Registration number:
Bluesky Experiences Ltd
for the Year Ended 31 December 2024
Bluesky Experiences Ltd
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Bluesky Experiences Ltd
Company Information
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Directors |
Mr J H R England Mrs A S England Mr J C Anderson Mr I S Blackie Mr K M Farrell |
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Registered office |
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Accountants |
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Bluesky Experiences Ltd
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of event management.
Small companies provision statement
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.
Approved by the
Director
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bluesky Experiences Ltd
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bluesky Experiences Ltd for the year ended 31 December 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements laid down by the Institute relating to members undertaking the compilation of financial statements.
This report is made solely to the Board of Directors of Bluesky Experiences Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bluesky Experiences Ltd and state those matters that we have agreed to state to the Board of Directors of Bluesky Experiences Ltd, as a body, and for no other purpose . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bluesky Experiences Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Bluesky Experiences Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bluesky Experiences Ltd. You consider that Bluesky Experiences Ltd 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 accounts of Bluesky Experiences Ltd. 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 accounts.
6 Atholl Crescent
PERTH
PH1 5JN
Bluesky Experiences Ltd
(Registration number: SC216426)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
|||
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
42,246 |
(12,385) |
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Shareholders' funds/(deficit) |
43,246 |
(11,385) |
Bluesky Experiences Ltd
(Registration number: SC216426)
Statement of Financial Position as at 31 December 2024 (continued)
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
The financial statements are presented in sterling (£) and rounded to the nearest £1.
Going concern
These accounts have been prepared having regard to the company's trading forecasts for the next twelve months.
The business had to change the method of delivery of its services during periods of lockdown, however it is now operating within the current, less restrictive, Covid guidance. Due to the financial support of furlough and current trading levels, the directors consider the preparation of the accounts on a going concern basis to be appropriate.
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.
Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
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 statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Tenants improvements |
8% reducing balance basis |
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Buildings |
No depreciation charged |
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Plant and equipment |
20% reducing balance basis |
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Motor vehicles |
25% reducing balance basis |
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Products rights and website creation |
3 years straight line basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
3 years straight line basis |
Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
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.
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.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
- |
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
- |
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- |
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Disposals |
- |
- |
( |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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5 |
Tangible assets (continued) |
Included within the net book value of land and buildings above is £121,116 (2023 - £131,652) in respect of freehold land and buildings.
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Stocks |
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2024 |
2023 |
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Merchandise |
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- |
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Other inventories |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Current asset investments |
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2024 |
2023 |
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Other investments |
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- |
Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Bank borrowings
The bank loan is secured by a personal guarantee by one of the directors.
Bluesky Experiences Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
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Mr J H R England |
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Current account |
( |
( |
|
( |
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2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
|
Mr J H R England |
||||
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Current account |
( |
( |
|
( |
Bluesky Experiences Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2024
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2024 |
(As restated) |
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Turnover (analysed below) |
1,136,781 |
1,029,272 |
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Cost of sales (analysed below) |
(831,440) |
(872,929) |
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Gross profit |
305,341 |
156,343 |
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Gross profit (%) |
26.86% |
15.19% |
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Administrative expenses |
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Employment costs (analysed below) |
(27,840) |
(28,793) |
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Establishment costs (analysed below) |
(78,291) |
(90,957) |
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General administrative expenses (analysed below) |
(213,873) |
(289,762) |
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Finance charges (analysed below) |
(12,966) |
(4,196) |
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Depreciation costs (analysed below) |
(22,971) |
(32,137) |
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Other expenses (analysed below) |
1,847 |
- |
|
(354,094) |
(445,845) |
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Other operating income (analysed below) |
74,581 |
229,956 |
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Operating profit/(loss) |
25,828 |
(59,546) |
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Other interest receivable and similar income (analysed below) |
207 |
379 |
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Interest payable and similar expenses (analysed below) |
(15,614) |
(5,244) |
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(15,407) |
(4,865) |
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Profit/(loss) before tax |
10,421 |
(64,411) |
Bluesky Experiences Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2024 (continued)
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2024 |
2023 |
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Turnover |
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Leisure |
120,483 |
125,845 |
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Corporate |
815,775 |
564,005 |
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Managed clients |
200,523 |
339,422 |
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1,136,781 |
1,029,272 |
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Cost of sales |
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Closing miscellaneous stock |
(2,500) |
- |
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Wages and salaries |
229,973 |
286,721 |
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Staff pensions (Defined contribution) |
5,302 |
6,490 |
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Subcontract cost |
346,625 |
327,905 |
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Catering |
7,832 |
28,360 |
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Conferencing, catering and accommodation |
116,962 |
11,424 |
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Insights online units |
110,555 |
144,515 |
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Repairs and maintenance |
16,691 |
67,514 |
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831,440 |
872,929 |
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Employment costs |
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Directors remuneration |
27,840 |
28,793 |
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Establishment costs |
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Rent to BFC |
17,640 |
42,000 |
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Rent |
37,266 |
14,428 |
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Rates |
(2,894) |
7,187 |
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Light, heat and power |
9,814 |
14,784 |
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Insurance |
16,465 |
12,558 |
|
78,291 |
90,957 |
Bluesky Experiences Ltd
Detailed Profit and Loss Account for the Year Ended 31 December 2024 (continued)
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2024 |
2023 |
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General administrative expenses |
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Telephone and fax |
10,979 |
11,027 |
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Computer software and maintenance costs |
28,037 |
26,427 |
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Data cabling lease |
9,614 |
26,776 |
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Printing, postage and stationery |
6,896 |
8,052 |
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Trade subscriptions |
1,112 |
2,159 |
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Hire of plant and machinery (Spot hire) |
6,634 |
- |
|
Training and clothing costs |
6,266 |
12,684 |
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Sundry expenses |
9,902 |
13,592 |
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Motor expenses |
3,200 |
- |
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Travel and subsistence |
19,710 |
41,328 |
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General marketing |
56,025 |
53,902 |
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Accountancy fees |
6,513 |
6,738 |
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Legal and professional fees |
48,985 |
87,077 |
|
213,873 |
289,762 |
|
Finance charges |
||
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Bank charges |
12,966 |
4,196 |
|
Depreciation costs |
||
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Depreciation |
22,971 |
32,137 |
|
Other expenses |
||
|
(Profit)/loss on disposal of tangible fixed assets |
1,847 |
- |
|
Other operating income |
||
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Management charges receivable |
43,557 |
199,268 |
|
Rent receivable |
21,983 |
25,001 |
|
Other income |
9,041 |
5,687 |
|
74,581 |
229,956 |
|
Other interest receivable and similar income |
||
|
Other interest receivable |
207 |
379 |
|
Interest payable and similar expenses |
||
|
Bank interest payable |
(13,265) |
(15,283) |
|
Hire purchase interest |
- |
(159) |
|
Loan interest |
(2,349) |
10,198 |
|
(15,614) |
(5,244) |