Registered number
05014803
INSTANT SPACE (UK) LIMITED
Filleted Accounts
31 January 2024
INSTANT SPACE (UK) LIMITED
Registered number: 05014803
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 623,194 483,676
Current assets
Debtors 4 818,157 1,008,760
Cash at bank and in hand 205,700 190,705
1,023,857 1,199,465
Creditors: amounts falling due within one year 5 (773,813) (941,434)
Net current assets 250,044 258,031
Total assets less current liabilities 873,238 741,707
Creditors: amounts falling due after more than one year 6 (42,200) (71,250)
Net assets 831,038 670,457
Capital and reserves
Called up share capital 100 100
Profit and loss account 830,938 670,357
Shareholders' funds 831,038 670,457
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs D Edgington
Director
Approved by the board on 26 March 2024
INSTANT SPACE (UK) LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 850,778 9,790 860,568
Additions 295,316 - 295,316
At 31 January 2024 1,146,094 9,790 1,155,884
Depreciation
At 1 February 2023 367,102 9,790 376,892
Charge for the year 155,798 - 155,798
At 31 January 2024 522,900 9,790 532,690
Net book value
At 31 January 2024 623,194 - 623,194
At 31 January 2023 483,676 - 483,676
4 Debtors 2024 2023
£ £
Trade debtors 229,547 651,269
Other debtors 588,610 357,491
818,157 1,008,760
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 52,851 37,253
Obligations under finance lease and hire purchase contracts - 8,577
Trade creditors 422,092 500,579
Taxation and social security costs 295,663 392,525
Other creditors 3,207 2,500
773,813 941,434
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 42,200 71,250
7 Related party transactions
At the balance sheet date, £114,999 was owed to the company by Blithfield Events Ltd, a company in which Mr Palfree is a director and shareholder.
8 Controlling party
The company is controlled by the company director, Mr E Palfree, by virtue of his majority shareholding.
9 Other information
INSTANT SPACE (UK) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Venture Point
Wheelhouse Road
Brereton
Rugeley
WS15 1UZ
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