Registration number:
for the
Period from 30 DECEMBER 2024 to
Skyventure International (UK) Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Skyventure International (UK) Limited
Company Information
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Director |
M Ryan |
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Company secretary |
Harrison Clark (Secretarial) Ltd |
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Registered office |
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Solicitors |
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Auditors |
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Skyventure International (UK) Limited
Strategic Report for the Period from 30 December 2024 to 28 December 2025
The director presents his strategic report for the period from 30 December 2024 to 28 December 2025.
Principal activities
The principal activities of the company are iFLY International Franchisor, comprising the sale of wind tunnels and collection of royalty and license fees, and holding company for iFLY International Retail operating companies.
Fair review of the business
The results for the period, which are set out in the profit and loss account, show revenue from the sale of wind tunnels of $3,866k (2024: $2,490k) and Royalties of $6,760k (2024: $6,825k). While interest in the iFLY brand remains strong, existing and potential franchisees have struggled to secure financing for new retail projects which is impacting our deal pipeline and revenue recognition. Despite this headwind, the company was able to win incremental spares and services bids providing meaningful growth in the year.
Interest income of $922k (2024: $730k) increased in line with higher parent and subsidiary loan balances. Dividend income of $1,347k (2024: $332k) increased $1,015k reflecting higher distributions from its wholly owned subsidiaries.
The company's key financial and other performance indicators during the period were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Sale of wind tunnels |
$'000 |
3,866 |
2,490 |
|
Royalties and management charges |
$'000 |
6,760 |
6,825 |
|
Interest income |
$'000 |
922 |
730 |
|
Dividends |
$'000 |
1,347 |
332 |
The company regularly assesses the carrying value of its investments to ensure they are recoverable. During the year, the company determined that ongoing under-performance at its Australian subsidiary warranted a provision of $5,992k to its carrying amount.
Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve development, performance and the position of the business. Indicators are reviewed and altered to meet changes in both the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators beyond those set out above to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the company.
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. Risks are reviewed by the board and appropriate processes put in place to monitor and mitigate them. The key business risks and uncertainties affecting the company are considered to relate to:
Competition: The company operates in the competitive market of general leisure and sporting activities which is price sensitive resulting in pressure to results. Management consistently re-evaluate pricing and underlying costs to remain competitive and invest in innovation and brand awareness to maintain market share.
Employees: The company's performance its dependant on its employees, managers and directors. The retention and development of a highly skilled workforce is a key element in the success of the business.
Approved by the
Director
Skyventure International (UK) Limited
Director's Report for the Period from 30 December 2024 to 28 December 2025
The director presents his report and the financial statements for the period from 30 December 2024 to 28 December 2025.
Directors of the company
The directors who held office during the period were as follows:
Dividends
In the period dividends of $Nil (2024 - $5,000,000) were paid.
Financial instruments
The company's financial instruments comprise of cash and liquid resources, and various other items such as trade debtors and trade creditors etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company. The main risks arising from the company's financial instruments are set out below.
Price risk:
Price risk is the risk that the fair value of a financial asset will fluctuate because of market prices (other than those due to currency rates).
Credit risk:
Credit risk refers to a risk that a counter party will default on its contractual obligations resulting in a financial loss to the company.
The company's main credit risk is in relation to its trade receivables. The company offers credit to certain of its customers after credit terms are agreed, and an assessment of the customer's credit rating is undertaken. Credit limits are set accordingly.
Liquidity risk:
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
The company minimises liquidity risk through careful management of payables, cash and receivables and constantly monitoring the company's trading results to ensure that it can meet its future obligations as they fall
due.
Cash flow risk:
Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as changes in exchange rates.
Cash flows are carefully managed and the company continues to trade within facilities. Operating cash flow remained strong and are expected to continue in this manner. The company makes a significant proportion of its
transactions in multiple different currencies and manages this risk by the careful utilisation of funds held in those currencies.
Future developments
The directors remain confident that the group will maintain or improve its level of performance in the future, both in the retail business of selling time in wind tunnels and in the wholesale business selling wind tunnel equipment.
