IRIS Accounts Production v23.4.0.336 08886520 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh088865202022-12-31088865202023-12-31088865202023-01-012023-12-31088865202021-12-31088865202022-01-012022-12-31088865202022-12-3108886520ns15:EnglandWales2023-01-012023-12-3108886520ns14:PoundSterling2023-01-012023-12-3108886520ns10:Director12023-01-012023-12-3108886520ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108886520ns10:SmallEntities2023-01-012023-12-3108886520ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3108886520ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3108886520ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108886520ns10:FullAccounts2023-01-012023-12-310888652012023-01-012023-12-3108886520ns10:OrdinaryShareClass12023-01-012023-12-3108886520ns10:Director22023-01-012023-12-3108886520ns10:RegisteredOffice2023-01-012023-12-3108886520ns5:CurrentFinancialInstruments2023-12-3108886520ns5:CurrentFinancialInstruments2022-12-3108886520ns5:Non-currentFinancialInstruments2023-12-3108886520ns5:Non-currentFinancialInstruments2022-12-3108886520ns5:ShareCapital2023-12-3108886520ns5:ShareCapital2022-12-3108886520ns5:RetainedEarningsAccumulatedLosses2023-12-3108886520ns5:RetainedEarningsAccumulatedLosses2022-12-3108886520ns5:NetGoodwill2023-01-012023-12-3108886520ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108886520ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3108886520ns5:PlantMachinery2023-01-012023-12-3108886520ns5:FurnitureFittings2023-01-012023-12-3108886520ns5:MotorVehicles2023-01-012023-12-3108886520ns5:ComputerEquipment2023-01-012023-12-3108886520ns5:NetGoodwill2022-12-3108886520ns5:NetGoodwill2023-12-3108886520ns5:NetGoodwill2022-12-3108886520ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3108886520ns5:PlantMachinery2022-12-3108886520ns5:FurnitureFittings2022-12-3108886520ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3108886520ns5:PlantMachinery2023-12-3108886520ns5:FurnitureFittings2023-12-3108886520ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3108886520ns5:PlantMachinery2022-12-3108886520ns5:FurnitureFittings2022-12-3108886520ns5:MotorVehicles2022-12-3108886520ns5:ComputerEquipment2022-12-3108886520ns5:MotorVehicles2023-12-3108886520ns5:ComputerEquipment2023-12-3108886520ns5:MotorVehicles2022-12-3108886520ns5:ComputerEquipment2022-12-3108886520ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108886520ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108886520ns5:WithinOneYear2023-12-3108886520ns5:WithinOneYear2022-12-3108886520ns5:BetweenOneFiveYears2023-12-3108886520ns5:BetweenOneFiveYears2022-12-3108886520ns5:AllPeriods2023-12-3108886520ns5:AllPeriods2022-12-3108886520ns5:DeferredTaxation2022-12-3108886520ns5:DeferredTaxation2023-12-3108886520ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 08886520 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Spacepath Communications Limited

Spacepath Communications Limited (Registered number: 08886520)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spacepath Communications Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N Burnet
C Bolton





REGISTERED OFFICE: Unit 4
Bartley Point
Osborn Way
Hook
Hampshire
RG27 9GX





REGISTERED NUMBER: 08886520 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

Spacepath Communications Limited (Registered number: 08886520)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 29,016 79,340
29,016 79,340

CURRENT ASSETS
Stocks 1,706,655 1,887,558
Debtors 6 738,005 545,764
Cash at bank 503,031 237,349
2,947,691 2,670,671
CREDITORS
Amounts falling due within one year 7 878,906 551,000
NET CURRENT ASSETS 2,068,785 2,119,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,097,801

2,199,011

CREDITORS
Amounts falling due after more than one
year

8

-

(323,000

)

PROVISIONS FOR LIABILITIES 10 (5,514 ) (15,075 )
NET ASSETS 2,092,287 1,860,936

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 2,092,285 1,860,934
SHAREHOLDERS' FUNDS 2,092,287 1,860,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Spacepath Communications Limited (Registered number: 08886520)

Balance Sheet - continued
31 December 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 6 March 2024 and were signed on its behalf by:





N Burnet - Director


Spacepath Communications Limited (Registered number: 08886520)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Spacepath Communications 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold Improvements - over the remaining life of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.


Spacepath Communications Limited (Registered number: 08886520)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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, adjusted for indexation where applicable.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

Spacepath Communications Limited (Registered number: 08886520)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 441,991
AMORTISATION
At 1 January 2023
and 31 December 2023 441,991
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
Improvements machinery fittings
£    £    £   
COST
At 1 January 2023 100,230 290,926 32,203
Additions - - 1,106
Disposals - - -
At 31 December 2023 100,230 290,926 33,309
DEPRECIATION
At 1 January 2023 95,970 227,780 32,203
Charge for year 4,260 58,187 277
Eliminated on disposal - - -
At 31 December 2023 100,230 285,967 32,480
NET BOOK VALUE
At 31 December 2023 - 4,959 829
At 31 December 2022 4,260 63,146 -

Spacepath Communications Limited (Registered number: 08886520)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 22,234 27,522 473,115
Additions 26,795 1,405 29,306
Disposals (22,234 ) - (22,234 )
At 31 December 2023 26,795 28,927 480,187
DEPRECIATION
At 1 January 2023 16,959 20,863 393,775
Charge for year 6,699 4,932 74,355
Eliminated on disposal (16,959 ) - (16,959 )
At 31 December 2023 6,699 25,795 451,171
NET BOOK VALUE
At 31 December 2023 20,096 3,132 29,016
At 31 December 2022 5,275 6,659 79,340

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 706,561 499,238
Other debtors 31,444 46,526
738,005 545,764

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 508,256 141,137
Taxation and social security 80,324 9,838
Other creditors 290,326 400,025
878,906 551,000

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors - 323,000

Spacepath Communications Limited (Registered number: 08886520)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 31,660 46,793
Between one and five years 11,138 22,750
42,798 69,543

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 5,514 15,075

Deferred
tax
£   
Balance at 1 January 2023 15,075
Accelerated capital allowances (9,561 )
Balance at 31 December 2023 5,514

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2 Ordinary £1 2 2

12. RELATED PARTY DISCLOSURES

At the year end the company owed the directors £213,430 (2022: £662,620).