Company Registration No. SC725151 (Scotland)
Prospero Space Fellowship
Unaudited accounts
for the period from 4 March 2022 to 31 March 2023
Prospero Space Fellowship
Unaudited accounts
Contents
Prospero Space Fellowship
Company Information
for the period from 4 March 2022 to 31 March 2023
Directors
J E Wheeler
G C Duffy
M J Child
Company Number
SC725151 (Scotland)
Registered Office
5 South Charlotte Street
Edinburgh
EH2 4AN
Scotland
Accountants
Balmoral Consultancy Services Limited
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Prospero Space Fellowship
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
263
Creditors: amounts falling due within one year
(1,200)
Net current liabilities
(937)
Capital redemption reserve
3
Profit and loss account
(940)
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by
J E Wheeler
Director
Company Registration No. SC725151
Prospero Space Fellowship
Notes to the Accounts
for the period from 4 March 2022 to 31 March 2023
Prospero Space Fellowship is a private company, limited by guarantee, registered in Scotland, registration number SC725151. The registered office is 5 South Charlotte Street, Edinburgh, EH2 4AN, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Whilst the company is in a net liabilities position, it retains the support of its creditors and as such the directors consider it appropriate to prepare the accounts on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contact when all of the following conditions are satisfied :
the amount of revenue can be measured reliably ;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no then three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of changes in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Prospero Space Fellowship
Notes to the Accounts
for the period from 4 March 2022 to 31 March 2023
The Company only enters into basic financial instrument 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, loans related parties and investments in ordinary shares.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Capital contribution reserve ;
The capital contribution reserve represents the opening bank balance transferred to the company on incorporation from continued operation as sole members.
4
Creditors: amounts falling due within one year
2023
5
Company limited by guarantee
The company is a private company limited by guarantee and consequently does not have share capital.
Each of the members are liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
6
Average number of employees
During the period the average number of employees was 0.