Company registration number 03744873 (England and Wales)
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
COMPANY INFORMATION
Director
Mrs G L Bottomley
Secretary
Mrs G L Bottomley
Company number
03744873
Registered office
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
West Midlands
England
B62 8DY
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sky Blue Purchasing, Developments and Design Limited for the year ended 31 October 2023 which comprise, the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Sky Blue Purchasing, Developments and Design Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Sky Blue Purchasing, Developments and Design Limited and state those matters that we have agreed to state to the board of directors of Sky Blue Purchasing, Developments and Design Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sky Blue Purchasing, Developments and Design Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sky Blue Purchasing, Developments and Design 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 Sky Blue Purchasing, Developments and Design Limited. You consider that Sky Blue Purchasing, Developments and Design 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 Sky Blue Purchasing, Developments and Design 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.
Jerroms GCN Limited
2 February 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
755
1,090
Current assets
Debtors
4
54,550
87,035
Creditors: amounts falling due within one year
5
(111,880)
(87,346)
Net current liabilities
(57,330)
(311)
Total assets less current liabilities
(56,575)
779
Creditors: amounts falling due after more than one year
6
(15,833)
(25,833)
Provisions for liabilities
8
(189)
(207)
Net liabilities
(72,597)
(25,261)
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
(73,597)
(26,261)
Total equity
(72,597)
(25,261)
The notes on pages 4 to 7 form part of these financial statements.
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 2 February 2024
Mrs G L Bottomley
Director
Company registration number 03744873 (England and Wales)
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Sky Blue Purchasing, Developments and Design 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.
1.1
Accounting convention
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The financial statements have been prepared on a going concern basis, the validity of which depends upon the future support of the bank and also additional support from the director. In the opinion of the director, this support is available such that the company will continue in operational existence for the foreseeable future.true
1.3
Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Fixtures and fittings
25% reducing balance
Office Equipment
25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.
1.5
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.
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
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.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
23
3
Tangible fixed assets
Fixtures and fittings
Office Equipment
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
8,128
44,792
52,920
Depreciation and impairment
At 1 November 2022
7,867
43,963
51,830
Depreciation charged in the year
80
255
335
At 31 October 2023
7,947
44,218
52,165
Carrying amount
At 31 October 2023
181
574
755
At 31 October 2022
261
829
1,090
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,343
31,698
Amounts owed by undertakings in which the company has a participating interest
40,500
40,500
Other debtors
11,850
Prepayments and accrued income
2,707
2,987
54,550
87,035
Amounts owed by participating interests do not bear any interest, are unsecured and are repayable on demand.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7
18,577
16,667
Trade creditors
3,837
4,218
Amounts owed to undertakings in which the company has a participating interest
72,133
11,845
Taxation and social security
11,016
28,280
Other creditors
975
22,236
Accruals and deferred income
5,342
4,100
111,880
87,346
Amounts owed to participating interests do not bear any interest, are unsecured and are repayable on demand.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
SKY BLUE PURCHASING, DEVELOPMENTS AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
7
Loans and overdrafts
2023
2022
£
£
Bank loans
25,833
35,833
Bank overdrafts
8,577
6,667
34,410
42,500
Payable within one year
18,577
16,667
Payable after one year
15,833
25,833
The bank overdraft is secured by Lloyds Bank Plc by way of a fixed and floating charge over the assets of the company, dated 24th February 2014.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
189
207
9
Deferred taxation
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
189
207
2023
Movements in the year:
£
Liability at 1 November 2022
207
Credit to profit or loss
(18)
Liability at 31 October 2023
189
A deferred tax provision has arisen as a result of accelerated capital allowances.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
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