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Robospace Ltd

Annual Report and Unaudited Financial Statements
Year Ended 28 February 2023

Registration number: 11216601

 

Robospace Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

Robospace Ltd

Balance Sheet

28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

747,517

747,517

Current assets

 

Debtors

5

6,997

7

Cash at bank and in hand

 

27,824

26,885

 

34,821

26,892

Creditors: Amounts falling due within one year

6

(710,625)

(739,227)

Net current liabilities

 

(675,804)

(712,335)

Total assets less current liabilities

 

71,713

35,182

Provisions for liabilities

(31,822)

(24,881)

Net assets

 

39,891

10,301

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

39,889

10,299

Shareholders' funds

 

39,891

10,301

 

Robospace Ltd

Balance Sheet

28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
W S Jackson
Director

Company Registration Number: 11216601

 

Robospace Ltd

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
E1-E3 Church View Business Park
Bickland Water Road
Falmouth
Cornwall
TR11 4FZ
England

These financial statements were authorised for issue by the Board on 16 October 2023.

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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.

Going concern

The directors of Robospace Limited have considered going concern and understand it to be reasonable to prepare accounts on a going concern basis. The company has seen a profitable year, and have increased their net asset position to £39,891 (2022 - £10,301). The company also receives continued support from the directors.

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 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.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Robospace Ltd

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments..


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 March

747,517

At 28 February

747,517

There has been no valuation of investment property by an independent valuer.

 

Robospace Ltd

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

5

Debtors

2023
 £

2022
 £

Prepayments

6,997

7

6,997

7

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

918

4,520

Other creditors

708,627

733,627

Accruals and deferred income

1,080

1,080

710,625

739,227

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2