Skynamo Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

Skynamo Limited is a private company, limited by shares, incorporated in England and Wales (registration number 11039559). The registered office address is included in the company information page to these financial statements.

The Principal activity of the company during the period was that of business and domestic software sales.

The company is a subsidiary undertaking of Skynamo Inc., a corporation registered in USA, and is included in the consolidated financial statements of Skynamo Inc which are publicly available from the registered office.

These financial statements were authorised for issue by the Board on 28 August 2025.

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, unless otherwise stated.

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 company's functional and presentational currency is GBP.

Going concern

The Company is reliant on the support of Skynamo Inc., its parent undertaking. Skynamo Inc. has confirmed it will continue to support the company for a period of twelve months from the date of signing the financial statements.

The directors have concluded that with the financial support form Skynamo Inc., the company continues as going concern.

Critical accounting judgements and key sources of estimation uncertainty

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.

The key source of estimation uncertainty is the estimated useful economic life and period of amortisation for goodwill.

Skynamo Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, other sales taxes, returns, rebates and discounts.

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;
- the stage of completion of the contract at the end of the reporting period can be measured reliably;
- the costs incurred and the costs to complete the contract can be measured reliably

Foreign currency transactions and balances

The company's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in income statement except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'

The company's functional and presentational currency is GBP.

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Skynamo Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives of 3 years, using the straight-line method.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
 

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life if four years.

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 services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Skynamo Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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 subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

The Company operates 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	259,853	259,853
At 31 December 2024	259,853	259,853
Amortisation
At 1 January 2024	174,755	174,755
Amortisation charge	64,963	64,963
At 31 December 2024	239,718	239,718
Carrying amount
At 31 December 2024	20,135	20,135
At 31 December 2023	85,098	85,098

Skynamo Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 January 2024	1,987	1,987
Additions	550	550
At 31 December 2024	2,537	2,537
Depreciation
At 1 January 2024	1,036	1,036
Charge for the year	533	533
At 31 December 2024	1,569	1,569
Carrying amount
At 31 December 2024	968	968
At 31 December 2023	951	951

6

Debtors

Current	2024 £	2023 £
Trade debtors	34,927	46,114
Amounts owed by group undertakings	401	240
Prepayments	7,292	525
Other debtors	801	700
	43,421	47,579

Skynamo Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	169	343
Taxation and social security	17,616	18,687
Accruals and deferred income	110,498	88,850
Other creditors	585	585
	128,868	108,465

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	1,907,520	1,907,520	1,858,011	1,858,011

New shares allotted

During the year 49,509 Ordinary shares having an aggregate nominal value of £49,509 were allotted for an aggregate consideration of £49,509.

9	Related party transactions

Summary of transactions with parent

Skynamo Inc.
Parent undertaking incorporated in USA. During the year the company issued 49,509 ordinary shares of £1 each for cash at par value to Skynamo Inc.

Summary of transactions with subsidiaries

Skynamo (Pty) Limited
Group undertaking incorporated in South Africa. During the year the company was charged Management fee of £229,962 (2023 - £241,191).

10	Parent and ultimate parent undertaking

The company's immediate parent is Skynamo Inc., incorporated in USA.

 

Skynamo Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

11	Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 10 September 2025 was Jason Pyke FCA, who signed for and on behalf of Vale & West Accountancy Services Limited.

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