Registration number:
for the
Period from 26 December 2022 to
Skyventure International (UK) Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Skyventure International (UK) Limited
Company Information
Directors |
S C Ward K S Fiur M Ryan |
Company secretary |
Harrison Clark (Secretarial) Ltd |
Registered office |
|
Solicitors |
|
Auditors |
|
Skyventure International (UK) Limited
Strategic Report for the Period from 26 December 2022 to 31 December 2023
The directors present their strategic report for the period from 26 December 2022 to 31 December 2023.
Principal activities
The principal activities of the company are iFLY International Franchisor, comprising the sale of wind tunnels and collection of royalty and license fees, and holding company for iFLY International Retail operating companies.
Fair review of the business
The results for the period, which are set out in the profit and loss account, show Revenue from the sale of wind tunnels of $7,598k (2022: $2,318k) and Royalties of $10,296k (2022: $2,792k). The improvement versus 2022 reflects continued interest in the iFLY brand globally as well as strong performance by franchisees which benefits the Company in higher royalties. The Company continues to see strong interest and franchisee growth in 2024.
Dividend income of $3,101k (2022: $1,244k) was higher versus the prior year due to the new Wind Tunnel in London, England by the Company’s UK subsidiary.
The company's key financial and other performance indicators during the period were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Sale of wind tunnels |
$'000 |
7,598 |
2,318 |
Royalties and management charges |
$'000 |
10,296 |
2,792 |
Interest income |
$'000 |
1,264 |
1,344 |
Dividends |
$'000 |
3,101 |
1,244 |
Principal risks and uncertainties
The management of the company and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition from other providers of general leisure and sporting activities and the challenges arising as a result of the current economic climate.
Approved by the
Director
Skyventure International (UK) Limited
Directors' Report for the Period from 26 December 2022 to 31 December 2023
The directors present their report and the financial statements for the period from 26 December 2022 to 31 December 2023.
Directors of the company
The directors who held office during the period were as follows:
Dividends
In the period dividends of $20,985,041 (2022 - $nil) were paid.
Financial instruments
The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to price or liquidity risk.
Going concern
The business activities of Skyventure International (UK) Limited (the UK company), together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on page 2. The company continues to benefit from considerable financial resources and support from iFLY Holdings, LLC (the Parent) and the directors are confident that the underlying Group business remains strong.
The US group continuously assesses the overall health, growth trends and strategies of the business. Current and future year forecasted profit and cashflows are strong. The directors have considered the US Group’s performance for the period as well as the forecasts for future periods and concluded that there are sufficient funds available for the US Group to meet its liabilities as they fall due for a period of at least 12 months from approval of the 2023 UK financial statements.
Considering the above factors, the directors have a reasonable expectation that the company will be able to continue as a going concern for a period of 12 months from the date of approving the financial statements.
Accordingly, they considered that it is appropriate to prepare these financial statements on a going concern basis.
Future developments
The directors remain confident that the group will maintain or improve its level of performance in the future, both in the retail business of selling time in wind tunnels and in the wholesale business selling wind tunnel equipment.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Having been appointed in the period, Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Skyventure International (UK) Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Skyventure International (UK) Limited
Independent Auditor's Report to the Members of Skyventure International (UK) Limited
Opinion
We have audited the financial statements of Skyventure International (UK) Limited (the 'company') for the period from 26 December 2022 to 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Skyventure International (UK) Limited
Independent Auditor's Report to the Members of Skyventure International (UK) Limited
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
• |
reading minutes of meetings of those charged with governance. |
Skyventure International (UK) Limited
Independent Auditor's Report to the Members of Skyventure International (UK) Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Skyventure International (UK) Limited
Profit and Loss Account for the Period from 26 December 2022 to 31 December 2023
Note |
26 December 2022 to 31 December 2023 |
27 December 2021 to 25 December 2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
|
( |
|
Loss on financial assets at fair value through profit and loss account |
( |
( |
|
Exceptional income |
- |
2,394,220 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
3,787,268 |
4,892,570 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial period |
|
|
The above results were derived from continuing operations.
The company has no other comprehensive income for the period.
