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COMPANY REGISTRATION NUMBER: NI067779
Bluesky Resource Recovery Limited
Filleted Unaudited Financial Statements
31 December 2023
Bluesky Resource Recovery Limited
Financial Statements
Year ended 31st December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Bluesky Resource Recovery Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
824,876
903,959
Current assets
Debtors
7
819,879
1,456,361
Cash at bank and in hand
142,582
324,506
---------
------------
962,461
1,780,867
Creditors: amounts falling due within one year
8
954,549
969,558
---------
------------
Net current assets
7,912
811,309
---------
------------
Total assets less current liabilities
832,788
1,715,268
Creditors: amounts falling due after more than one year
9
17,187,861
17,189,128
Provisions
Other provisions
10,560,500
10,560,500
-------------
-------------
Net liabilities
( 26,915,573)
( 26,034,360)
-------------
-------------
Capital and reserves
Called up share capital
4,600,002
4,600,002
Profit and loss account
( 31,515,575)
( 30,634,362)
-------------
-------------
Shareholders deficit
( 26,915,573)
( 26,034,360)
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bluesky Resource Recovery Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 7 May 2025 , and are signed on behalf of the board by:
E Doherty
Director
Company registration number: NI067779
Bluesky Resource Recovery Limited
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 29 Aughlish Road, Tandragee, Craigavon, BT62 2EE, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Change of name
On 11th April 2019 the company changed its name to Bluesky Resource Recovery Limited (formerly Armagh Power Generation Limited).
4. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Machinery
-
20% straight line
Equipment
-
20% straight line
Computer Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. A provision has been recognised for the future costs associated with the eventual closure and aftercare of the company's landfill site, in compliance with FRS 102.
5. Particulars of employees
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
( 19,909)
( 96,848)
--------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1st January 2023
1,374,479
1,029,608
24,803
20,266
2,449,156
Additions
29,049
263,645
17,042
309,736
Disposals
( 133,200)
( 133,200)
------------
------------
--------
--------
------------
At 31st December 2023
1,403,528
1,160,053
41,845
20,266
2,625,692
------------
------------
--------
--------
------------
Depreciation
At 1st January 2023
973,103
555,919
8,196
7,979
1,545,197
Charge for the year
11,186
232,011
8,369
4,053
255,619
------------
------------
--------
--------
------------
At 31st December 2023
984,289
787,930
16,565
12,032
1,800,816
------------
------------
--------
--------
------------
Carrying amount
At 31st December 2023
419,239
372,123
25,280
8,234
824,876
------------
------------
--------
--------
------------
At 31st December 2022
401,376
473,689
16,607
12,287
903,959
------------
------------
--------
--------
------------
7. Debtors
2023
2022
£
£
Trade debtors
17,511
648,939
Amounts owed by group undertakings and undertakings in which the company has a participating interest
681,563
727,898
Other debtors
120,805
79,524
---------
------------
819,879
1,456,361
---------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,644
10,644
Trade creditors
904,584
912,249
Social security and other taxes
10,184
7,341
Other creditors
29,137
39,324
---------
---------
954,549
969,558
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,255
29,022
Amounts owed to group undertakings and undertakings in which the company has a participating interest
17,168,606
17,160,106
-------------
-------------
17,187,861
17,189,128
-------------
-------------
The shareholder's loan is unsecured, interest free and shall not be called for repayment unless the company has sufficient resources to do so.
10. Directors' advances, credits and guarantees
At the year ended 31st December 2023 the balance owing by the director to the company was £nil (2022 - £nil).
11. Related party transactions
The company has availed of the exemption provided in FRS 102 from disclosing related party transactions with entities that are part of the Clarksville Limited group. Included within note 8 are the following balances with entities which are regarded as related parties as deemed by FRS 102 due to their being non-group companies in which the controlling party has an interest at the statement of financial position date:
2023 2022
£ £
Ark Enviro 445,027 368,433
Clarksville 282,871
12. Controlling party
The ultimate holding company is Clarksville Limited, a company incorporated in Northern Ireland. The company regards Mr E Doherty and Mr D McAuley as the controlling parties whom together own 100% of the share capital.