Registered number: 07581261
Skyrise Intelligence Limited (Formerly Regital Limited)
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2023
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Skyrise Intelligence Limited (Formerly Regital Limited)
Statement of Income and Retained Earnings
For the Year Ended 31 March 2023
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Operating profit before exceptional items
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Operating profit/(loss) after exceptional items
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Amounts written off investments
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Interest receivable and similar income
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Interest payable and similar expenses
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Retained earnings at the beginning of the year
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(Loss)/profit for the year
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Dividends declared and paid
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Retained earnings at the end of the year
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The notes on pages 3 to 10 form part of these financial statements.
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Skyrise Intelligence Limited (Formerly Regital Limited)
Registered number: 07581261
Balance Sheet
As at 31 March 2023
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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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Provisions for liabilities
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Capital redemption reserve
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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 financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
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Skyrise Intelligence Limited (Formerly Regital Limited)
Notes to the Financial Statements
For the Year Ended 31 March 2023
Skyrise Intelligence Limited (Formerly Regital Limited) is a private company limited by share capital. The company
is incorporated in England, registered number 07581261. The address of the registered office and principal place of
business is Huckletree Express Building, 9 Great Ancoats Street, Manchester, M4 5AD.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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Skyrise Intelligence Limited (Formerly Regital Limited)
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Skyrise Intelligence Limited (Formerly Regital Limited)
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
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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 balance sheet 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 balance sheet 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 balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.
Other intangible assets
Intangible assets are 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.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Skyrise Intelligence Limited (Formerly Regital Limited)
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Skyrise Intelligence Limited (Formerly Regital Limited)
Notes to the Financial Statements
For the Year Ended 31 March 2023
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The average monthly number of employees, including directors, during the year was 29 (2022 -27).
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Write off related party loans
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During the current year, a number of balances owed by related parties were written off.
Exceptional legal fees of £45,034 were also incurred during the year as part of group restucturing.
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Transfer from investments (note 7)
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Skyrise Intelligence Limited (Formerly Regital Limited)
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Transfers from subsidiary
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Investments in subsidiary companies
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Transfer to goodwill (note 5)
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Skyrise Intelligence Limited (Formerly Regital Limited)
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the company in an independently administered fund. The pension cost charge represents contributions
payable by the company to the fund. Contributions totalling £7,072 (2022: £8,159) were payable to the fund at the
balance sheet date and are included in creditors.
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Skyrise Intelligence Limited (Formerly Regital Limited)
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Commitments under operating leases
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At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Transactions with directors
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Included within debtors is a balance owed by I A V Vint, a director, to the company amounting to £48,020 (2022: creditor of £3,959). Withdrawals made during the year totalled £743,302 (2022: £227,016) and amounts
repaid to the company amounted to £691,323 (2022: £287,336). The maximum the loan account was overdrawn
during the year was £346,721 (2022: £nil).
Included within debtors is a balance owed by M Vint, a director, to the company amounting to £48,020 (2022:
creditor of £106,467). Withdrawals made during the year totalled £1,593,373 (2022: £226,175) and amounts repaid
to the company amounted to £1,438,886 (2022: £205,843). The maximum the loan account was overdrawn during
the year was £405,882 (2022: £nil).
Interest charged in the year in relation to these balances amounted to £nil (2022: £nil).
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Related party transactions
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The company has made use of the provisions available under FRS 102 to not disclose transactions with entities that
are wholly owned by its parent, other than those which do not arise under an arm's length basis.
At the year end the balance owed from entities under common control was £165,086 (2022: £3,211,391), which is
repayable on demand. Interest charged in the year on the outstanding balance amounted to £nil (2022: £nil).
During the current year, a number of balances owed by related parties were written off.
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The company is controlled by I A V Vint and M Vint, by virtue of their shareholding in the company.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 20 December 2023 by John Glover (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
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