Skyventure International (UK) Limited
(Registration number: 04647357)
Balance Sheet as at 31 December 2023
Note |
31 December 2023 |
25 December 2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
- |
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Capital redemption reserve |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Skyventure International (UK) Limited
Statement of Changes in Equity for the Period from 26 December 2022 to 31 December 2023
Share capital |
Share premium |
Capital redemption reserve |
Foreign currency translation reserve |
Capital contribution |
Profit and loss account |
Total |
|
At 26 December 2022 |
|
|
|
|
|
|
|
Profit for the period |
- |
- |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
- |
- |
( |
( |
At 31 December 2023 |
|
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Foreign currency translation reserve |
Other reserves |
Profit and loss account |
Total |
|
At 27 December 2021 |
|
|
|
- |
|
|
|
Profit for the period |
- |
- |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
- |
|
- |
- |
|
Other share capital movements |
(31,702) |
- |
- |
- |
- |
- |
(31,702) |
At 25 December 2022 |
|
|
|
|
|
|
|
Skyventure International (UK) Limited
Statement of Cash Flows for the Period from 26 December 2022 to 31 December 2023
Note |
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Cash flows from operating activities |
|||
Profit for the period |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease in trade debtors |
|
|
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
- |
( |
|
Dividend income |
|
|
|
Net cash flows from investing activities |
|
|
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Dividends paid |
( |
- |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 26 December |
|
|
|
Cash and cash equivalents at 31 December |
2,035,770 |
5,254,690 |
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Euskirchen Way
Basingstoke
Hampshire
RG22 6PG
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is US Dollars, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest US Dollar.
Name of parent of group
These financial statements are consolidated in the financial statements of iFLY Holdings LLC.
The financial statements of iFLY Holdings LLC may be obtained from the company's registered office.
Going concern
The business activities of Skyventure International (UK) Limited (the UK company), together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on page 2. The company continues to benefit from considerable financial resources and support from iFLY Holdings, LLC (the Parent) and the directors are confident that the underlying Group business remains strong.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Judgements
No significant judgements have been made by management in preparing these financial statements. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Revenues in relation to the sale of time in wind tunnels are recognised when the group's obligations to customers are fulfilled. Amounts received in advance whether by deposit or purchase or voucher, are presented as a liability until the time is in the wind tunnel has been utilised or the voucher lapses at which point the revenue is taken to the profit and loss account.
Revenue is relation to the sale of wind tunnels are recognised as projects progress in accordance with the term of the contracts with customers.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises of corporation tax and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery - wind tunnel |
4% straight line |
Plant and machinery - other |
25% reducing balance |
Fixtures, fittings and equipment |
25% reducing balance |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All debtors are repayable within one year and are hence included at the undiscounted amount of the cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Dividends
Final dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Financial instruments
Classification
Recognition and measurement
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Impairment
Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Financial assets
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Revenue |
The analysis of the company's turnover for the period from continuing operations is as follows:
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Rendering of services |
|
|
Royalties receivable and management charge income |
|
|
|
|
The analysis of the company's turnover for the period by market is as follows:
26 December 2022 to 31 December 2023 |
27 December 2021 to 25 December 2022 |
||
$ |
$ |
||
Europe |
8,102,856 |
1,537,295 |
|
North America |
5,910,535 |
324,663 |
|
South America |
766,866 |
23,025 |
|
Asia |
689,428 |
2,173,190 |
|
Australasia |
2,424,037 |
1,051,808 |
|
17,893,722 |
5,109,981 |
Operating profit |
Arrived at after charging/(crediting):
26 December 2022 to 31 December 2023 |
27 December 2021 to 25 December 2022 |
|
Depreciation expense |
|
|
Research and development cost |
- |
|
Foreign exchange (gains)/losses |
( |
|
Operating lease expense - property |
|
|
Provisions against group company loans and investments |
541,953 |
40,912 |
Contingent amounts received on sale of subsidiary |
- |
(2,394,220) |
Contingent amounts received on the sale of subsidiary arises on the agreement of new terms that were originally agreed in 2016.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Other interest receivable and similar income |
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Interest income |
1,264,170 |
1,343,793 |
Dividend income |
|
|
|
|
Interest payable and similar expenses |
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Interest on bank overdrafts and borrowings |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Wages and salaries |
