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Registration number: 07463650

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

for
 

Spacereg Limited

 

Spacereg Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Spacereg Limited

Company Information

Director:

Mr P I Mackinlay

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

07463650

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Spacereg Limited

(Registration number: 07463650)
Balance Sheet as at 31 December 2023

Note

31.12.23

31.12.22

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

1,444

 

2,061

CURRENT ASSETS

   

 

Debtors

6

3,496

 

2,964

 

Other financial assets

5

1,132,655

 

952,580

 

Cash at bank and in hand

 

99,566

 

89,605

 

 

1,235,717

 

1,045,149

 

CREDITORS

   

 

Creditors within 1yr

7

62,463

 

37,695

 

Net current assets

   

1,173,254

 

1,007,454

Total assets less current liabilities

   

1,174,698

 

1,009,515

PROVISIONS FOR LIABILITIES

 

(42,330)

 

(31,268)

Net assets

   

1,132,368

 

978,247

CAPITAL AND RESERVES

   

 

Called up share capital

 

1

 

1

Other reserves

 

165,517

 

131,635

Profit and loss account

 

966,850

 

846,611

Shareholders' funds

   

1,132,368

 

978,247

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Spacereg Limited

(Registration number: 07463650)
Balance Sheet as at 31 December 2023 (continued)

Approved and authorised by the director on 3 September 2024
 

.........................................

Mr P I Mackinlay - Director

 

Spacereg Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales. The company's registered number and registered office adress can be found on the Company Information page.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 3 September 2024.

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Spacereg Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Office Equipment - 25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Spacereg Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4.

Tangible assets

Office equipment
£

Cost or valuation

At 1 January 2023

4,092

Additions

1,008

Disposals

(2,716)

At 31 December 2023

2,384

Depreciation

At 1 January 2023

2,031

Charge for the year

596

Eliminated on disposal

(1,687)

At 31 December 2023

940

Carrying amount

At 31 December 2023

1,444

At 31 December 2022

2,061

 

Spacereg Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5.

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Current financial assets

Cost or valuation

At 1 January 2023

952,580

Additions

131,672

Disposals

(10)

Fair value adjustments

48,413

At 31 December 2023

1,132,655

Carrying amount

At 31 December 2023

1,132,655

6.

Debtors

Current

31.12.23
£

31.12.22
£

Other debtors

3,496

2,964

7.

Creditors

Creditors: amounts falling due within one year

31.12.23
£

31.12.22
£

Due within one year

Taxation and social security

48,664

28,290

Accruals and deferred income

13,799

3,690

Other creditors

-

5,715

62,463

37,695