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Company No: 11676816 (England and Wales)

VALVE SPACE LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

VALVE SPACE LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

VALVE SPACE LTD

BALANCE SHEET

As at 30 November 2023
VALVE SPACE LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 28,372 32,995
Investments 5 1 1
28,373 32,996
Current assets
Debtors 6 619,416 671,812
Cash at bank and in hand 569,896 2,582,062
1,189,312 3,253,874
Creditors: amounts falling due within one year 7 ( 460,563) ( 409,306)
Net current assets 728,749 2,844,568
Total assets less current liabilities 757,122 2,877,564
Creditors: amounts falling due after more than one year 8 ( 20,648) ( 30,000)
Net assets 736,474 2,847,564
Capital and reserves
Called-up share capital 9, 12 13 13
Share premium account 3,548,112 3,548,112
Profit and loss account ( 2,811,651 ) ( 700,561 )
Total shareholders' funds 736,474 2,847,564

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Valve Space Ltd (registered number: 11676816) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N Roveta
Director

30 August 2024

VALVE SPACE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
VALVE SPACE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Valve Space Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wadebridge House 16 Wadebridge Square, Poundbury, Dorchester, DT1 3AQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

An adjustment was made to the balance sheet and profit and loss reserves for the year ended 30 November 2022 to correct balances which were incorrectly stated in the financial statements. Tangible assets have decreased by £832, Investments have increased by £1, Debtors have increased by £201,496, Cash has decreased by £96,985, Creditors have decreased by £492,065, Share premium has decreased by £60,736 and profit and loss reserves have increased by £656,481 to £700,561. See note 2 for further breakdown.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes Option Pricing Model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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. Prior year adjustment

As previously reported Adjustment As restated
Year ended 30 November 2022 £ £ £
Tangible assets 33,827 (832) 32,995
Investments 0 1 1
Debtors: less than one year 470,316 201,496 671,812
Cash 2,679,047 (96,985) 2,582,062
Creditors: less than one year (901,371) 492,065 (409,306)
Share premium 3,608,848 (60,736) 3,548,112
Profit and loss reserves (1,357,042) 656,481 (700,561)

An adjustment was made to the balance sheet and profit and loss reserves for the year ended 30 November 2022 to correct balances which were incorrectly stated in the financial statements. Tangible assets have decreased by £832, Investments have increased by £1, Debtors have increased by £201,496, Cash has decreased by £96,985, Creditors have decreased by £492,065, Share premium has decreased by £60,736 and profit and loss reserves have increased by £656,481 to £700,561.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 8

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 December 2022 0 39,007 39,007
Additions 1,375 9,259 10,634
At 30 November 2023 1,375 48,266 49,641
Accumulated depreciation
At 01 December 2022 0 6,012 6,012
Charge for the financial year 202 15,055 15,257
At 30 November 2023 202 21,067 21,269
Net book value
At 30 November 2023 1,173 27,199 28,372
At 30 November 2022 0 32,995 32,995

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 1
At 30 November 2023 1
Carrying value at 30 November 2023 1
Carrying value at 30 November 2022 1

6. Debtors

2023 2022
£ £
Trade debtors 491,149 241,780
Amounts owed by Group undertakings 115,697 93,819
Corporation tax 0 318,120
Other debtors 12,570 18,093
619,416 671,812

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,357 10,000
Trade creditors 51,406 160,875
Other taxation and social security 183,633 39,253
Other creditors 216,167 199,178
460,563 409,306

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 20,648 30,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 0.00001 each 10 10
329,847 Series Seed ordinary shares of £ 0.00001 each 3 3
13 13

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,446 1,305

11. Related party transactions

Other related party transactions

The company is taking advantage of the exemption from disclosing transactions with other members of the group.

12. Capital and reserves

The company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Share premium account

The share premium account includes the premium on issue of equity shares, net of any transaction costs.

Profit and loss account

The profit and loss amount represents cumulative profits, losses and total other comprehensive income made by the company, including distributions to, and contributions from, the owners.