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Registration number: 10713029

Applied Space Solutions Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 April 2023

 

Applied Space Solutions Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Applied Space Solutions Limited

(Registration number: 10713029)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

89,199

118,145

Current assets

 

Debtors

5

22,639

32,433

Cash at bank and in hand

 

178,162

284,649

 

200,801

317,082

Creditors: Amounts falling due within one year

6

(24,003)

(28,669)

Net current assets

 

176,798

288,413

Total assets less current liabilities

 

265,997

406,558

Creditors: Amounts falling due after more than one year

6

-

(15,278)

Provisions for liabilities

(16,948)

(21,465)

Net assets

 

249,049

369,815

Capital and reserves

 

Called up share capital

5

5

Share premium reserve

200,027

200,027

Capital redemption reserve

5

5

Profit and loss account

49,012

169,778

Shareholders' funds

 

249,049

369,815

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 18 October 2023
 

 

Applied Space Solutions Limited

(Registration number: 10713029)
Statement of Financial Position as at 30 April 2023

.........................................
Dr J Paffett
Director

 

Applied Space Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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 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).

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

The current income 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.

 

Applied Space Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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 and fittings

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Research and development costs

Research costs are expensed as incurred. Development expenditure on an individual project will only be recognised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to conplete the asset and the ability to meaure reliably the expenditure during the development.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Applied Space Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Applied Space Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2022

7,474

65,869

20,391

86,253

Additions

-

-

786

-

At 30 April 2023

7,474

65,869

21,177

86,253

Depreciation

At 1 May 2022

3,804

12,423

9,492

36,123

Charge for the year

919

13,361

2,919

12,533

At 30 April 2023

4,723

25,784

12,411

48,656

Carrying amount

At 30 April 2023

2,751

40,085

8,766

37,597

At 30 April 2022

3,670

53,446

10,899

50,130

Total
£

Cost or valuation

At 1 May 2022

179,987

Additions

786

At 30 April 2023

180,773

Depreciation

At 1 May 2022

61,842

Charge for the year

29,732

At 30 April 2023

91,574

Carrying amount

At 30 April 2023

89,199

At 30 April 2022

118,145

5

Debtors

2023
£

2022
£

Trade debtors

12,675

1,018

Other debtors

6,679

25,364

Prepayments

3,285

6,051

22,639

32,433

 

Applied Space Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

15,278

5,360

Trade creditors

 

709

354

Taxation and social security

 

1,119

1,754

Accruals and deferred income

 

3,550

3,400

Other creditors

 

3,347

17,801

 

24,003

28,669

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

-

15,278


Creditors include in total net obligations under finance lease and hire purchase contracts which are secured of £15,278 (2022 - £20,638) inside and outside one year.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

15,278

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

15,278

5,360