Registered number: 10199101
SKYTECH CAPITAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
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SKYTECH CAPITAL LIMITED
REGISTERED NUMBER: 10199101
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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:
The notes on pages 3 to 6 form part of these financial statements.
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SKYTECH CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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
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Basis of preparation of financial statements
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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:
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.
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Current and deferred taxation
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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.
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SKYTECH CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
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.
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.
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The average monthly number of employees, including directors, during the year was 3 (2021 - 3).
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Investment in subsidiaries
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SKYTECH CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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SKYTECH CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Related party transactions
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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.
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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.
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