Skyventure International (UK) Limited
Director's Report for the Period from 30 December 2024 to 28 December 2025
Going concern
The business activities of Skyventure International (UK) Limited (the UK company), together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on page 2. The company continues to benefit from considerable financial resources and support from iFLY Holdings, LLC (the Parent) and the directors are confident that the underlying Group business remains strong.
The US group continuously assesses the overall health, growth trends and strategies of the business. Current and future year forecasted profit and cashflows are strong. The directors have considered the US Group’s performance for the period as well as the forecasts for future periods and concluded that there are sufficient funds available for the US Group to meet its liabilities as they fall due for a period of at least 12 months from approval of the 2025 UK financial statements.
Considering the above factors, the directors have a reasonable expectation that the company will be able to continue as a going concern for a period of 12 months from the date of approving the financial statements.
Accordingly, they considered that it is appropriate to prepare these financial statements on a going concern basis.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
Having been appointed in the period, Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Skyventure International (UK) Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Skyventure International (UK) Limited
Independent Auditor's Report to the Members of Skyventure International (UK) Limited
Opinion
We have audited the financial statements of Skyventure International (UK) Limited (the 'company') for the period from 30 December 2024 to 28 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 28 December 2025 and of its profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
Skyventure International (UK) Limited
Independent Auditor's Report to the Members of Skyventure International (UK) Limited
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 5, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
Skyventure International (UK) Limited
Independent Auditor's Report to the Members of Skyventure International (UK) Limited
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Skyventure International (UK) Limited
Profit and Loss Account for the Period from 30 December 2024 to 28 December 2025
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Note |
28 December |
29 December |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
4,616,340 |
1,778,381 |
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|
Loss on financial assets at fair value through profit and loss |
( |
- |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(3,737,882) |
1,022,742 |
||
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Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial period |
|
|
The above results were derived from continuing operations.
The company has no other comprehensive income for the period.
Skyventure International (UK) Limited
(Registration number: 04647357)
Balance Sheet as at 28 December 2025
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Note |
28 December |
29 December |
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Fixed assets |
|||
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Tangible assets |
|
|
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Investments |
|
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|
|
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||
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
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|
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Net assets |
|
|
|
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Capital and reserves |
|||
|
Called up share capital |
76,705 |
76,705 |
|
|
Share premium reserve |
4,667,097 |
4,667,097 |
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|
Capital redemption reserve |
3,568 |
3,568 |
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|
Other reserves |
9,981,711 |
9,981,711 |
|
|
Profit and loss account |
8,342,578 |
7,955,431 |
|
|
Total equity |
23,071,659 |
22,684,512 |
Approved and authorised by the
Director
Skyventure International (UK) Limited
Statement of Changes in Equity for the Period from 30 December 2024 to 28 December 2025
|
Share capital |
Share premium |
Capital redemption reserve |
Foreign currency translation reserve |
Other reserves |
Profit and loss account |
Total |
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|
At 30 December 2024 |
|
|
|
|
|
|
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Profit for the period |
- |
- |
- |
- |
- |
|
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|
At 28 December 2025 |
|
|
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Foreign currency translation reserve |
Other reserves |
Profit and loss account |
Total |
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At 1 January 2024 |
|
|
|
|
|
|
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Profit for the period |
- |
- |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
- |
- |
( |
( |
|
At 29 December 2024 |
76,705 |
4,667,097 |
3,568 |
31,702 |
9,950,009 |
7,955,431 |
22,684,512 |
Skyventure International (UK) Limited
Statement of Cash Flows for the Period from 30 December 2024 to 28 December 2025
|
Note |
1 January 2024 to 29 December |
26 December 2022 to 31 December |
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Cash flows from operating activities |
|||
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Profit for the period |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Financial instrument net gains (losses) through profit and loss |
|
- |
|
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Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
|
(Increase)/decrease in trade debtors |
( |
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Dividend income |
|
|
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Dividends paid |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 30 December |
|
|
|
|
Cash and cash equivalents at 28 December |
406,831 |
139,235 |
|
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
The principal place of business is:
Euskirchen Way
Basingstoke
Hampshire
RG22 6PG
|
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.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is US Dollars, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest US Dollar.
