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Registration number: 09334541

Space Data Centres Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Space Data Centres Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Space Data Centres Ltd

Company Information

Directors

Mr BS Digva

Mr KS Digva

Mr SS Digva

Registered office

DB House
Rani Drive
Nottingham
Nottinghamshire
NG5 1RF

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

Space Data Centres Ltd

(Registration number: 09334541)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

24,787

299,382

Other financial assets

6

67,550

54,800

 

92,337

354,182

Current assets

 

Debtors

7

2,415,661

1,730,120

Cash at bank and in hand

 

655,127

1,116,179

 

3,070,788

2,846,299

Creditors: Amounts falling due within one year

8

(1,858,678)

(1,545,688)

Net current assets

 

1,212,110

1,300,611

Total assets less current liabilities

 

1,304,447

1,654,793

Creditors: Amounts falling due after more than one year

8

(360)

(282,798)

Net assets

 

1,304,087

1,371,995

Capital and reserves

 

Called up share capital

6

6

Retained earnings

1,304,081

1,371,989

Shareholders' funds

 

1,304,087

1,371,995

 

Space Data Centres Ltd

(Registration number: 09334541)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2024 and signed on its behalf by:
 

.........................................

Mr SS Digva
Director

 

Space Data Centres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
DB House
Rani Drive
Nottingham
Nottinghamshire
NG5 1RF

These financial statements were authorised for issue by the Board on 15 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Space Data Centres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Motor vehicles

25% reducing balance

Plant and machinery

20% straight line

Short leasehold improvements

20% straight line

Fixtures and fittings

33%/10% straight line

Investments

Investments which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Space Data Centres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Space Data Centres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 17).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,141

107,269

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

205,517

868,493

1,074,010

Additions

580

41,162

41,742

Disposals

-

(718,661)

(718,661)

At 30 June 2023

206,097

190,994

397,091

Depreciation

At 1 July 2022

196,782

577,845

774,627

Charge for the year

2,797

5,344

8,141

Eliminated on disposal

-

(410,464)

(410,464)

At 30 June 2023

199,579

172,725

372,304

Carrying amount

At 30 June 2023

6,518

18,269

24,787

At 30 June 2022

8,735

290,647

299,382

Included within the net book value of land and buildings above is £6,518 (2022 - £8,735) in respect of short leasehold land and buildings.
 

 

Space Data Centres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Investments held as fixed assets

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

67,550

54,800

Other investments
£

Total
£

Cost or valuation

At 1 July 2022

54,800

54,800

Additions

12,750

12,750

At 30 June 2023

67,550

67,550

Net book value

At 30 June 2023

67,550

67,550

7

Debtors

2023
£

2022
£

Trade debtors

26,531

33,320

Prepayments

17,901

40,421

Other debtors

2,371,229

1,656,379

2,415,661

1,730,120

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

201,948

151,058

Trade creditors

 

105,211

123,676

Taxation and social security

 

39,372

88,040

Accruals and deferred income

 

1,512,147

1,182,497

Other creditors

 

-

417

 

1,858,678

1,545,688

 

Space Data Centres Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

360

282,798

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

19,673

91,308

Other borrowings

182,275

59,750

201,948

151,058

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

360

120,000

Other borrowings

-

162,798

360

282,798

Secured Liabilities

The loan of £484 (2022: £222,548) is secured by a debenture over the company's assets. Finance leases of £20,033 (2022 £211,308) are secured over the assets to which they relate.

10

Related party transactions

Included within other debtors are the following balances, in respect of companies which are related by virtue of common ownership and directorship:

As at 30 June 2023 £1,345,557 (1 June 2022: £994,604) was owed by In Phase International Limited.

As at 30 June 2023 £954,164 (1 June 2022: £584,607) was owed by WSD1 Limited

The company remunerates the directors with a combination of salary, pension contributions and dividends, all of which are deemed to be within the normal course of business.