1

General information

Hiskysat Limited is a private company limited by shares and incorporated in England and Wales.

The company's registered number is: 11595965

The address of the company's registered office is:

Going concern

2

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Tangible fixed assets and depreciation

Plant and machinery

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other creditors

Foreign currencies

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the assets have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Loans and borrowing

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Provisions

3

Taxation

Hiskysat Limited are carrying forward losses of £9,504,204 (2023: £7,779,061). The deferred tax asset related to those losses at the current tax rate is £2,376,051(2023: £1,944,765) but it is not recognised in the accounts because the company is not expected to use the carried forward losses in the near future.

4

Employees

2024

2023

Number

Number

The average monthly number of employees (including directors) during the year was:

5

Intangible fixed assets

Other

Total

£

£

Cost

At 1 January 2024

At 31 December 2024

Amortisation and impairment

Net book values

At 31 December 2024

At 31 December 2023

6

Tangible fixed assets

Plant and machinery

Total

£

£

Cost or revaluation

At 1 January 2024

Additions

At 31 December 2024

Depreciation

At 1 January 2024

Charge for the year

At 31 December 2024

Net book values

At 31 December 2024

At 31 December 2023

27,018

7

Debtors

2024

2023

£

£

Corporation tax recoverable

VAT recoverable

Other debtors

Prepayments and accrued income

8

Creditors:

amounts falling due within one year

2024

2023

£

£

Other loans

Trade creditors

Amounts owed to group undertakings

Taxes and social security

Other creditors

Accruals and deferred income

9

Operating leases

The company had annual commitments under non-cancellable operating leases as set out below:

2024

2023

£

£

Operating leases that expire within 1 year

14,530

-

14,530

-

10

Creditors:

amounts falling due after more than one year

2024

2023

£

£

Other loans

11

Share Capital

The company has 100 ordinary shares of £1 each, amounting to a total share capital of £100.

12

Reserves

13

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The directors have noted that most of their funding comes from their parent company, Hisky SCS Ltd (Israel), who may need to raise additional investment in the year to continue to support the company. The directors believe this is likely to happen. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.