Name of parent of group
These financial statements are consolidated in the financial statements of iFLY Holdings LLC.
The financial statements of iFLY Holdings LLC may be obtained from the company's registered office.
Going concern
The business activities of Skyventure International (UK) Limited (the UK company), together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on page 2. The company continues to benefit from considerable financial resources and support from iFLY Holdings, LLC (the Parent) and the directors are confident that the underlying Group business remains strong.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
Judgements
No significant judgements have been made by management in preparing these financial statements. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
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; and specific criteria have been met for each of the company's activities.
Revenue is relation to the sale of wind tunnels are recognised as projects progress in accordance with the term of the contracts with customers.
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 of corporation tax and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
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 |
|
Fixtures, fittings and equipment |
25% reducing balance |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
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 merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All debtors are repayable within one year and are hence included at the undiscounted amount of the cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Dividends
Final dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
Financial instruments
Classification
Recognition and measurement
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Impairment
Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Financial assets
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
|
Turnover |
The analysis of the company's turnover for the period from continuing operations is as follows:
|
30 December 2024 to 28 December 2025 |
1 January 2024 to 29 December 2024 |
|
|
Rendering of services |
|
|
|
Royalties received |
|
|
|
|
|
The analysis of the company's turnover for the period by market is as follows:
|
30 December 2024 to 28 December 2025 |
1 January 2024 to 29 December 2024 |
||
|
$ |
$ |
||
|
Europe |
3,100,967 |
2,875,428 |
|
|
North America |
1,368,796 |
2,110,782 |
|
|
South America |
3,460,172 |
1,926,155 |
|
|
Asia |
748,140 |
455,423 |
|
|
Australasia |
1,947,814 |
1,947,589 |
|
|
10,625,889 |
9,315,377 |
|
Operating profit |
Arrived at after charging/(crediting):
|
30 December 2024 to 28 December |
1 January 2024 to 29 December |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Operating lease expense - property |
- |
|
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
|
Other interest receivable and similar income |
|
30 December 2024 to 28 December |
1 January 2024 to 29 December |
|
|
Interest income on investments |
921,620 |
729,515 |
|
Dividend income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
30 December 2024 to 28 December |
1 January 2024 to 29 December |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
30 December 2024 to 28 December |
1 January 2024 to 29 December |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the period, analysed by category was as follows:
|
30 December 2024 to 28 December 2025 |
1 January 2024 to 29 December 2024 |
|
|
Administration and support |
|
|
|
Director's remuneration |
The director's remuneration for the period was as follows:
|
30 December 2024 to 28 December |
1 January 2024 to 29 December |
|
|
Remuneration |
- |
|
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
Following the retirement of United Kingdom based Directors in the prior year, the company no longer bears the cost of the Director's remuneration which are borne in the worldwide group. The element relation to the company borne by the group is insignificant to the company's results.
|
Auditors' remuneration |
|
30 December 2024 to 28 December |
1 January 2024 to 29 December |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account:
|
30 December 2024 to 28 December |
1 January 2024 to 29 December |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
- |
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
30 December 2024 to 28 December |
1 January 2024 to 29 December |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
( |
|
Tax increase from impairment provisions |
