Year Ended
Registration number:
WiFiSPARK Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
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
......................................... |
Company Registration Number: 04948862
WiFiSPARK Limited
Notes to the Financial Statements
Year Ended 31 December 2023
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:
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
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
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
WiFiSPARK Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Intangible assets |
Goodwill |
Software |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
|
|
|
At 31 December 2023 |
|
|
|
Amortisation |
|||
At 1 January 2023 |
|
|
|
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
- |
- |
- |
At 31 December 2022 |
- |
- |
- |
Tangible assets |
Improvements to property, plant, fixtures & fittings |
Motor vehicles |
Computer equipment |
Total |
|
Cost or valuation |
||||
At 1 January 2023 |
|
|
|
|
Disposals |
- |
( |
- |
( |
At 31 December 2023 |
|
|
|
|
Depreciation |
||||
At 1 January 2023 |
|
|
|
|
Charge for the year |
|
- |
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 31 December 2023 |
|
|
|
|
Carrying amount |
||||
At 31 December 2023 |
|
- |
|
|
At 31 December 2022 |
|
- |
|
|
WiFiSPARK Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Creditors |
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
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 £
WiFiSPARK Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
Audit report |