Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31122023-01-01falseProfessional, scientific and technical activities5truetrue 11108246 2023-01-01 2023-12-31 11108246 2022-01-01 2022-12-31 11108246 2023-12-31 11108246 2022-12-31 11108246 2022-01-01 11108246 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 11108246 d:Director1 2023-01-01 2023-12-31 11108246 c:PlantMachinery 2023-01-01 2023-12-31 11108246 c:PlantMachinery 2023-12-31 11108246 c:PlantMachinery 2022-12-31 11108246 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11108246 c:FurnitureFittings 2023-01-01 2023-12-31 11108246 c:FurnitureFittings 2023-12-31 11108246 c:FurnitureFittings 2022-12-31 11108246 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11108246 c:ComputerEquipment 2023-01-01 2023-12-31 11108246 c:ComputerEquipment 2023-12-31 11108246 c:ComputerEquipment 2022-12-31 11108246 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11108246 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11108246 c:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 11108246 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 11108246 c:CurrentFinancialInstruments 2023-12-31 11108246 c:CurrentFinancialInstruments 2022-12-31 11108246 c:Non-currentFinancialInstruments 2023-12-31 11108246 c:Non-currentFinancialInstruments 2022-12-31 11108246 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 11108246 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 11108246 c:ShareCapital 2023-01-01 2023-12-31 11108246 c:ShareCapital 2023-12-31 11108246 c:ShareCapital 2022-01-01 2022-12-31 11108246 c:ShareCapital 2022-12-31 11108246 c:ShareCapital 2022-01-01 11108246 c:SharePremium 2023-01-01 2023-12-31 11108246 c:SharePremium 2023-12-31 11108246 c:SharePremium c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 11108246 c:SharePremium 2022-01-01 2022-12-31 11108246 c:SharePremium 2022-12-31 11108246 c:SharePremium 2022-01-01 11108246 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11108246 c:RetainedEarningsAccumulatedLosses 2023-12-31 11108246 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 11108246 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11108246 c:RetainedEarningsAccumulatedLosses 2022-12-31 11108246 c:RetainedEarningsAccumulatedLosses 2022-01-01 11108246 d:OrdinaryShareClass1 2023-01-01 2023-12-31 11108246 d:OrdinaryShareClass1 2023-12-31 11108246 d:OrdinaryShareClass2 2023-01-01 2023-12-31 11108246 d:OrdinaryShareClass2 2022-12-31 11108246 d:FRS102 2023-01-01 2023-12-31 11108246 d:Audited 2023-01-01 2023-12-31 11108246 d:FullAccounts 2023-01-01 2023-12-31 11108246 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11108246 c:WithinOneYear 2023-12-31 11108246 c:WithinOneYear 2022-12-31 11108246 c:BetweenOneFiveYears 2023-12-31 11108246 c:BetweenOneFiveYears 2022-12-31 11108246 c:MoreThanFiveYears 2023-12-31 11108246 c:MoreThanFiveYears 2022-12-31 11108246 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11108246 c:PatentsTrademarksLicencesConcessionsSimilar c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 11108246 c:PatentsTrademarksLicencesConcessionsSimilar c:OwnedIntangibleAssets 2023-01-01 2023-12-31 11108246 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11108246









SUPER-SHARP SPACE SYSTEMS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SUPER-SHARP SPACE SYSTEMS LIMITED
REGISTERED NUMBER: 11108246

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
29,310
-

Tangible assets
 5 
31,391
24,772

  
60,701
24,772

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 6 
20,000
-

Debtors: amounts falling due within one year
 6 
467,822
48,119

Cash at bank and in hand
  
300,638
99,901

  
788,460
148,020

Creditors: amounts falling due within one year
 7 
(66,137)
(144,197)

NET CURRENT ASSETS
  
 
 
722,323
 
 
3,823

TOTAL ASSETS LESS CURRENT LIABILITIES
  
783,024
28,595

  

NET ASSETS
  
783,024
28,595


CAPITAL AND RESERVES
  

Called up share capital 
 8 
3
1

Share premium account
  
1,159,997
130,000

Profit and loss account
  
(376,976)
(101,406)

  
783,024
28,595


Page 1

 
SUPER-SHARP SPACE SYSTEMS LIMITED
REGISTERED NUMBER: 11108246
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M A Gomez-Jenkins
Director

