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Registered number: 11007416
Space Logistics Ltd
Financial Statements
For The Year Ended 31 October 2023
APM ACCOUNTANTS LIMITED
Chartered Certified Accountant's & Business Advisers
283 High Street
Smethwick
Birmingham
West Midlands
B66 3NJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11007416
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 135,943 158,693
135,943 158,693
CURRENT ASSETS
Stocks 5 32,417 45,988
Debtors 6 320,767 225,965
Cash at bank and in hand 26,369 96,670
379,553 368,623
Creditors: Amounts Falling Due Within One Year 7 (308,382 ) (218,372 )
NET CURRENT ASSETS (LIABILITIES) 71,171 150,251
TOTAL ASSETS LESS CURRENT LIABILITIES 207,114 308,944
Creditors: Amounts Falling Due After More Than One Year 8 (44,408 ) (71,781 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (28,148 ) (28,148 )
NET ASSETS 134,558 209,015
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 134,458 208,915
SHAREHOLDERS' FUNDS 134,558 209,015
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Harjit Singh
Director
30/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Space Logistics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11007416 . The registered office is Unit 10 Spring Road, Smethwick, B66 1PE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 3)
10 3
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 November 2022 187,850 35,227 223,077
Additions - 2,094 2,094
Disposals - (1 ) (1 )
As at 31 October 2023 187,850 37,320 225,170
Depreciation
As at 1 November 2022 57,741 6,643 64,384
Provided during the period 19,516 5,327 24,843
As at 31 October 2023 77,257 11,970 89,227
Net Book Value
As at 31 October 2023 110,593 25,350 135,943
As at 1 November 2022 130,109 28,584 158,693
5. Stocks
2023 2022
£ £
Work in progress 32,417 45,988
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 244,243 121,954
Prepayments and accrued income 17,333 23,125
Other debtors - Van Deposit - 500
Directors' loan accounts 42,832 64,027
304,408 209,606
Due after more than one year
Other debtors - Rent deposit 16,359 16,359
320,767 225,965
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 24,235 29,316
Trade creditors 55,371 40,920
Bank loans and overdrafts 6,720 6,720
Other loans- Funding Circle 43,333 -
Corporation tax 7,317 54,978
Other taxes and social security 9,436 19,313
VAT 57,266 21,930
Net wages 4,509 1,157
Other creditors 91,976 27,144
Other creditors - Pension 209 -
Other creditors - Courier Services 3,060 11,544
Accruals and deferred income 4,950 5,350
308,382 218,372
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 14,554 36,371
Bank loans 29,854 35,410
44,408 71,781
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 24,235 29,316
Later than one year and not later than five years 14,554 36,371
38,789 65,687
38,789 65,687
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10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Harjit Singh 32,013 21,416 32,013 - 21,416
Mrs Nina Sandhu 32,014 21,416 32,014 - 21,416
The above loan is unsecured, interest free and repayable on demand. The loan was repaid in full within nine months of the year end.
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