Bluesky Financial Planners Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11936113 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

BLUESKY FINANCIAL PLANNERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R K Starling

J Jackson

REGISTERED OFFICE:

3 Chalfont Court

Lower Earley

Reading

Berkshire

RG6 5SY

REGISTERED NUMBER:

11936113 (England and Wales)

FIXED ASSETS

Intangible assets

4

12,917

-

Tangible assets

5

21,136

22,788

34,053

22,788

CURRENT ASSETS

Debtors

6

84,145

205,605

Cash at bank

504,566

548,768

588,711

754,373

CREDITORS

Amounts falling due within one year

7

149,703

171,824

NET CURRENT ASSETS

439,008

582,549

TOTAL ASSETS LESS CURRENT LIABILITIES

473,061

605,337

CAPITAL AND RESERVES

Called up share capital

25,000

25,000

Retained earnings

448,061

580,337

473,061

605,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 21 December 2023 and were signed on its behalf by:

R K Starling - Director

1.	STATUTORY INFORMATION

Bluesky Financial Planners 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.

The company is a subsidiary undertaking of Bsky Holdings Limited, a limited company registered in England and Wales.

The principal activity of the company in the year under review was that of financial planning.

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.

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 £.

Going Concern

The directors are not aware of any material uncertainties that may cast significant doubt over the ability of the company to continue trading. The preparation of the financial statements on the going concern basis is therefore deemed appropriate.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for services comprises fees, commission and management charges, and is recognised as it becomes due under terms of business.

Goodwill

Goodwill is initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 5 years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Financial instruments

Trade and other debtors are initially recognised at transaction price and subsequently remeasured to amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Trade and other creditors are initially recognised at transaction price and subsequently remeasured to amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Tax on profit represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from the profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the year.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities and the corresponding tax bases used to compute taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for temporary differences to the extent that it is probable that taxable profits will be available to utilise the timing difference.

Deferred tax liabilities and assets are measured at tax rates that are expected to apply in the period the liability is settled or the asset realised. The measurement of deferred tax liabilities and assets reflects the tax consequences in which the company expects to recover or settle the underlying amount of its assets and liabilities.

Operating leasing commitments

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Any incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

Employee pension benefits

The obligation for contributions to defined contribution schemes are recognised as an expense as incurred. The assets of the scheme are held separately from those of the company in an independent administered fund.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

25,000

At 31 March 2023

25,000

AMORTISATION

Charge for year

12,083

At 31 March 2023

12,083

NET BOOK VALUE

At 31 March 2023

12,917

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

2,840

1,937

26,333

31,110

Additions

-

4,000

749

4,749

At 31 March 2023

2,840

5,937

27,082

35,859

DEPRECIATION

At 1 April 2022

757

517

7,048

8,322

Charge for year

416

1,084

4,901

6,401

At 31 March 2023

1,173

1,601

11,949

14,723

NET BOOK VALUE

At 31 March 2023

1,667

4,336

15,133

21,136

At 31 March 2022

2,083

1,420

19,285

22,788

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

11,991

46,959

Other debtors

72,154

158,646

84,145

205,605

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Taxation and social security

120,929

142,557

Other creditors

28,774

29,267

149,703

171,824

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.23

31.3.22

£

£

Within one year

21,416

21,416

Between one and five years

30,340

51,756

51,756

73,172

9.	CONTINGENT LIABILITIES

The company has given a fixed and floating charge over assets and a cross-company guarantee to secure a debenture loan liability of its parent undertaking, Bsky Holdings Limited.