|
|
Social security costs |
|
|
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
26 December 2022 to 31 December 2023 |
27 December 2021 to 25 December 2022 |
|
Administration and support |
|
|
Directors' remuneration |
The directors' remuneration for the period, which is also the highest paid director (all other directors remuneration costs are bourne by other group entities) was as follows:
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Remuneration |
|
|
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Auditors' remuneration |
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Current taxation |
||
UK corporation tax |
|
- |
UK corporation tax adjustment to prior periods |
|
- |
559,354 |
- |
|
Foreign tax |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
26 December 2022 to 31 December |
27 December 2021 to 25 December |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
( |
Effect of foreign tax rates |
- |
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
Total tax charge |
|
|
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Properties under construction |
Total |
|
Cost |
|||
At 26 December 2022 |
|
|
|
Disposals |
- |
( |
( |
At 31 December 2023 |
|
- |
|
Depreciation |
|||
At 26 December 2022 |
|
- |
|
Charge for the period |
|
- |
|
At 31 December 2023 |
|
- |
|
Carrying amount |
|||
At 31 December 2023 |
|
- |
|
At 25 December 2022 |
|
|
|
Investments in subsidiaries |
$ |
|
Cost and net book value |
|
At 26 December 2022 and 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
5 Deansway
England and Wales |
|
|
|
|
1 Parklans Crescent
Australia |
|
|
|
|
Sundfrogsgade 21
Denmark |
|
|
|
|
20th Floor, 250 Howe Street
Canada |
|
|
|
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
Room 329, Building 40
China |
|
|
|
|
Vill'Up (Boite 12)
France |
|
|
|
Subsidiary undertakings |
iFLY Indoor Skydiving Limited The principal activity of iFLY Indoor Skydiving Limited is |
iFLY Australia Pty Limited The principal activity of iFLY Australia Pty Limited is |
iFLY Copenhagen ApS The principal activity of iFLY Copenhagen ApS is |
iFLY Canada ULC The principal activity of iFLY Canada ULC is |
iFLY (Shanghai) Company Limited The principal activity of iFLY (Shanghai) Company Limited is |
Stocks |
31 December |
25 December |
|
Finished goods and goods for resale |
- |
|
Debtors |
Note |
31 December 2023 |
25 December 2022 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Total current trade and other debtors |
|
|
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Creditors |
Note |
31 December 2023 |
25 December 2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
- |
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
354,832 |
- |
|
|
|
Share capital |
Allotted, called up and fully paid shares
31 December |
25 December |
|||
No. |
$ |
No. |
$ |
|
|
|
76,705 |
|
76,705 |
Reserves |
Share premium represents the amounts received in excess of the nominal value of the issued share capital.
Capital redemption reserve represents the nominal values of share capital bought back by the company and cancelled where not funded out of a fresh issue of shares.
Foreign currency translation reserve represents the value attributable to movement in the exchange rate between the issue of new shares for the purpose of funding the buy back of previously issued shares, all of which are denominated in GB£'s.
Capital contribution reserve represents amounts invested by the parent in the company by means other than share capital.
Dividends |
31 December 2023 |
25 December 2022 |
|
Dividends paid |
20,985,041 |
- |
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Related party transactions |
26 December 2022 to 31 December 2023 |
27 December 2021 to 25 December 2022 |
26 December 2022 to 31 December 2023 |
27 December 2021 to 25 December 2022 |
||||
$ |
$ |
$ |
$ |
||||
Paid to / (received from) |
Paid to / (received from) |
Amounts due from / (to) |
Amounts due from / (to) |
||||
Subsidiary undertakings |
|||||||
iFLY Indoor Skydiving Limited |
1,865,768 |
(34,565) |
3,809,409 |
1,943,641 |
|||
iFLY Australia Pty Limited |
(2,753,191) |
(713,432) |
(7,054,864) |
(4,301,673) |
|||
iFLY Copenhagen ApS |
(1,003) |
542,955 |
9,589,050 |
9,590,053 |
|||
iFLY Copenhagen ApS - Provision |
(541,952) |
- |
(9,589,050) |
(9,047,098) |
|||
iFLY Canada ULC |
(2,821,620) |
3,454,813 |
4,696,489 |
7,518,109 |
|||
iFLY (Shanghai) Company Limited |
22,473 |
24,153 |
82,677 |
60,204 |
|||
iFLY Paris |
43,160 |
(1,533,012) |
3,517,178 |
3,474,018 |
|||
Other group companies |
|||||||
Sky Group Investments LLC |
116,869 |
(177,013) |
(11,362) |
(128,231) |
|||
iFLY Holdings LLC |
350,520 |
5,222 |
1,195,655 |
845,135 |
|||
SkyVenture LLC |
(704,042) |
(234,851) |
1,010,189 |
1,714,231 |
|||
SkyVenture Management LLC |
1,510,875 |
(1,089,865) |
1,105,090 |
(405,785) |
|||
International Bodyflight Association LLC |
- |
346 |
1,972 |
1,972 |
Parent and ultimate parent undertaking |
On September 13, 2022, the Company's immediate parent SkyVenture Cooperatief U.A. (SVC), incorporated in Netherlands recapitalize its shares in the Company by exchanging its existing Company shares for new Company shares with similar economic terms.
On March 17, 2023, SVC was dissolved. Just prior to this, SVC’s shares in the Company were transferred to iFLY Holdings, LLC, incorporated in the United States of America.
The ultimate parent is IFH Acquisition LLC, incorporated in United States of America and the registered office being: 251 Little Falls Dr. Wilmington, DE 19808.
The smallest and largest group in which the results of the company are consolidated is that headed by iFLY Holdings LLC, a company incorporated in the United States of America and the registered office being: 13265 N US Highway 183, Suite A, Austin, Texas, 78750.