|
- |
|
Total tax charge |
|
|
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
|
Tangible assets |
|
Furniture, fittings and equipment |
Assets under construction |
Total |
|
|
Cost or valuation |
|||
|
At 30 December 2024 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
( |
- |
( |
|
Transfers |
|
( |
- |
|
At 28 December 2025 |
|
- |
|
|
Depreciation |
|||
|
At 30 December 2024 |
|
- |
|
|
Charge for the period |
|
- |
|
|
Eliminated on disposal |
( |
- |
( |
|
At 28 December 2025 |
|
- |
|
|
Carrying amount |
|||
|
At 28 December 2025 |
|
- |
|
|
At 29 December 2024 |
- |
|
|
|
Investments in subsidiaries |
|
Subsidiaries |
$ |
|
Cost and net book value |
|
|
At 29 December 2024 and 28 December 2025 |
|
|
Provision |
|
|
Provision in the year |
|
|
Carrying amount |
|
|
At 28 December 2025 |
|
|
At 29 December 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
105 High Street
England and Wales |
|
|
|
|
|
1 Parklans Crescent
Australia |
|
|
|
|
|
Sundfrogsgade 21
Denmark |
|
|
|
|
|
20th Floor, 250 Howe Street
Canada |
|
|
|
|
|
Room 329, Building 40
China |
|
|
|
|
|
Vill'Up (Boite 12)
France |
|
|
|
|
Subsidiary undertakings |
|
iFLY Indoor Skydiving Limited The principal activity of iFLY Indoor Skydiving Limited is |
|
iFLY Australia Pty Limited The principal activity of iFLY Australia Pty Limited is |
|
iFLY Copenhagen ApS The principal activity of iFLY Copenhagen ApS is |
|
iFLY Canada ULC The principal activity of iFLY Canada ULC is |
|
iFLY (Shanghai) Company Limited The principal activity of iFLY (Shanghai) Company Limited is |
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
|
Debtors |
|
28 December |
29 December |
|
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Corporation tax asset |
- |
|
|
|
|
|
Creditors |
|
28 December |
29 December |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
190,258 |
- |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
28 December |
29 December |
|||
|
No. |
$ |
No. |
$ |
|
|
|
|
76,705 |
|
76,705 |
|
Reserves |
Share premium represents the amounts received in excess of the nominal value of the issued share capital.
Capital redemption reserve represents the nominal values of share capital bought back by the company and cancelled where not funded out of a fresh issue of shares.
Foreign currency translation reserve represents the value attributable to movement in the exchange rate between the issue of new shares for the purpose of funding the buy back of previously issued shares, all of which are denominated in GB£'s.
Capital contribution reserve represents amounts invested by the parent in the company by means other than share capital.
Skyventure International (UK) Limited
Notes to the Financial Statements for the Period from 30 December 2024 to 28 December 2025
|
Dividends |
|
28 December 2025 |
29 December 2024 |
|
|
Dividends paid |
- |
5,000,000 |
|
Related party transactions |
|
30 December 2024 to 28 December 2025 |
1 January 2024 to 29 December 2024 |
30 December 2024 to 28 December 2025 |
1 January 2024 to 29 December 2025 |
||||
|
$ |
$ |
$ |
$ |
||||
|
Paid to / (received from) |
Paid to / (received from) |
Amounts due from / (to) |
Amounts due from / (to) |
||||
|
Subsidiary undertakings |
|||||||
|
iFLY Indoor Skydiving Limited |
86,436 |
(1,696,132) |
2,199,713 |
2,113,277 |
|||
|
iFLY Australia Pty Limited |
586,587 |
94,932 |
(6,373,345) |
(6,959,932) |
|||
|
iFLY Copenhagen ApS |
(9,074) |
8,239 |
(835) |
8,239 |
|||
|
iFLY Canada ULC |
(1,350,596) |
(478,672) |
2,867,221 |
4,217,817 |
|||
|
iFLY (Shanghai) Company Limited |
- |
(82,677) |
- |
- |
|||
|
iFLY Paris |
(35,148) |
(1,204,615) |
2,277,415 |
2,312,563 |
|||
|
Other group companies |
|||||||
|
Sky Group Investments LLC |
(223,065) |
(41,509) |
(275,936) |
(52,871) |
|||
|
iFLY Holdings LLC |
204,160 |
2,744,950 |
4,144,765 |
3,940,605 |
|||
|
SkyVenture LLC |
(102,840) |
(249,040) |
658,309 |
761,149 |
|||
|
SkyVenture Management LLC |
5,336,902 |
850,000 |
7,291,992 |
1,955,090 |
|||
|
International Bodyflight Association LLC |
(2,207) |
275 |
40 |
2,247 |
|
Parent and ultimate parent undertaking |
The ultimate parent is IFH Acquisition LLC, incorporated in United States of America and the registered office being: 251 Little Falls Dr. Wilmington, DE 19808.
The smallest and largest group in which the results of the company are consolidated is that headed by iFLY Holdings LLC, a company incorporated in the United States of America and the registered office being: 13265 N US Highway 183, Suite A, Austin, Texas, 78750.