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Company No: 07074820 (England and Wales)

WIRE AND SKY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

WIRE AND SKY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

WIRE AND SKY LIMITED

DIRECTOR'S REPORT

For the financial year ended 31 March 2023
WIRE AND SKY LIMITED

DIRECTOR'S REPORT (continued)

For the financial year ended 31 March 2023

The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2023.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was the provision of urban aerial adventures.

PURCHASE OF OWN SHARES

During the year the company purchased 250 £0.001 Ordinary shares into Treasury for £160,000. This transaction has impacted the net asset position of the company.

DIRECTOR

The director, who served during the financial year and to the date of this report except as noted, was as follows:

Mr A J Broad

This Director's Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved and signed by:

Mr A J Broad
Director

22 September 2023

WIRE AND SKY LIMITED

BALANCE SHEET

As at 31 March 2023
WIRE AND SKY LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 6,488 2,772
6,488 2,772
Current assets
Debtors 5 299,869 30,782
Cash at bank and in hand 432,695 570,937
732,564 601,719
Creditors: amounts falling due within one year 6 ( 412,500) ( 183,026)
Net current assets 320,064 418,693
Total assets less current liabilities 326,552 421,465
Creditors: amounts falling due after more than one year 7 ( 46,667) ( 66,667)
Provision for liabilities ( 1,464) ( 506)
Net assets 278,421 354,292
Capital and reserves
Called-up share capital 8 1 1
Share premium account 36,000 36,000
Other reserves ( 160,000 ) 0
Profit and loss account 402,420 318,291
Total shareholders' funds 278,421 354,292

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Wire and Sky Limited (registered number: 07074820) were approved and authorised for issue by the Director on 22 September 2023. They were signed on its behalf by:

Mr A J Broad
Director
WIRE AND SKY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
WIRE AND SKY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wire and Sky Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is International House 10 Churchill Way, Cardiff, CF10 2HE, United Kingdom. The principal place of business is The ArcelorMittal Orbit, Queen Elizabeth Olympic Park, 3 Thornton Street, Stratford, London, E20 2AD.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Office equipment 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 97 92

3. Intangible assets

Computer software Total
£ £
Cost
At 01 April 2022 18,052 18,052
At 31 March 2023 18,052 18,052
Accumulated amortisation
At 01 April 2022 18,052 18,052
At 31 March 2023 18,052 18,052
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 64,267 1,212 12,761 78,240
Additions 3,266 0 2,536 5,802
Disposals 0 0 ( 508) ( 508)
At 31 March 2023 67,533 1,212 14,789 83,534
Accumulated depreciation
At 01 April 2022 62,809 965 11,694 75,468
Charge for the financial year 1,003 180 395 1,578
At 31 March 2023 63,812 1,145 12,089 77,046
Net book value
At 31 March 2023 3,721 67 2,700 6,488
At 31 March 2022 1,458 247 1,067 2,772

5. Debtors

2023 2022
£ £
Trade debtors 269,341 7,001
Amounts owed by director 6,197 0
Prepayments and accrued income 24,004 23,781
Other debtors 327 0
299,869 30,782

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 20,000 20,000
Trade creditors 42,973 4,658
Amounts owed to director 0 511
Accruals and deferred income 227,362 74,637
Taxation and social security 105,960 65,865
Other creditors 16,205 17,355
412,500 183,026

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

2023 2022
£ £
Bank loans 46,667 66,667

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,250 Ordinary shares of £ 0.001 each 1 1

The Other Reserves in the Balance Sheet is a Treasury Shares reserve.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 1,907 2,543
between one and five years 0 1,907
1,907 4,450

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Balance brought forward (511) (8,583)
Advances to the director in the year 8,852 10,271
Repayments to the director in the year (2,144) (2,199)
0 0
Balance carried forward 6,197 (511)