REGISTERED NUMBER: 05027528 (England and Wales)

Financial Statements

for the Period 1 February 2024 to 31 December 2024

for

Big Sky Partnership Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R T Cummings

L Gorman

REGISTERED OFFICE:

29-31 Brewery Rd

London

N7 9QH

REGISTERED NUMBER:

05027528 (England and Wales)

AUDITORS:

Martlet Audit Limited

Martlet House

E1 Yeoman Gate

Yeoman Way

Worthing

West Sussex

BN13 3QZ

FIXED ASSETS

Intangible assets

4

416

24,750

Tangible assets

5

1,574,627

1,042,829

1,575,043

1,067,579

CURRENT ASSETS

Stocks

127,979

48,595

Debtors

6

2,174,574

2,222,330

Cash at bank

-

202,920

2,302,553

2,473,845

CREDITORS

Amounts falling due within one year

7

4,588,135

3,905,514

NET CURRENT LIABILITIES

(2,285,582

)

(1,431,669

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(710,539

)

(364,090

)

CREDITORS

Amounts falling due after more than one year

8

(445,049

)

(420,000

)

PROVISIONS FOR LIABILITIES

(238,643

)

-

NET LIABILITIES

(1,394,231

)

(784,090

)

CAPITAL AND RESERVES

Called up share capital

50,463

50,463

Retained earnings

(1,444,694

)

(834,553

)

(1,394,231

)

(784,090

)

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 23 December 2025 and were signed on its behalf by:

L Gorman - Director

1.	STATUTORY INFORMATION

Big Sky Partnership 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.

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.

Going concern

The financial statements have been prepared on a going concern basis. Although the Company incurred a loss during its first accounting period, it is part of a highly profitable group. The Group has confirmed its intention and ability to provide financial support to the Company for at least 12 months from the date of approval of these financial statements. This support includes ensuring that the Company has sufficient funds to meet its obligations as they fall due. Accordingly, the directors consider that the going concern basis of preparation is appropriate.

Short period of account

These accounts are prepared for an 11 month period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold - 10 years straight line

Plant and machinery - 4 or 5 years straight line

Furniture and fittings - 4 years straight line

Motor Vehicles- 4 years straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

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

Financial instruments

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Fair value measurement of financial instruments

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of 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 occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the period 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 balance sheet date.

Deferred tax

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 period 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 74 (2024 - 77 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 February 2024

and 31 December 2024

260,000

203,711

463,711

AMORTISATION

At 1 February 2024

235,250

203,711

438,961

Charge for period

24,334

-

24,334

At 31 December 2024

259,584

203,711

463,295

NET BOOK VALUE

At 31 December 2024

416

-

416

At 31 January 2024

24,750

-

24,750

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2024

955,419

2,633,128

3,588,547

Additions

421,809

544,022

965,831

Disposals

-

(835,061

)

(835,061

)

At 31 December 2024

1,377,228

2,342,089

3,719,317

DEPRECIATION

At 1 February 2024

437,900

2,107,818

2,545,718

Charge for period

109,044

324,989

434,033

Eliminated on disposal

-

(835,061

)

(835,061

)

At 31 December 2024

546,944

1,597,746

2,144,690

NET BOOK VALUE

At 31 December 2024

830,284

744,343

1,574,627

At 31 January 2024

517,519

525,310

1,042,829

6.

DEBTORS

31.12.24

31.1.24

£

£

Amounts falling due within one year:

Trade debtors

1,263,029

1,311,809

Other debtors

430,926

429,902

1,693,955

1,741,711

Amounts falling due after more than one year:

Other debtors

480,619

480,619

Aggregate amounts

2,174,574

2,222,330

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.1.24

£

£

Bank loans and overdrafts

666,637

240,000

Finance leases (see note 9)

52,353

-

Trade creditors

857,808

346,768

Amounts owed to group undertakings

2,411,895

-

Taxation and social security

296,382

425,565

Other creditors

303,060

2,893,181

4,588,135

3,905,514

The bank loans, finance leases and the other borrowings are secured by way of a fixed and floating charge over the assets of the company.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.1.24

£

£

Bank loans

240,000

420,000

Finance leases (see note 9)

205,049

-

445,049

420,000

The bank loans, finance leases and the other borrowings are secured by way of a fixed and floating charge over the assets of the company.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

31.12.24

31.1.24

£

£

Net obligations repayable:

Within one year

52,353

-

Between one and five years

205,049

-

257,402

-

Non-cancellable

operating leases

31.12.24

31.1.24

£

£

Within one year

1,693,887

1,404,969

Between one and five years

5,734,959

3,415,232

In more than five years

2,977,568

2,056,311

10,406,414

6,876,512

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

We were appointed as auditors after the balance sheet date and were therefore unable to attend the physical inventory count at 31 December 2024. In addition, no stock count was carried out at the end of the comparative period. Consequently, we were unable to obtain sufficient appropriate audit evidence regarding the existence and condition of inventory at 31 December 2024 and the opening inventory balances.

Since stock enters into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of the loss for the period reported in the statement of comprehensive income.

David Macdonald BA FCA (Senior Statutory Auditor)

for and on behalf of Martlet Audit Limited

11.	ULTIMATE CONTROLLING PARTY

The controlling party is OLGFC Ltd.

The ultimate controlling party is L Gorman.

The company's immediate parent undertaking is OLGFC Limited, a company incorporated in the UK.

The ultimate parent undertaking is OLG Holdings Limited, a holding company incorporated in the UK.

The ultimate controlling party is Lisa Gorman.

Consolidated financial statements for both OLGFC Limited and OLG Holdings Limited are publicly available from Companies House.

The registered office of both OLGFC Limited and OLG Holdings Limited is 29-31 Brewery Road, London, England, N7 9QH