Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseNo description of principal activity32truetrue 09130445 2022-04-01 2023-03-31 09130445 2021-04-01 2022-03-31 09130445 2023-03-31 09130445 2022-03-31 09130445 c:Director1 2022-04-01 2023-03-31 09130445 c:Director2 2022-04-01 2023-03-31 09130445 d:OfficeEquipment 2022-04-01 2023-03-31 09130445 d:OfficeEquipment 2023-03-31 09130445 d:OfficeEquipment 2022-03-31 09130445 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09130445 d:CurrentFinancialInstruments 2023-03-31 09130445 d:CurrentFinancialInstruments 2022-03-31 09130445 d:Non-currentFinancialInstruments 2023-03-31 09130445 d:Non-currentFinancialInstruments 2022-03-31 09130445 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09130445 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09130445 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09130445 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09130445 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 09130445 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 09130445 d:ShareCapital 2023-03-31 09130445 d:ShareCapital 2022-03-31 09130445 d:CapitalRedemptionReserve 2022-04-01 2023-03-31 09130445 d:CapitalRedemptionReserve 2023-03-31 09130445 d:CapitalRedemptionReserve 2022-03-31 09130445 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09130445 d:RetainedEarningsAccumulatedLosses 2023-03-31 09130445 d:RetainedEarningsAccumulatedLosses 2022-03-31 09130445 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09130445 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 09130445 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 09130445 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 09130445 c:OrdinaryShareClass1 2022-04-01 2023-03-31 09130445 c:OrdinaryShareClass1 2023-03-31 09130445 c:OrdinaryShareClass1 2022-03-31 09130445 c:FRS102 2022-04-01 2023-03-31 09130445 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09130445 c:FullAccounts 2022-04-01 2023-03-31 09130445 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09130445 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09130445










SPACEOLOGY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
SPACEOLOGY LIMITED
REGISTERED NUMBER: 09130445

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,062
3,590

  
3,062
3,590

Current assets
  

Debtors: amounts falling due within one year
 5 
16,865
20,462

Cash at bank and in hand
 6 
16,559
66,196

  
33,424
86,658

Creditors: amounts falling due within one year
 7 
(19,879)
(18,521)

Net current assets
  
 
 
13,545
 
 
68,137

Total assets less current liabilities
  
16,607
71,727

Creditors: amounts falling due after more than one year
 8 
(30,746)
(40,493)

  

Net (liabilities)/assets
  
(14,139)
31,234


Capital and reserves
  

Called up share capital 
 11 
92
100

Capital redemption reserve
 12 
8
-

Profit and loss account
 12 
(14,239)
31,134

  
(14,139)
31,234


Page 1

 
SPACEOLOGY LIMITED
REGISTERED NUMBER: 09130445

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2023.




R D Wright
P R Devlin
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SPACEOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

The company had net liabilities at 31st March 2023 of £14,139. However, the director is of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of these factors, the director considers it appropriate to adopt the going concern basis in the preperation of these financial statements.

 
1.3

Revenue

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 also 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 contract 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.

  
1.4

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstarted.

 
1.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
1.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SPACEOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SPACEOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.14

Creditors

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.

 
1.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
SPACEOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
1.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

Spaceology Limited is a private limited company incorporated in England and Wales. The Registered Office is Kingsridge House, 601 London Road, Westcliff on Sea, Essex, SS0 9PE.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).

Page 6

 
SPACEOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
6,402



At 31 March 2023

6,402



Depreciation


At 1 April 2022
2,812


Charge for the year on owned assets
528



At 31 March 2023

3,340



Net book value



At 31 March 2023
3,062



At 31 March 2022
3,590


5.


Debtors

2023
2022
£
£


Other debtors
2,255
17,094

Deferred taxation
14,610
3,368

16,865
20,462



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
16,559
66,196

16,559
66,196


Page 7

 
SPACEOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,747
9,507

Trade creditors
1,315
2,545

Other creditors
8,817
6,469

19,879
18,521



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
30,746
40,493

30,746
40,493



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,747
9,507


9,747
9,507


Amounts falling due 2-5 years

Bank loans
30,746
40,493


30,746
40,493


40,493
50,000


Page 8

 
SPACEOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Deferred taxation




2023


£






At beginning of year
3,368


Charged to profit or loss
11,242



At end of year
14,610

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(582)
(682)

Tax losses carried forward
15,192
4,050

14,610
3,368


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,184 (2022 - 10,000) Ordinary shares of £0.01 each
92
100

During the year, the company purchased and cancelled 816 of its own shares of £0.01 each.



12.


Reserves

Capital redemption reserve

During the year, the company used £10,000 of retained reserves to buy back and cancel 816 Ordinary shares of £0.01 each.

Profit and loss account

During the year, the company used £10,000 of retained reserves to buy back and cancel 816 Ordinary shares of £0.01 each.


13.


Pension commitments

The company contributes to money purchase pension schemes for certain directors and employees. The
schemes and their assets are held by independent managers. The pension charge represents
contributions paid by the company which amounted to £73 (2022 : £Nil).


Page 9