| SPARKBEYOND UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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COMPANY INFORMATION |
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| 1. |
Company Information |
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SparkBeyond UK Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 6.12 Central House 1 Ballards Lane, London, N3 1LQ. The place of business is 5 Merchant Square, Paddington, London, W2 1AY. |
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The company is a wholly owned subsidiary of SparkBeyond Ltd, a company registered in Israel. |
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| 2. |
Accounting Policies |
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| 2.1 |
Basis of preparation of financial statements |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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The financial statements have been prepared on the going concern basis in light of the fact that the parent company, Spark Beyond Ltd (incorporated in Israel) will continue to provide financial support to the company for a period in excess of twelve months from the date the audit report is signed. |
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SparkBbeyond UK Limited's turnover represents amounts charged to the company's parent on an arm's length basis in line with a transfer pricing agreement, and therefore SparkBeyond UK Limited is reliant on its parent, SparkBeyond Ltd. |
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SparkBeyond Ltd believes they have made adequate plans to have sufficient cash available to support the group for a period in excess of twelve months from the date the audit report is signed. However, to continue in operational existence the group may require further external funding and the likelihood of this external funding being available is unclear. Though discussions are ongoing with potential investors additional investments are not yet confirmed. Therefore, a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. |
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Notwithstanding this uncertainty, the financial statements continue to be prepared under the going concern basis. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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| 2.2 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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| SPARKBEYOND UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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| 2. |
Accounting Policies (continued) |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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| 2.3 |
Related par ty exemption |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
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'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
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party transactions with wholly owned subsidiaries within the group. |
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| 2.4 |
Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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| 2.5 |
Revenue Recognition |
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Revenue is measured at the fair value of the consideration received or receivable for services |
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rendered during the year. |
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Revenue is calculated on an arm's length basis, charged to the parent company. |
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Revenue is recognised at the earliest time: Either when the invoice is raised or by the end of the year. |
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| 2.6 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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Tangible fixed assets |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery etc. - Straight line over 3 years |
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| 2.7 |
Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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| 2.8 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing differences arising from the inclusion of items of expenditure in taxation computations in periods that differ from those in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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| SPARKBEYOND UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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| 2 |
Accounting Policies (continued) |
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| 2.9 |
Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. |
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| 2.10 |
Operating leases |
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Rental paid under operating leases is charged to profit and loss on a straight line basis over the lease term. |
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| 2.11 |
Employee benefits |
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The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
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(iii) Bonus plan |
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The company operates annual bonus plan for employees and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as a result of passed events and reliable estimation of the obligation can be made. |
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(iv) Share based payments |
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Employees of the Company receive remuneration in the form of share-based payments, |
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whereby employees render services as consideration for equity instruments in the parent |
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undertaking, SparkBeyond Ltd (equity-settled transactions). The cost of equity-settled |
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transactions is determined by the fair value at the date when the grant is made using an |
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appropriate valuation model. |
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That cost is recognised in employee benefits expense, together with a corresponding increase in |
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equity (other reserves), over a period in which the service and, where applicable, the |
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performance conditions are fulfilled (the vesting period). The cumulative expense recognised for |
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equity-settled transactions at each reporting date until the vesting date reflects the extent to |
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which the vesting period has expired and the Company's best estimate of the number of equity |
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| SPARKBEYOND UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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| 2. |
Accounting Policies (continued) |
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instruments that will ultimately vest. The expense or credit in the statement of profit or loss and |
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other comprehensive income for a period represents the movement in cumulative expense |
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recognised as at the beginning and end of that period. |
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| 3. |
Employee information |
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2024 |
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2023 |
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Average number of employees |
2 |
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3 |
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Directors emoluments |
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No remunerations were paid to any of the directors during the year. |
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| 4. |
Fixed assets |
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Plant |
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& machinery |
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Total |
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£ |
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£ |
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Cost: |
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At 1 January 2024 |
58,681 |
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58,681 |
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Additions |
- |
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- |
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At 31 December 2024 |
58,681 |
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58,681 |
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Depreciation: |
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At 1 January 2024 |
57,313 |
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57,313 |
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Charge for the year |
1,100 |
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1,100 |
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At 31 December 2024 |
58,413 |
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58,413 |
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Net book value: |
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At 31 December 2024 |
268 |
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268 |
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At 31 December 2023 |
1,368 |
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1,368 |
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| 5. |
Debtors |
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31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Amounts owed by group undertaking |
386,169 |
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349,292 |
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VAT |
1,148 |
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- |
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Other debtors and prepayments |
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1,977 |
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5,115 |
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389,294 |
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354,407 |
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| SPARKBEYOND UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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| 6. |
Creditors: amounts falling due within one year |
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31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Trade creditors |
8,451 |
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3,432 |
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Corporation tax |
12,348 |
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11,304 |
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VAT |
- |
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10,661 |
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Other creditors and accruals |
30,770 |
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17,918 |
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51,569 |
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43,315 |
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| 7. |
Share capital |
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31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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1 Ordinary shares of £1 each |
1 |
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1 |
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| 8. |
Audit report information |
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As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditors' report was unqualified. |
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The senior statutory auditor was Mr. Ran Shahmoon |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 21 May 2025 |
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Name of director signing accounts: P. E. Schajer |
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Date director signed accounts: 21 May 2025 |
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We would like to draw your attention to the following statement contained within the audit |
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report included within the full financial statements. |
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MATERIAL UNCERTAINTY RELATED TO GOING CONCERN |
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We draw your attention to Note 2 in the financial statements, which indicates that the company is reliant on the parent company for support and that it is unclear whether the parent company will continue to receive further investment in order to continue in operational existence. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going Concern. Our opinion is not modified in respect of this matter. |
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USE OF OUR REPORT |
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This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. |
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| 9. |
Related party transactions |
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Control: |
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The ultimate parent company is SparkBeyond Ltd, a company incorporated in Israel. |
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The only group of undertakings for which consolidated financial statements are prepared which include SparkBeyond UK Ltd are those of SparkBeyond Ltd. Israel. Copies of these consolidated financial statements are available from SparkBeyond Ltd. Israel, 5 HaMelaka Street, Netanya, Israel. |
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Transaction: |
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The company is exempt from disclosing transactions with related parties that are wholly |
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owned within the same group in accordance with FRS 102 Section 33(1)A. |
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| 10. |
Commitment |
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The minimum lease payments under non-cancellable operating leases as at 31.12.24 was |
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£Nil (2023 £ Nil). |