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Registered number: 07581261









Skyrise Intelligence Limited (Formerly Regital Limited)









Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2023

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
Statement of Income and Retained Earnings
For the Year Ended 31 March 2023

2023
2022
£
£

  

Turnover
  
7,395,354
5,974,714

Cost of sales
  
(3,416,273)
(3,238,495)

Gross profit
  
3,979,081
2,736,219

Administrative expenses
  
(2,836,597)
(2,368,752)

Operating profit before exceptional items
  
1,142,484
367,467

Exceptional items
 4 
(3,153,805)
-

Operating profit/(loss) after exceptional items
  
(2,011,321)
367,467

Amounts written off investments
  
(7)
8,227

Interest receivable and similar income
  
17,023
-

Interest payable and similar expenses
  
-
(278)

(Loss)/profit before tax
  
(1,994,305)
375,416

Tax on (loss)/profit
  
(214,169)
(75,024)

(Loss)/profit after tax
  
(2,208,474)
300,392

  

  

Retained earnings at the beginning of the year
  
5,078,231
5,227,839

(Loss)/profit for the year
  
(2,208,474)
300,392

Dividends declared and paid
  
(1,500,000)
(450,000)

Retained earnings at the end of the year
  
1,369,757
5,078,231
The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
Skyrise Intelligence Limited (Formerly Regital Limited)
Registered number: 07581261

Balance Sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
32,409
-

Tangible assets
 6 
14,381
15,139

Investments
 7 
255,695
7

  
302,485
15,146

Current assets
  

Debtors: amounts falling due within one year
 8 
1,572,145
4,056,297

Cash at bank and in hand
  
2,123,392
2,196,070

  
3,695,537
6,252,367

Creditors: amounts falling due within one year
 9 
(2,370,638)
(1,187,851)

Net current assets
  
 
 
1,324,899
 
 
5,064,516

Total assets less current liabilities
  
1,627,384
5,079,662

Provisions for liabilities
  

Deferred tax
  
(1,827)
(1,326)

Net assets
  
1,625,557
5,078,336


Capital and reserves
  

Called up share capital 
  
165
100

Share premium account
  
255,630
-

Capital redemption reserve
  
5
5

Profit and loss account
  
1,369,757
5,078,231

  
1,625,557
5,078,336


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: 




M Vint
Director

Date: 19 December 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2023

1.


General information

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

 
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 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:

 
2.2

Foreign currency translation

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.

Page 3

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.3

Turnover

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.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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.

Page 4

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.7

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 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.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.9

Intangible assets

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.

Page 5

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

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:

Office equipment
-
15% straight line

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Dividends

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.

Page 6

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 -27).


4.


Exceptional items

2023
2022
£
£


Write off related party loans
3,108,771
-

Legal fees
45,034
-

3,153,805
-

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.


5.


Intangible assets




Goodwill

£



Cost


Transfer from investments (note 7)
33,335



At 31 March 2023

33,335



Amortisation


Charge for the year
926



At 31 March 2023

926



Net book value



At 31 March 2023
32,409



At 31 March 2022
-



Page 7

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2023

6.


Tangible fixed assets





Office equipment

£



Cost


At 1 April 2022
47,032


Additions
9,412


Transfers from subsidiary
1,336


Disposals
(23,500)



At 31 March 2023

34,280



Depreciation


At 1 April 2022
31,893


Charge for the year
8,241


Disposals
(20,235)



At 31 March 2023

19,899



Net book value



At 31 March 2023
14,381



At 31 March 2022
15,139


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
7


Additions
289,030


Disposals
(7)


Transfer to goodwill (note 5)
(33,335)



At 31 March 2023
255,695




Page 8

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2023

8.


Debtors

2023
2022
£
£


Trade debtors
1,404,221
927,538

Other debtors
121,753
3,104,475

Prepayments and accrued income
46,171
24,284

1,572,145
4,056,297



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
526,593
237,640

Amounts owed to group undertakings
255,695
-

Corporation tax
248,622
78,049

Other taxation and social security
353,449
277,068

Other creditors
7,072
119,949

Accruals and deferred income
979,207
475,145

2,370,638
1,187,851



10.


Pension commitments

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.

Page 9

 
Skyrise Intelligence Limited (Formerly Regital Limited)
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2023


11.


Commitments under operating leases

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
94,563
60,900


12.


Transactions with directors

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).


13.


Related party transactions

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.


14.


Controlling party

The company is controlled by I A V Vint and M Vint, by virtue of their shareholding in the company.


15.


Auditors' information

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.

 
Page 10