REGISTERED NUMBER: |
OUTER SPACE SOLUTIONS LTD |
Unaudited Financial Statements For The Year Ended 28 February 2023 |
REGISTERED NUMBER: |
OUTER SPACE SOLUTIONS LTD |
Unaudited Financial Statements For The Year Ended 28 February 2023 |
OUTER SPACE SOLUTIONS LTD (REGISTERED NUMBER: 06089291) |
Contents of the Financial Statements |
For The Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountants | 8 |
OUTER SPACE SOLUTIONS LTD |
Company Information |
For The Year Ended 28 February 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountant |
18 Norham Road |
Whitley Bay |
Tyne and Wear |
NE26 2SD |
OUTER SPACE SOLUTIONS LTD (REGISTERED NUMBER: 06089291) |
Balance Sheet |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
OUTER SPACE SOLUTIONS LTD (REGISTERED NUMBER: 06089291) |
Balance Sheet - continued |
28 February 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
OUTER SPACE SOLUTIONS LTD (REGISTERED NUMBER: 06089291) |
Notes to the Financial Statements |
For The Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Outer Space Solutions Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements |
There were no judgements made that were significant enough to warrant disclosure. |
Turnover |
Turnover is stated net of value added tax and represents the total receivable by the company. The revenue is recognised on the raising of a sales invoice on completion of work and the valuation of work in progress. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stock consists of building materials and work in progress. Building materials are valued at cost and work in progress is valued at cost plus a margin that reflects how complete the work has progressed. Net realisable value exceeds the value of both building materials and work in progress. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
OUTER SPACE SOLUTIONS LTD (REGISTERED NUMBER: 06089291) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Significant estimates |
There were no estimates made that were significant enough to warrant disclosure. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2022 |
and 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Included in other debtors are prepayments of £2,164 (£2,678 - 2022). |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
Included in other creditors are amounts owed to the Directors, this year they were owed £123,566 (£14,822 - 2022). |
OUTER SPACE SOLUTIONS LTD (REGISTERED NUMBER: 06089291) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 8) |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
During the year to 28 February 2021 the company received a Coronavirus Bounce Back Loan of £49,000. This is required to be disclosed in the accounts as amounts owing in less than one year, between 1 and 2 years, between 2 and five years and over five years, the above figures incorporate this plus other loans. |
9. | FINANCIAL INSTRUMENTS |
Debtors are shown at their impaired value (i.e. less doubtful debts) and trade creditors are at their carrying value. |
Loans made to the company are valued at the carrying amount which is determined deducting capital repayments and by adding interest calculated using the effective interest method on an actuarial basis. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 4,034 | 5,387 |
Deferred |
tax |
£ |
Balance at 1 March 2022 |
Provided during year | ( |
) |
Balance at 28 February 2023 |
11. | RELATED PARTY DISCLOSURES |
No transactions with related parties were undertaken that required disclosure under FRS 102 section 1A small entities. |
OUTER SPACE SOLUTIONS LTD (REGISTERED NUMBER: 06089291) |
Notes to the Financial Statements - continued |
For The Year Ended 28 February 2023 |
12. | SOLVENCY |
With a cumulative negative figure of £187,655 (£99,214 - 2022) reported in the profit and loss reserve, the company is technically insolvent. |
OUTER SPACE SOLUTIONS LTD |
Report of the Accountants to the Director of |
Outer Space Solutions Ltd |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on pages three to ten and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Chartered Certified Accountant |
18 Norham Road |
Whitley Bay |
Tyne and Wear |
NE26 2SD |