Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30truetruetruetruetruetrue2023-01-01falseNo description of principal activity133truetrue 10199101 2023-01-01 2023-06-30 10199101 2022-01-01 2022-12-31 10199101 2023-06-30 10199101 2022-12-31 10199101 c:Director2 2023-01-01 2023-06-30 10199101 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-30 10199101 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 10199101 d:CurrentFinancialInstruments 2023-06-30 10199101 d:CurrentFinancialInstruments 2022-12-31 10199101 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10199101 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10199101 d:ShareCapital 2023-06-30 10199101 d:ShareCapital 2022-12-31 10199101 d:SharePremium 2023-06-30 10199101 d:SharePremium 2022-12-31 10199101 d:RetainedEarningsAccumulatedLosses 2023-06-30 10199101 d:RetainedEarningsAccumulatedLosses 2022-12-31 10199101 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 10199101 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10199101 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 10199101 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 10199101 c:FRS102 2023-01-01 2023-06-30 10199101 c:Audited 2023-01-01 2023-06-30 10199101 c:FullAccounts 2023-01-01 2023-06-30 10199101 c:PrivateLimitedCompanyLtd 2023-01-01 2023-06-30 10199101 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-06-30 10199101 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-06-30 10199101 6 2023-01-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 10199101










SKYTECH CAPITAL LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

 
SKYTECH CAPITAL LIMITED
REGISTERED NUMBER: 10199101

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

30 June
31 December
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,500,000
-

Investments
 5 
10,001
1

  
7,510,001
1

Current assets
  

Debtors: amounts falling due within one year
 6 
2,517,301
2,713,477

Cash at bank and in hand
 7 
552,373
89,732

  
3,069,674
2,803,209

Creditors: amounts falling due within one year
 8 
(2,815,751)
(3,375,444)

Net current assets/(liabilities)
  
 
 
253,923
 
 
(572,235)

Total assets less current liabilities
  
7,763,924
(572,234)

Provisions for liabilities
  

Deferred tax
 9 
(1,875,000)
-

  
 
 
(1,875,000)
 
 
-

Net assets/(liabilities)
  
5,888,924
(572,234)

Page 1

 
SKYTECH CAPITAL LIMITED
REGISTERED NUMBER: 10199101
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

30 June
31 December
2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
4
2

Share premium account
  
1,510,968
-

Profit and loss account
  
4,377,952
(572,236)

  
5,888,924
(572,234)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 26 March 2024.




R E Spratt
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

Skytech Capital Limited is a private company limited by shares incorporated England and Wales within the United Kingdom. The registered office is shown on the company information page of these financial statements.

The principal activity of the Company continues to be that of financial intermediation and other credit granting. 

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.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Affirm Holdings, Inc., as at 30 June 2023 and these financial statements may be obtained from https://www.affirm.com /..

 
2.3

Going concern

Affirm Inc., the US based parent entity, has committed to provide ongoing support to allow the company to meet its liabilities as they fall due for a period not less than 12 months from the date these accounts are signed. On the basis, The directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

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 payement being processed.
Revenue generated from servicing loan book receivables is recognised for each day servicing activities are undertaken.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the period 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 4

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 5

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.12

Share Based Payments

Where restricted stock units are awarded to employees, the fair value of the restricted stock units at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of restricted stock units that eventually vest.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of restricted stock units are modified before they vest, the increase in the fair value of the restricted stock units, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Page 6

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.13

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2022
            No.
            No.







Employees
13
3

Page 7

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

4.


Intangible assets






Trademarks

£



Cost


Additions
7,500,000



At 30 June 2023

7,500,000






Net book value



At 30 June 2023
7,500,000



At 31 December 2022
-




5.


Fixed asset investments








Investments in subsidiaries

£



Cost or valuation


At 1 January 2023
1


Additions
10,000



At 30 June 2023
10,001




Page 8

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

6.


Debtors

30 June
31 December
2023
2022
£
£


Trade debtors
647,146
647,146

Amounts owed by group undertakings
1,870,155
1,805,399

Other debtors
-
210,599

Deferred taxation
-
50,333

2,517,301
2,713,477



7.


Cash and cash equivalents

30 June
31 December
2023
2022
£
£

Cash at bank and in hand
552,373
89,732

552,373
89,732



8.


Creditors: Amounts falling due within one year

30 June
31 December
2023
2022
£
£

Trade creditors
24,056
43,424

Amounts owed to group undertakings
2,160,448
2,819,925

Other taxation and social security
15,251
-

Other creditors
572,342
506,695

Accruals and deferred income
43,654
5,400

2,815,751
3,375,444


Page 9

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

9.


Deferred taxation






2023


£






At beginning of year
50,333


Charged to profit or loss
(50,333)


Deferred tax liability established in year
(1,875,000)



At end of year
(1,875,000)

The deferred taxation balance is made up as follows:

30 June
31 December
2023
2022
£
£


Fair value movements
(1,875,000)
-

Losses and other deductions
-
50,333

(1,875,000)
50,333


10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,298 (2022: £Nil). Contributions totally £12,486 (2022: £Nil) were payable to the fund at the balance sheet date.


11.


Related party transactions

The Company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group.


12.


Controlling party

Butter Holdings owns 100% of Skytech Capital Limited and is the immediate parent company.
Skytech Capital Limited’s ultimate controlling party is Affirm Holdings, Inc., a company incorporated in San
Francisco, USA.

Page 10

 
SKYTECH CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

13.


Auditors' information

The auditors' report on the financial statements for the period ended 30 June 2023 was unqualified.

The audit report was signed on 26 March 2024 by Karanjit Gill FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 11