Registered number
07735975
Instant Space Construct Ltd
Filleted Accounts
31 August 2023
Instant Space Construct Ltd
Registered number: 07735975
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 50,716 50,941
Cash at bank and in hand 196 196
50,912 51,137
Creditors: amounts falling due within one year 4 (33,649) (33,634)
Net current assets 17,263 17,503
Net assets 17,263 17,503
Capital and reserves
Called up share capital 100 100
Profit and loss account 17,163 17,403
Shareholders' funds 17,263 17,503
The directors are 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 directors acknowledge their 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.
Mrs D Edgington
Director
Approved by the board on 14 March 2024
Instant Space Construct Ltd
Notes to the Accounts
for the year ended 31 August 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 2 2
3 Debtors 2023 2022
£ £
Other debtors 50,716 50,941
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,100 3,100
Other creditors 30,549 30,534
33,649 33,634
5 Related party transactions
At the balance sheet date, £50,716 was owed to the company by Instant Space (UK) Ltd, a company in which Mrs D Edgington and Mr E Palfree are directors and shareholders, and £30,000 was owed by the company to Blithfield Events Ltd, a company in which Mr E Palfree is a director and shareholder.
6 Controlling party
The company is controlled by the company director, Mrs D Edgington.
7 Other information
Instant Space Construct Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Venture Point
Wheelhouse Road
Brereton
Rugeley
WS15 1UZ
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