Company No:
Contents
DIRECTORS | S H O'Callaghan |
S J O'Callaghan | |
T B O'Callaghan |
REGISTERED OFFICE | Towngate House |
2-8 Parkstone Road | |
Poole | |
BH15 2PW | |
United Kingdom |
BUSINESS ADDRESS | 9 Queensway |
New Milton | |
Hampshire | |
BH25 5NN |
COMPANY NUMBER | 06578145 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Towngate House | |
2-8 Parkstone Road | |
Poole | |
Dorset BH15 2PW |
Note | 31.12.2021 | 31.12.2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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26,085 | 31,721 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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2,168,414 | 2,156,893 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 309,822 | 354,209 | ||
Total assets less current liabilities | 335,907 | 385,930 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Space & Solutions Limited (registered number:
S J O'Callaghan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Space & Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is 9 Queensway, New Milton, Hampshire, BH25 5NN.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings |
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Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
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.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Loans and borrowings
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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.
Year ended 31.12.2021 |
Period from 01.07.2019 to 31.12.2020 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Fixtures and fittings | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 January 2021 |
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Additions |
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At 31 December 2021 |
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Accumulated depreciation | |||||||||
At 01 January 2021 |
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Charge for the financial year |
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At 31 December 2021 |
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Net book value | |||||||||
At 31 December 2021 |
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At 31 December 2020 |
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Investments in subsidiaries
31.12.2021 | |
£ | |
Cost | |
At 01 January 2021 |
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Disposals | (
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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Carrying value at 31 December 2020 |
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31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Stocks |
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31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Bank loans |
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Transactions with entities in which the entity itself has a participating interest
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
Scape Construct Limited | 160,000 | 237,000 |
The above transaction amounts relate to management charges receivable from Scape Construct Limited, a wholly owned subsidiary of Space & Solutions Limited.
Transactions with the entity's directors
31.12.2021 | 31.12.2020 | ||
£ | £ | ||
S J O'Callaghan | (2,100) | (1,942) | |
S H O'Callaghan | (2,100) | (1,941) | |
T B O'Callaghan | 65,374 | 24,619 |
Interest of £1,099 (2020: £418) was charged on the overdrawn directors' loan account at the HMRC official rate of 2%.
Parent Company:
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