Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-311false2022-09-01Artistic creation1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08178014 2022-09-01 2023-08-31 08178014 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2022-09-01 2023-08-31 08178014 2021-09-01 2022-08-31 08178014 2023-08-31 08178014 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2023-08-31 08178014 2022-08-31 08178014 d:Director1 2022-09-01 2023-08-31 08178014 c:Buildings 2022-09-01 2023-08-31 08178014 c:Buildings 2023-08-31 08178014 c:Buildings 2022-08-31 08178014 c:Buildings c:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08178014 c:OfficeEquipment 2022-09-01 2023-08-31 08178014 c:OfficeEquipment 2023-08-31 08178014 c:OfficeEquipment 2022-08-31 08178014 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08178014 c:ComputerEquipment 2022-09-01 2023-08-31 08178014 c:ComputerEquipment 2023-08-31 08178014 c:ComputerEquipment 2022-08-31 08178014 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08178014 c:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08178014 c:CurrentFinancialInstruments 2023-08-31 08178014 c:CurrentFinancialInstruments 2022-08-31 08178014 c:Non-currentFinancialInstruments 2023-08-31 08178014 c:Non-currentFinancialInstruments 2022-08-31 08178014 c:CurrentFinancialInstruments c:WithinOneYear 2023-08-31 08178014 c:CurrentFinancialInstruments c:WithinOneYear 2022-08-31 08178014 c:Non-currentFinancialInstruments c:AfterOneYear 2023-08-31 08178014 c:Non-currentFinancialInstruments c:AfterOneYear 2022-08-31 08178014 c:ShareCapital 2023-08-31 08178014 c:ShareCapital 2022-08-31 08178014 c:RetainedEarningsAccumulatedLosses 2023-08-31 08178014 c:RetainedEarningsAccumulatedLosses 2022-08-31 08178014 d:FRS102 2022-09-01 2023-08-31 08178014 d:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08178014 d:FullAccounts 2022-09-01 2023-08-31 08178014 d:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08178014 2 2022-09-01 2023-08-31 08178014 6 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 08178014










REMOTE SPACE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
REMOTE SPACE LIMITED
REGISTERED NUMBER: 08178014

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
817,205
954,975

Investments
 5 
10,000
-

  
827,205
954,975

Current assets
  

Debtors: amounts falling due after more than one year
 6 
-
10,000

Debtors: amounts falling due within one year
 6 
576,093
582,155

Cash at bank and in hand
 7 
812,115
436,212

  
1,388,208
1,028,367

Creditors: amounts falling due within one year
 8 
(191,909)
(110,943)

Net current assets
  
 
 
1,196,299
 
 
917,424

Total assets less current liabilities
  
2,023,504
1,872,399

Creditors: amounts falling due after more than one year
 9 
(387,542)
(420,292)

Provisions for liabilities
  

Deferred tax
  
(20,090)
(49,297)

Net assets
  
1,615,872
1,402,810


Capital and reserves
  

Called up share capital, allotted and fully paid
  
2
2

Profit and loss account
  
1,615,870
1,402,808

  
1,615,872
1,402,810


Page 1

 
REMOTE SPACE LIMITED
REGISTERED NUMBER: 08178014
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The Director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of income and retained earnings 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: 




................................................
Daniel Grech-Marguerat
Director

Date: 1 March 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Remote Space Limited is a private limited company, registered in England and Wales.
The registered office and principal place of business is 519 Cambridge Heath Road, London, E2 9BU. 

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

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Revenue recognition

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. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 4

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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:

Freehold property
-
2% per annum
Office equipment
-
over 3 years
Computer equipment
-
over 3 years

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.

Page 5

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 6

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 7

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Freehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 September 2022
1,037,577
53,890
35,068
1,126,535


Additions
-
5,155
3,723
8,878



At 31 August 2023

1,037,577
59,045
38,791
1,135,413



Depreciation


At 1 September 2022
107,933
41,251
22,376
171,560


Charge for the year on owned assets
131,602
8,333
6,713
146,648



At 31 August 2023

239,535
49,584
29,089
318,208



Net book value



At 31 August 2023
798,042
9,461
9,702
817,205



At 31 August 2022
929,644
12,639
12,692
954,975


5.


Fixed asset investments





Unlisted investments

£



Cost


Additions
10,000



At 31 August 2023
10,000




Page 8

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
10,000


2023
2022
£
£

Due within one year

Trade debtors
31,475
34,037

Amounts owed by joint ventures and associated undertakings
544,618
544,618

Other debtors
-
3,500

576,093
582,155



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
812,115
436,212



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
32,750
32,750

Trade creditors
89
-

Corporation tax
109,720
42,269

Other taxation and social security
19,415
23,820

Other creditors
4,335
1,504

Accruals and deferred income
25,600
10,600

191,909
110,943


The bank loans are secured upon the freehold property.

Page 9

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
387,542
420,292


The bank loans are secured upon the freehold property.


10.


Related party transactions

At the balance sheet date a balance of £544,618 (2022: £544,618) was owed by Remote Properties Limited, a company under the control of the Director, in respect of funds loaned by the Company. This loan balance is interest free and repayable on demand with no set repayment dates.


11.


Parent company

On 31 August 2023 the Company became a wholly owned subsidiary of Remote Space Holdings Limited.

 
Page 10