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REGISTERED NUMBER: 05125730 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

K2 SPACE LIMITED

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


K2 SPACE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: G Osman
M W Phillips





SECRETARY: G Osman





REGISTERED OFFICE: Studio B
16 Barnsbury Square
Islington
London
N1 1JL





REGISTERED NUMBER: 05125730 (England and Wales)





ACCOUNTANTS: LEES
Chartered Certified Accountants
Hogarth House
136 High Holborn
London
WC1V 6PX

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,615 87
Tangible assets 5 182,189 82,038
186,804 82,125

CURRENT ASSETS
Stocks 7,814 24,019
Debtors 6 1,544,868 1,478,529
Cash at bank 2,712,103 1,301,513
4,264,785 2,804,061
CREDITORS
Amounts falling due within one year 7 3,217,472 2,222,015
NET CURRENT ASSETS 1,047,313 582,046
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,234,117

664,171

CREDITORS
Amounts falling due after more than one
year

8

(22,331

)

(32,387

)

PROVISIONS FOR LIABILITIES (38,798 ) (10,520 )
NET ASSETS 1,172,988 621,264

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 1,172,888 621,164
SHAREHOLDERS' FUNDS 1,172,988 621,264

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

BALANCE SHEET - continued
30 APRIL 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:




G Osman - Director



M W Phillips - Director


K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

K2 Space Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of these financial statements is pound sterling.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients. Turnover excludes value added tax.

Unbilled turnover on individual contracts is included as accrued income within other debtors.

Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

Computer software - 3 years

Tangible assets
Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset plus costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged from the time when tangible assets are brought into use and is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

Land and buildings - over the period of the lease
Plant and machinery etc - 3 years, straight line

Government grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grant will be received. These grants are recognised within other operating income on a systematic basis over the periods in which the related costs towards which they are intended to compensate are recognised as expenses.

Coronavirus Job Retention Scheme (CJRS)
Grants received in relation to the Coronavirus Job Retention Scheme are accounted for on the accruals basis once the related payroll return has been submitted.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to profit or loss.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 11 ) .

4. INTANGIBLE ASSETS
Other
intangible
assets
£   
COST
At 1 May 2022 18,560
Additions 6,000
At 30 April 2023 24,560
AMORTISATION
At 1 May 2022 18,473
Charge for year 1,472
At 30 April 2023 19,945
NET BOOK VALUE
At 30 April 2023 4,615
At 30 April 2022 87

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. TANGIBLE ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 203,500 245,468 448,968
Additions - 140,347 140,347
At 30 April 2023 203,500 385,815 589,315
DEPRECIATION
At 1 May 2022 135,630 231,300 366,930
Charge for year 22,118 18,078 40,196
At 30 April 2023 157,748 249,378 407,126
NET BOOK VALUE
At 30 April 2023 45,752 136,437 182,189
At 30 April 2022 67,870 14,168 82,038

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 851,102 305,056
Other debtors 693,766 1,173,473
1,544,868 1,478,529

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,955 9,707
Payments on account 269,424 266,782
Trade creditors 1,641,402 633,497
Amounts owed to group undertakings - 40,718
Taxation and social security 441,390 284,603
Other creditors 855,301 986,708
3,217,472 2,222,015

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,331 32,387

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
47 Ordinary A £1 47 47
47 Ordinary B £1 47 47
2 Ordinary C £1 2 2
2 Ordinary D £1 2 2
2 Ordinary E £1 2 2
100 100

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

10. PENSION COMMITMENTS

At 30 April 2023, included in other creditors falling due within one year are unpaid contributions of £3,986 (2022 - £Nil) due to a defined contribution pension scheme.

11. OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the company had total financial commitments which are not included in the balance sheet of £33,825 (2022 - £10,965).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
G Osman
Balance outstanding at start of year 80 29,874
Amounts advanced 81,801 2,829
Amounts repaid (81,881 ) (32,623 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 80

M W Phillips
Balance outstanding at start of year 6,098 69,645
Amounts advanced 83,665 15,848
Amounts repaid (89,763 ) (79,395 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 6,098

Interest of £820 (2022 - £268) was charged at HM Revenue and Customs' official rate of interest on any beneficial overdrawn loan account by the company.

The above loans are unsecured and repayable on demand.

13. PARENT UNDERTAKING

The ultimate parent undertaking is K2 Ventures Limited, a company registered in England and Wales.

The company is not a member of a group for which consolidated financial statements are prepared.