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WiFiSPARK Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 04948862

 

WiFiSPARK Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

WiFiSPARK Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

26,055

49,156

Current assets

 

Stocks

19,995

68,179

Debtors

6

5,985,994

2,934,945

Cash at bank and in hand

 

12,166

130,183

 

6,018,155

3,133,307

Creditors: Amounts falling due within one year

7

(3,590,932)

(3,011,462)

Net current assets

 

2,427,223

121,845

Total assets less current liabilities

 

2,453,278

171,001

Provisions for liabilities

-

(2,000)

Net assets

 

2,453,278

169,001

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

2,453,178

168,901

Shareholders' funds

 

2,453,278

169,001

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr M G J O'Donovan
Director

   
     

Company Registration Number: 04948862

 

WiFiSPARK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principal place of business is:
5 Cranmere Court
Lustleigh Close
Matford Business Park
Exeter
EX2 8PW

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.

Basis of accounting

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 presentational currency of WiFiSPARK Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.

Going concern

Taking into account all available information about the future, the board of Directors have assessed the ability of the company to continue as a going concern, and consider the going concern assumption is appropriate when preparing the financial statements.

The strong cash position of the group, and the recurring revenue the business receives from existing multi year contracts, gives the board confidence the company will be able to continue in operation and meet its liabilities as they fall due over the next 12 months.

 

WiFiSPARK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

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 value added tax, returns, rebates and discounts. Revenue is recognised as follows:

Rendering of services
Revenue from software, internet and media support services provided is recognised on a straight-line basis over the term of the agreement.

Installation
Revenue from the installation of WiFi networks is recognised by reference to the stage of completion against the contract assessed on cost. Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised are recoverable.

Sale of equipment
Revenue from the sale of equipment is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on despatch of the goods.

Equipment rental
Revenue from equipment rentals is recognised on a straight line basis over the term of the agreement.

Hotspot charges
Revenue from hotspot charges is recognised as the end users use the WiFi services provided.

Government grants

Government grants in respect of the Coronavirus Job Retention Scheme are recognised in the month to which the associated expense relates. Local council retail grants are recognised on receipt.

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 rates prevailing on the initial transaction dates.

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

 

WiFiSPARK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

The gross tax credit received under the RDEC scheme is recognised within other income in the profit and loss account.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Improvements to property

over the remaining term of the lease

Fixtures & fittings

15% reducing balance

Plant & machinery

25% straight line

Motor vehicles

25% straight line

Computer equipment

25% straight line or over the term of the related contract

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Computer software

25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

 

WiFiSPARK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the net assets of the company.

 Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

All financial instruments of the company are considered to be basic financial instruments. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

Software research and development costs

Research expenditure is written off as incurred. Software development expenditure is written off as incurred, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2022: 66).

 

WiFiSPARK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Software
 £

Total
£

Cost or valuation

At 1 January 2023

23,970

64,049

88,019

At 31 December 2023

23,970

64,049

88,019

Amortisation

At 1 January 2023

23,970

64,049

88,019

At 31 December 2023

23,970

64,049

88,019

Carrying amount

At 31 December 2023

-

-

-

At 31 December 2022

-

-

-

5

Tangible assets

Improvements to property, plant, fixtures & fittings
 £

Motor vehicles
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 January 2023

80,031

47,121

508,965

636,117

Disposals

-

(26,865)

-

(26,865)

At 31 December 2023

80,031

20,256

508,965

609,252

Depreciation

At 1 January 2023

62,224

47,121

477,616

586,961

Charge for the year

8,588

-

14,513

23,101

Eliminated on disposal

-

(26,865)

-

(26,865)

At 31 December 2023

70,812

20,256

492,129

583,197

Carrying amount

At 31 December 2023

9,219

-

16,836

26,055

At 31 December 2022

17,807

-

31,349

49,156

 

WiFiSPARK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

6

Debtors

2023
 £

2022
 £

Trade debtors

1,783,208

1,381,670

Amounts owed by group undertakings

3,499,371

1,137,529

Other debtors

352,551

78,437

Prepayments

350,864

337,309

5,985,994

2,934,945

7

Creditors

2023
£

2022
 £

Due within one year

Trade creditors

344,106

238,305

Social security and other taxes

329,590

372,539

Other creditors

1,800

13,402

Accruals and deferred income

2,915,436

2,387,216

3,590,932

3,011,462

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

10,000

100

10,000

100

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,918 (2022: £67,418). These commitments relate to non-cancellable operating leases. Of this amount £24,918 (2022: £67,418) relates to property leases expiring in August 2024.

 

WiFiSPARK Limited

Notes to the Financial Statements

Year Ended 31 December 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Kinetic Solutions Limited, incorporated in England & Wales. The ultimate parent is Constellation Software Inc., incorporated in Toronto, Canada.

11

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Stephanie Henshaw, who signed for and on behalf of PKF Francis Clark on 25 September 2024.