Registered number
03534127
Space Solutions (UK) Limited
Unaudited Filleted Accounts
30 September 2023
Space Solutions (UK) Limited
Registered number: 03534127
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 92,000
Current assets
Stocks - 527,227
Debtors 4 957,928 472,446
Cash at bank and in hand 10,385 -
968,313 999,673
Creditors: amounts falling due within one year 5 (7,000) (123,529)
Net current assets 961,313 876,144
Net assets 961,313 968,144
Capital and reserves
Called up share capital 120,000 120,000
Capital redemption reserve 30,000 30,000
Profit and loss account 811,313 818,144
Shareholders' funds 961,313 968,144
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S R Allpass
Director
Approved by the board on 2 November 2023
Space Solutions (UK) Limited
Notes to the Accounts
for the period from 1 April 2022 to 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of rental and other income receivable and the sales of completed developed properties.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 100,000
Disposals (100,000)
At 30 September 2023 -
Depreciation
At 1 April 2022 8,000
Charge for the period 2,000
On disposals (10,000)
At 30 September 2023 -
Net book value
At 30 September 2023 -
At 31 March 2022 92,000
4 Debtors 2023 2022
£ £
Other debtors 957,928 472,446
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 624
Trade creditors - 8,069
Taxation and social security costs - 21,248
Other creditors 7,000 93,588
7,000 123,529
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S R Allpass
Loan that is unsecured, interest free and with no fixed repayment date - 954,384 - 954,384
- 954,384 - 954,384
7 Related party transactions
The company incurred project management fees of £85,000 (2022: £30,000) from Concept Management (UK) Limited, another company in which the director, S R Allpass, is interested as a director and shareholder.
8 Controlling party
The ultimate controlling party is the director, S R Allpass, by virtue of his beneficial ownership of the entire issued share capital of the company.
9 Other information
Space Solutions (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA
Space Solutions (UK) Limited 03534127 false 2022-04-01 2023-09-30 2023-09-30 VT Final Accounts October 2023 release 2 S R Allpass No description of principal activity 03534127 2021-04-01 2022-03-31 03534127 core:WithinOneYear 2022-03-31 03534127 core:ShareCapital 2022-03-31 03534127 core:SharePremium 2022-03-31 03534127 core:RetainedEarningsAccumulatedLosses 2022-03-31 03534127 2022-04-01 2023-09-30 03534127 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-09-30 03534127 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-09-30 03534127 bus:Director40 2022-04-01 2023-09-30 03534127 1 2022-04-01 2023-09-30 03534127 2 2022-04-01 2023-09-30 03534127 core:LandBuildings 2022-04-01 2023-09-30 03534127 bus:Director1 2022-04-01 2023-09-30 03534127 bus:Director1 1 2022-04-01 2023-09-30 03534127 countries:England 2022-04-01 2023-09-30 03534127 bus:FRS102 2022-04-01 2023-09-30 03534127 bus:FullAccounts 2022-04-01 2023-09-30 03534127 2023-09-30 03534127 core:WithinOneYear 2023-09-30 03534127 core:ShareCapital 2023-09-30 03534127 core:SharePremium 2023-09-30 03534127 core:RetainedEarningsAccumulatedLosses 2023-09-30 03534127 core:LandBuildings 2023-09-30 03534127 bus:Director1 1 2023-09-30 03534127 2022-03-31 03534127 core:LandBuildings 2022-03-31 03534127 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure