Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false2022-01-01No description of principal activity33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10199101 2022-01-01 2022-12-31 10199101 c:OtherGroupMember1 2022-01-01 2022-12-31 10199101 c:OtherGroupMember2 2022-01-01 2022-12-31 10199101 c:OtherGroupMember3 2022-01-01 2022-12-31 10199101 c:OtherGroupMember4 2022-01-01 2022-12-31 10199101 2021-01-01 2021-12-31 10199101 2022-12-31 10199101 c:OtherGroupMember1 2022-12-31 10199101 c:OtherGroupMember2 2022-12-31 10199101 c:OtherGroupMember3 2022-12-31 10199101 c:OtherGroupMember4 2022-12-31 10199101 2021-12-31 10199101 c:OtherGroupMember1 2021-12-31 10199101 c:OtherGroupMember2 2021-12-31 10199101 c:OtherGroupMember3 2021-12-31 10199101 c:OtherGroupMember4 2021-12-31 10199101 d:Director4 2022-01-01 2022-12-31 10199101 c:CurrentFinancialInstruments 2022-12-31 10199101 c:CurrentFinancialInstruments 2021-12-31 10199101 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10199101 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 10199101 c:ShareCapital 2022-12-31 10199101 c:ShareCapital 2021-12-31 10199101 c:RetainedEarningsAccumulatedLosses 2022-12-31 10199101 c:RetainedEarningsAccumulatedLosses 2021-12-31 10199101 d:FRS102 2022-01-01 2022-12-31 10199101 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10199101 d:FullAccounts 2022-01-01 2022-12-31 10199101 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10199101 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 10199101










SKYTECH CAPITAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SKYTECH CAPITAL LIMITED
REGISTERED NUMBER: 10199101

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
2,717,528
2,481,644

Cash at bank and in hand
 6 
85,681
50,516

  
2,803,209
2,532,160

Creditors: amounts falling due within one year
 7 
(3,375,444)
(2,784,380)

Net current liabilities
  
 
 
(572,235)
 
 
(252,220)

Total assets less current liabilities
  
(572,234)
(252,219)

  

Net liabilities
  
(572,234)
(252,219)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(572,236)
(252,221)

  
(572,234)
(252,219)

Page 1

 
SKYTECH CAPITAL LIMITED
REGISTERED NUMBER: 10199101
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R E Spratt
Director

Date: 30 October 2023

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Skytech Capital Limited is a private Company limited by shares incorporated England and Wales within the United Kingdom. The address of the registered office is One Angel Court, C/O Tmf Group, 13th Floor, London, England, EC2R 7HJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Revenue

The customer is charged a transaction fee for the services provided. Revenue is recognised at the date where the credit facility is utilised by the customer.
Revenue generated from payments processing is recognised at the date of the payment being processed.
Revenue generated from servicing loan book receivables is recognised for each day servicing activities are undertaken.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).


4.


Fixed asset investments





Investment in subsidiaries

£



Cost or valuation


At 1 January 2022
1



At 31 December 2022
1




Page 4

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
647,146
321,144

Amounts owed by group undertakings
1,805,399
2,045,587

Other debtors
214,650
64,580

Deferred taxation
50,333
50,333

2,717,528
2,481,644



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
85,681
50,516

85,681
50,516



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
43,424
23,544

Amounts owed to group undertakings
2,819,925
2,751,543

Other creditors
506,695
1,293

Accruals and deferred income
5,400
8,000

3,375,444
2,784,380


Page 5

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Related party transactions

As at the year end, a balance of £413,562 was owed from the Company to Butter Holidays Limited (2021: £44,274 owed to the Company), a Company under common control. This balance relates to the trade of selling holidays.
As at the year end, a balance of £79,944 (2021: £82,815) was owed from the Company to Butter Holidays Limited. This balance relates to an intercompany loan account.
As at the year end, a balance of £1,270,715 (2021: £1,716,784) was owed to the Company from Butter SPV 1 Ltd, a Company under common control. This balance relates to the trade of servicing loan book receivables.
As at the year end, a balance of £129,099 (2021: £125,099) was owed to the Company from Butter SPV 1 Ltd. This balance relates to an intercompany loan account.
As at the year end, a balance of £1,000,970 (2021:£2,004,199)  was owed from the Company to Butter Holdings Limited a Company under common control. This balance relates to an intercompany loan account.
The Company has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries.


9.


Controlling party

During the financial year, the Company was controlled by Butter Holdings Limited, a company registered in England & Wales.
Post year end, the entire share capital of Butter Holdings Limited was acquired by Affirm, Inc. Affirm, Inc.'s registered address is 650 California Street, 12th Floor, San Francisco, CA 94108.
Skytech Capital Limited’s ultimate controlling party is Affirm Holdings, Inc., a company incorporated in San
Francisco, USA.

 
Page 6