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REGISTERED NUMBER: 05790432 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Skyhawke Technologies UK Limited

Skyhawke Technologies UK Limited (Registered number: 05790432)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Skyhawke Technologies UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: W Faulkner
R L Spell
R Edmonson





REGISTERED OFFICE: Units 10c-E Haddenham Business Park
Pegasus Way
Haddenham
Aylesbury
Buckinghamshire
HP17 8LJ





REGISTERED NUMBER: 05790432 (England and Wales)





AUDITORS: DUX Advisory Limited
Chartered Accountants and
Statutory Auditors
4 Claridge Court
Lower Kings Road
Berkhamsted
Hertfordshire
HP4 2AF

Skyhawke Technologies UK Limited (Registered number: 05790432)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 4,248
Tangible assets 5 1,259 3,278
1,259 7,526

CURRENT ASSETS
Stocks 391,572 302,162
Debtors: amounts falling due within one year 6 253,448 304,785
Debtors: amounts falling due after more than
one year

6

13,575

13,575
Cash at bank 591,272 804,370
1,249,867 1,424,892
CREDITORS
Amounts falling due within one year 7 632,361 528,705
NET CURRENT ASSETS 617,506 896,187
TOTAL ASSETS LESS CURRENT LIABILITIES 618,765 903,713

CREDITORS
Amounts falling due after more than one year 8 (106,173 ) (115,552 )

PROVISIONS FOR LIABILITIES 10 (25,202 ) (25,132 )
NET ASSETS 487,390 763,029

CAPITAL AND RESERVES
Called up share capital 11 2 2
Share premium 382,123 382,123
Retained earnings 105,265 380,904
SHAREHOLDERS' FUNDS 487,390 763,029

Skyhawke Technologies UK Limited (Registered number: 05790432)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:





W Faulkner - Director


Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Skyhawke Technologies Limited ("the Company") is a private limited company, limited by shares and incorporated in the United Kingdom. The address of its registered office and principal place of business is Haddenham Business Park, No 10 C-E, Pegasus Way, Haddenham, Buckinghamshire, HP17 8LJ. The Company's registered number is 05790432.

The principal activity of the Company is primarily the wholesale and retail sales of golf GPS equipment and simulators.

These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates. Monetary amounts in these financial statements have been rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These 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.

In accordance with FRS 102, the company is exempt, as a wholly owned subsidiary, from the requirement to prepare a cash flow statement.

Going Concern
The Directors have considered the budgets and cash flow forecasts for the Company and believe the Company will be able to meet its liabilities as they fall due for at least 12 months from signing of these financial statements and so the financial statements have been prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
The Directors do not consider there to be any significant judgements or areas of management estimation in these financial statements.

Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probably that the company will received the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue 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 revenue 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.

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.

Amortisation is provided on the following bases:

Computer software - 33 % Straight Line

Amortisation is charged to administrative expenses within the Statement of Comprehensive Income.

Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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 included 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:

S/Term Leasehold Property - 20% straight line
Other fixed assets - 25% 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 Statement of Comprehensive Income.

Depreciation is charged in administrative expenses in the Statement of Comprehensive Income.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Financial costs
Finance costs are charged to the Statement of Comprehensive Income 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 proceed of the associated capital instrument.


Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash and cash equivalents, trade and other receivables, trade and other payables and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments.

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.

Equity
Equity instruments are classified in accordance with the substance of the contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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.

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.

Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currency translation
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 the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income with 'finance income or costs'. All other foreign exchange gains and losses are recognised in the Statement of Comprehensive Income.

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 the Statement of Comprehensive Income 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 is independently administered funds.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Debtors and creditors
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.

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.

Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Leases
Lease arrangements are classified as a finance lease where the terms of the lease transfer substantially all the risks and rewards of ownership of the lessee. All other lease arrangements are classified as an operating lease.

Operating leases: the company as lessee
Rental paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 22,071
AMORTISATION
At 1 January 2023 17,823
Charge for year 4,248
At 31 December 2023 22,071
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 4,248

Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 27,890 174,313 202,203
Additions - 732 732
Disposals - (2,516 ) (2,516 )
At 31 December 2023 27,890 172,529 200,419
DEPRECIATION
At 1 January 2023 27,890 171,035 198,925
Charge for year - 2,751 2,751
Eliminated on disposal - (2,516 ) (2,516 )
At 31 December 2023 27,890 171,270 199,160
NET BOOK VALUE
At 31 December 2023 - 1,259 1,259
At 31 December 2022 - 3,278 3,278

The land and buildings include short term leasehold property.

6. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 39,915 77,290
Amounts owed by group undertakings 130,462 152,922
Other debtors 83,071 74,573
253,448 304,785

Amounts falling due after more than one year:
Other debtors 13,575 13,575

Aggregate amounts 267,023 318,360

Amounts owed by group undertakings are repayable on demand, unsecured and interest free.

Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 191,623 59,109
Taxation and social security 140,117 137,739
Other creditors 300,621 331,857
632,361 528,705

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 106,173 115,552

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 49,191 49,191
Between one and five years 19,137 68,329
68,328 117,520

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Other provisions
Dilapidation provision 20,000 20,000
Retro provision - 515
Warranty provision 5,202 4,617
25,202 25,132

Dilapidation provision
The dilapidation provision relates to charges expected upon exiting a leased property.

Retro provision
The retro provision is a retrospective sales discount to be given to specific customers in line with contractual terms.

Warranty provision
This is a provision for probable warranty claims to be made based on historic receipts of claims.

Skyhawke Technologies UK Limited (Registered number: 05790432)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2 Ordinary shares £1 2 2

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Bianca Permal FCA (Senior Statutory Auditor)
for and on behalf of DUX Advisory Limited

13. POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events.

14. ULTIMATE CONTROLLING PARTY

The Company's controlling party is its parent Company, Skyhawke Technologies LLC, a Company incorporated in the United States of America. The address of its registered office is Ridgeland Technology Center, Suite M, 274 Commerce Park Drive, Ridgeland, MS 39157, United States.

The financial statements are publicly available from SkyGolf Corporate Headquarters, P.O. Box 2960, Ridgeland, MS 39158.