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REGISTERED NUMBER: 06089291 (England and Wales)















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: P Johnson





SECRETARY: Mrs J Johnson





REGISTERED OFFICE: 71/72 Hudson Street
North Shields
Tyne and Wear
NE30 1DL





REGISTERED NUMBER: 06089291 (England and Wales)





ACCOUNTANTS: Sadler Joyce Ltd
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 21,233 28,353

CURRENT ASSETS
Stocks 17,000 16,000
Debtors 5 36,839 14,678
Cash in hand 332 58
54,171 30,736
CREDITORS
Amounts falling due within one year 6 217,865 99,498
NET CURRENT LIABILITIES (163,694 ) (68,762 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(142,461

)

(40,409

)

CREDITORS
Amounts falling due after more than one
year

7

(41,060

)

(53,318

)

PROVISIONS FOR LIABILITIES 10 (4,034 ) (5,387 )
NET LIABILITIES (187,555 ) (99,114 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (187,655 ) (99,214 )
SHAREHOLDERS' FUNDS (187,555 ) (99,114 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 November 2023 and were signed by:





P Johnson - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022
and 28 February 2023 1,038 999 34,717 5,039 41,793
DEPRECIATION
At 1 March 2022 921 754 7,135 4,630 13,440
Charge for year 29 61 6,895 135 7,120
At 28 February 2023 950 815 14,030 4,765 20,560
NET BOOK VALUE
At 28 February 2023 88 184 20,687 274 21,233
At 28 February 2022 117 245 27,582 409 28,353

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,000 12,000
Other debtors 24,839 2,678
36,839 14,678

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) 34,020 54,028
Trade creditors 58,669 22,978
Taxation and social security - 3,845
Other creditors 125,176 18,647
217,865 99,498

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) 41,060 53,318

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 24,220 14,474
Bank loans 9,800 39,554
34,020 54,028

Amounts falling due between one and two years:
Bank loans - 1-2 years 27,925 31,268

Amounts falling due between two and five years:
Bank loans - 2-5 years 13,135 22,050

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 5,387
Provided during year (1,353 )
Balance at 28 February 2023 4,034

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.






Sadler Joyce Ltd
Chartered Certified Accountant
18 Norham Road
Whitley Bay
Tyne and Wear
NE26 2SD


30 November 2023