of land and buildings above is £120,201 (2023 - £132,221) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

3,631

-

Prepayments

30,010

18,629

Other debtors

119,196

17,910

 

152,837

36,539

 

Bluesky Shoreham Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

16,786

20,651

Trade creditors

 

52,948

48,418

Taxation and social security

 

35,023

3,024

Accruals and deferred income

 

16,029

3,200

Other creditors

 

83,796

55,817

 

204,582

131,110

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

34,946

38,073

 

34,946

38,073

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         
 

Bluesky Shoreham Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

34,946

38,073

34,946

38,073

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,733

5,734

Bank overdrafts

11,053

14,321

Other borrowings

-

596

16,786

20,651