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Registration number: 13368035

Skyfire Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Skyfire Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Skyfire Ltd

Company Information

Directors

Mr T H Abraham-James

Mr N L Herbert

Mr J Ferrier

Registered office

12 Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

Accountants

Fuller & Roper Limited
Unit 12 Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

 

Skyfire Ltd

(Registration number: 13368035)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

8,649

8,649

Current assets

 

Debtors

5

6,752

50,000

Cash at bank and in hand

 

22,087

42,603

 

28,839

92,603

Creditors: Amounts falling due within one year

6

(24,565)

(36,843)

Net current assets

 

4,274

55,760

Net assets

 

12,923

64,409

Capital and reserves

 

Called up share capital

7

44,000

44,000

Share premium reserve

173,500

173,500

Retained earnings

(204,577)

(153,091)

Shareholders' funds

 

12,923

64,409

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 April 2024 and signed on its behalf by:
 

.........................................
Mr T H Abraham-James
Director

 

Skyfire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

These financial statements were authorised for issue by the Board on 16 April 2024.

Skyfire Ltd is a private company, limited by shares, in England & Wales. The address of the registered office is given in the company information on page 1 of these financial statements.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that access to the required funding for the company to meet its obligations as they fall due is available.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Intangible assets

All costs directly attributable to and associated with mineral exploration are capitalised within intangible assets pending determination of the project’s feasibility. If an exploration project is deemed to be economically viable based on feasibility studies, the related expenditures are transferred to property, plant and equipment and amortised over the life of the mine on a unit production basis. Where a project is abandoned or is considered to be no longer economically viable, the related costs are written off. The cost of ancillary services supporting the exploration activities are expensed when incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Skyfire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Intangible assets

Exploration and evaluation costs
 £

Total
£

Cost or valuation

At 1 October 2022

8,649

8,649

At 30 September 2023

8,649

8,649

Carrying amount

At 30 September 2023

8,649

8,649

At 30 September 2022

8,649

8,649

The company’s intangible assets are comprised of evaluation and exploration expenditures related to mineral exploration in Greenland.

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings

8

6,752

50,000

 

Skyfire Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

348

35,725

Amounts owed to group undertakings

8

24,217

1,118

 

24,565

36,843

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.001 each

44,000,000

44,000.00

44,000,000

44,000.00

         

8

Related party transactions

As the company is a wholly owned subsidiary of Pulsar Helium Inc., it has taken advantage of the exemption contained within FRS 102 'Related Party Disclosures' and therefore, not disclosed transactions or balances with entities which are wholly owned members of the group.

9

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of Pulsar Helium Inc., a company incorporated in Canada.