Bluesky Resource Recovery Limited Filleted accounts for Companies House (small and micro)

BLUESKY RESOURCE RECOVERY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI067779

Bluesky Resource Recovery Limited

Filleted Unaudited Financial Statements

31 December 2021

Bluesky Resource Recovery Limited

Financial Statements

Year ended 31st December 2021

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 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		594,504	317,149

Current assets

Debtors	7	799,933	201,936
Cash at bank and in hand		562,067	69,371
		------------	---------
		1,362,000	271,307

Creditors: amounts falling due within one year	8	441,116		197,364
		------------		---------
Net current assets			920,884	73,943
			------------	---------
Total assets less current liabilities			1,515,388	391,092

Creditors: amounts falling due after more than one year	9		18,134,901	18,013,525

Provisions

Other provisions	4,535,711	4,535,711
	-------------	-------------
Net liabilities	( 21,155,224)	( 22,158,144)
	-------------	-------------

Capital and reserves

Called up share capital	4,600,002	4,600,002
Profit and loss account	( 25,755,226)	( 26,758,146)
	-------------	-------------
Shareholders deficit	( 21,155,224)	( 22,158,144)
	-------------	-------------

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 2021 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 2021

These financial statements were approved by the board of directors and authorised for issue on 26 May 2022 , 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 2021

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

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 2 (2020: 1 ).

The aggregate payroll costs incurred during the year, relating to the above, were:

	2021	2020
	£	£
Wages and salaries	( 93,893)	( 52,576)
	--------	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1st January 2021	1,177,600	545,773	1,650	4,141	1,729,164
Additions	164,971	126,020	12,875	15,490	319,356
	------------	---------	--------	--------	------------
At 31st December 2021	1,342,571	671,793	14,525	19,631	2,048,520
	------------	---------	--------	--------	------------
Depreciation
At 1st January 2021	952,533	459,152	330	–	1,412,015
Charge for the year	9,966	25,204	2,905	3,926	42,001
	------------	---------	--------	--------	------------
At 31st December 2021	962,499	484,356	3,235	3,926	1,454,016
	------------	---------	--------	--------	------------
Carrying amount
At 31st December 2021	380,072	187,437	11,290	15,705	594,504
	------------	---------	--------	--------	------------
At 31st December 2020	225,067	86,621	1,320	4,141	317,149
	------------	---------	--------	--------	------------

7. Debtors

	2021	2020
	£	£
Trade debtors	398,106	181,276
Amounts owed by group undertakings and undertakings in which the company has a participating interest	368,433	5,404
Other debtors	33,394	15,256
	---------	---------
	799,933	201,936
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	10,644	–
Trade creditors	271,037	139,451
Amounts owed to group undertakings and undertakings in which the company has a participating interest	142,129	–
Corporation tax	4,191	–
Social security and other taxes	4,683	36,844
Other creditors	8,432	21,069
	---------	---------
	441,116	197,364
	---------	---------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	38,469	50,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	18,096,432	17,963,525
	-------------	-------------
	18,134,901	18,013,525
	-------------	-------------

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 2021 the balance owing by the director to the company was £nil (2020 - £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. Ark Enviro Limited is considered a related party for the purposes of FRS102 due to the company being controlled by Mr E Doherty and Mr D McAuley, directors of Bluesky Resource Recovery Limited . At the year end a balance of £368,433 was due from Ark Enviro Limited. This balance has been disclosed in note 8 of the financial statements.

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.