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Registered number: 05627511










SPACEWARD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
SPACEWARD LIMITED
REGISTERED NUMBER: 05627511

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
7,640
464

  
7,640
464

Current assets
  

Cash at bank and in hand
  
1,560
1,960

  
1,560
1,960

Creditors: amounts falling due within one year
 4 
(120,605)
(103,290)

Net current liabilities
  
 
 
(119,045)
 
 
(101,330)

Total assets less current liabilities
  
(111,405)
(100,866)

  

Net liabilities
  
(111,405)
(100,866)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(111,406)
(100,867)

  
(111,405)
(100,866)


Page 1

 
SPACEWARD LIMITED
REGISTERED NUMBER: 05627511
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

For the year ended 30 November 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

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 income statement 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 on 28 August 2024.




................................................
J Pattinson
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
SPACEWARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Spaceward Limited is a private company limited by shares and incorporated in England and Wales, registration number 05627511. The registered office is 1st Floor Prospect House, Rouen Road, Norwich, Norfolk, NR1 1RE

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

 
2.2

Going concern

Not with standing the loss for the period and the deficit of shareholders funds, the director considers that the company will return to profitability in future years and with their support, feels it is appropriate for the accounts to be prepared on a going concern basis. As a result of their support the directors have no plans to withdraw their outstanding loan accounts.

 
2.3

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. 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.

Page 3

 
SPACEWARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

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:

Fixtures & fittings
-
10%
Office equipment
-
20%

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.

 
2.6

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.

 
2.7

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.

Page 4

 
SPACEWARD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 December 2022
-
944
944


Additions
8,183
-
8,183



At 30 November 2023

8,183
944
9,127



Depreciation


At 1 December 2022
-
480
480


Charge for the year on owned assets
818
189
1,007



At 30 November 2023

818
669
1,487



Net book value



At 30 November 2023
7,365
275
7,640



At 30 November 2021
-
464
464


4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8
-

Corporation tax
200
200

Other creditors
119,142
101,840

Accruals and deferred income
1,255
1,250

120,605
103,290


 
Page 5