Date: 6 March 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
-
(17,962)
(17,961)



Loss for the year
-
-
(83,444)
(83,444)

Shares issued during the year
-
130,000
-
130,000



At 1 January 2023 (as previously stated)
1
130,000
(144,457)
(14,456)

Prior year adjustment - correction of error
-
-
43,051
43,051


At 1 January 2023 (as restated)
1
130,000
(101,406)
28,595



Loss for the year
-
-
(275,570)
(275,570)

Shares issued during the year
2
1,029,997
-
1,029,999


AT 31 DECEMBER 2023
3
1,159,997
(376,976)
783,024


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Super-Sharp Space Systems Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is G0 Stirling House, Denny End Road, Waterbeach, Cambridge CB25 9PB.
The principal activity of the Company is the provision of professional, scientific and technical services.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue as a going concern for the forseeable future. Althought the Company is loss making in the year, this assumption is made on the basis that the Company will continue to receive financial suppoort from its shareholders, in order to meet its liabilities as they fall due.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from projects is recognised in accordance with the % progress of the project and turnover is recognised in the profit or loss in the period in which the project is undertaken.

Page 4

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.10

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life, patents are amortised over a useful economic life of 10 years.

 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight-line
Fixtures and fittings
-
20%
straight-line
Computer equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 7

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.15
FINANCIAL INSTRUMENTS (CONTINUED)

the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 12 (2022 - 5).

Page 8

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INTANGIBLE ASSETS




Patents

£



COST


Additions
31,589



At 31 December 2023

31,589



AMORTISATION


Charge for the year on owned assets
2,279



At 31 December 2023

2,279



NET BOOK VALUE



At 31 December 2023
29,310



At 31 December 2022
-



Page 9

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



COST


At 1 January 2023
39,490
355
7,283
47,128


Additions
124
2,861
16,941
19,926



At 31 December 2023

39,614
3,216
24,224
67,054



DEPRECIATION


At 1 January 2023
19,033
142
3,181
22,356


Charge for the year on owned assets
9,903
438
2,966
13,307



At 31 December 2023

28,936
580
6,147
35,663



NET BOOK VALUE



At 31 December 2023
10,678
2,636
18,077
31,391



At 31 December 2022
20,457
213
4,102
24,772

Page 10

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


DEBTORS

2023
2022
£
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
20,000
-

20,000
-


As restated
2023
2022
£
£

DUE WITHIN ONE YEAR

Other debtors
31,473
4,339

Prepayments and accrued income
312,040
43,780

Tax recoverable
124,309
-

467,822
48,119



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Other loans
-
129,791

Trade creditors
22,445
4,262

Other taxation and social security
17,905
7,159

Other creditors
2,141
2,035

Accruals and deferred income
23,646
950

66,137
144,197


Included within other creditors is an amount due to the Company pension scheme of £2,141 (2022 - £328).

Page 11

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2,666,611 (2022 - NIL ) Ordinary shares of £0.000001 each
3
-
NIL (2022 - 12,493) Ordinary shares of £0.000100 each
-
1

3

1


On 20 February 2023 12,493 £0.0001 Ordinary shares were sub divided into 1,249,300 £0.000001 Ordinary shares.
On 20 February 2023 the Company issued 41,281 Ordinary £0.000001 shares at £0.73 per share.
On 29 March 2023 the Company issued 1,376,030 Ordinary £0.000001 shares at £0.73 per share.


9.


PRIOR YEAR ADJUSTMENT

The comparative figures have been restated as some income that should have been recognised in relation to the year ended 31 December 2022 had been omitted. The impact of this adjustment to the financial statements is outlined below:
- Turnover and accrued income have increased by £43,051.
- The Profit and Loss account as at 31 December 2022 has also increased by £43,051.


10.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
130,250
-

Later than 1 year and not later than 5 years
518,667
-

Later than 5 years
28,750
-

677,667
-


11.


CONTROLLING PARTY

The ultimate controlling party is Satlantis Microsats S.A. who's registered office address is University Science Park, Sede Bld, 48940 Leioa-Bilbao, Spain.

Page 12

 
SUPER-SHARP SPACE SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 6 March 2024 by Jayson Lawson (Senior Statutory Auditor) on behalf of Ensors Accountants LLP.

 
Page 13