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REGISTERED NUMBER: 01311235 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SPATIAL GLOBAL LIMITED

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


SPATIAL GLOBAL LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr G M Gillo
Mr G D Withers BSc ACMA
Mr M Wallis LLB FCILT





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 01311235 (England and Wales)





AUDITORS: Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

STRATEGIC REPORT
for the year ended 31 December 2023

REVIEW OF BUSINESS

The principal activities of Spatial are intercontinental freight forwarding by sea, air and intra European road transport, international mail consolidation and increasingly domestic and international e-fulfilment. Spatial acquired a small specialist Heathrow based freight forwarder in early 2024. This business has met targets to date, is being successfully integrated with Spatial operations and has enhanced geographical presence and capabilities.

The expectation for 2023 was for a gradual reduction from the very high freight prices of 2022 that impact both our Freight Division directly and Mail Division which relies on air movements. The plan was for a return to more normal trading and volumes that had been depressed in 2021 and 2022. The other side of this equation is that we would see deflation in our pricing, allowing for some margin improvement. The balance of those factors resulted in turnover decreasing to £10.1m (2022: £10.6m), margins improved giving a profit before tax of £102k (2022: £210k).

Freight volumes improved on all routes including the EU and across all sectors. New business activity improved as the year progressed. The shipping lines had profited greatly in 2022 but faced a rapidly changing market and prices in Q4 which has helped Spatial retain and add new business. However, the deflationary effect did result in more activity but turnover down.

Mail volumes increased modestly, and whilst the fulfilment and delivery of business magazines, trade shows and exhibitions are, in the long-term reducing, with the switch to digital. There is a growing magazine market at the top-end of the interest and hobby sector including cars, music, space, dining and accommodation. This comes with high quality content and a first-class physical finish. Spatial has captured a number of titles in this segment. The e-commerce growth continues and we are adding capacity at Castle Donnington.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors review risk on a regular basis both internally and with advisors

Supply Chain Industry Disruption - There has been a lot of coverage of supply chain dislocation in 2022 and 2023. Initially caused by Covid and Brexit and then exacerbated by the Russian invasion of Ukraine. Covid led to rolling regional closures in China that impacted the supply of finished goods and raw materials with factory closures and shipping delays. This resulted in the manufacturing and consumer markets in Europe and USA to change behaviour as lead-times increased. That created a spike in demand against a smaller supply with resulting large increases in shipping costs by sea and air. In 2019 an average cost to move a container from China to UK was $2,000, in 2022 and 2023 (HI) it was $18,000. We managed to keep the goods moving in all directions for our customers solidifying our relationships and supporting increases in fees. H2 of 2023 saw a rapid reversal of shipping costs as global demand softened somewhat whilst inventories had been increased to mitigate the disruption. The good trend was reversed in October with the Israeli action in Gaza. Disruption to the Suez Canal adds time to all sailings, makes it very difficult for shipping lines to meet published schedules and of course adds significantly to costs. The West Coast of America has also been impacted by issues with the Panama Canal. We have retained all of our key customers through this period.

Credit Risk
The risk to customers from Covid and Brexit has reduced substantially. Our normal rigorous on-boarding and debtor management processes ensure a healthy debtor position.

Customer Retention
Spatial enjoys a high level of customers' trust and loyalty which has worked well through the recent turmoil. Transparency on pricing, consistent execution and customer contact delivered new business across all products and retained virtually all customers.

Staffing Shortages
There is a lack of experienced staff which has grown post Brexit across the logistics and freight forwarding sectors. This remains an industry wide challenge.


SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

STRATEGIC REPORT
for the year ended 31 December 2023

KPI AND THE FUTURE
The key financial performance indicators for the company are as follows:-


2023 2022 Measure
Gross Profit Margin 24.3% 23.9% Gross Profit/Turnover
Debtors days 45 days 45 days Trade Debtors/Turnover
Creditor days 69 days 61 days Trade Creditors / Cost of Sales


Gross Profit % improved mostly from the lack of NHS/PPE work compared to 2022 (£1.1m) which had been handled at low margins. The improvement was also supported by Q3 and Q4 price increases to counter the regulatory (e.g. pension) and inflationary (e.g. utilities) cost impacts as supported by our customers.

Debtor days were in line with the previous year as we continue to maintain tight control over our debtors.

Creditors days increased slightly in line with agreed credit terms.

ETHICAL EMPLOYMENT
The company operates and ethical employment policy in recruitment, promotion and remuneration. We pay in excess of the minimum wage for the classes of jobs often seen at that level.

ON BEHALF OF THE BOARD:





Mr M Wallis LLB FCILT - Director


13 August 2024

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of warehousing, export and courier services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr G M Gillo
Mr G D Withers BSc ACMA
Mr M Wallis LLB FCILT

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr M Wallis LLB FCILT - Director


13 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPATIAL GLOBAL LIMITED

Opinion
We have audited the financial statements of Spatial Global Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPATIAL GLOBAL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPATIAL GLOBAL LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

To address the risk that revenue could be misstated due to fraud, we:
- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators where appropriate.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPATIAL GLOBAL LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Paul Dell FCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

13 August 2024

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

INCOME STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 4 10,129,947 10,566,950

Cost of sales (7,672,100 ) (8,052,618 )
GROSS PROFIT 2,457,847 2,514,332

Distribution costs (9,827 ) (10,027 )
Administrative expenses (2,336,772 ) (2,290,253 )
111,248 214,052

Other operating income (253 ) 4,383
OPERATING PROFIT 7 110,995 218,435


Interest payable and similar expenses 8 (8,351 ) (8,339 )
PROFIT BEFORE TAXATION 102,644 210,096

Tax on profit 9 (28,696 ) (59,491 )
PROFIT FOR THE FINANCIAL YEAR 73,948 150,605

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 73,948 150,605


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

73,948

150,605

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 308,255 347,844
Investments 11 1,214,098 -
1,522,353 347,844

CURRENT ASSETS
Debtors 12 2,337,325 2,414,619
Cash at bank and in hand 801,474 836,419
3,138,799 3,251,038
CREDITORS
Amounts falling due within one year 13 2,792,165 1,742,617
NET CURRENT ASSETS 346,634 1,508,421
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,868,987

1,856,265

CREDITORS
Amounts falling due after more than one
year

14

(135,559

)

(191,550

)

PROVISIONS FOR LIABILITIES 17 (77,064 ) (82,299 )
NET ASSETS 1,656,364 1,582,416

CAPITAL AND RESERVES
Called up share capital 18 462,500 462,500
Revaluation reserve 19 23,145 23,145
Retained earnings 19 1,170,719 1,096,771
SHAREHOLDERS' FUNDS 1,656,364 1,582,416

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





Mr M Wallis LLB FCILT - Director


SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 462,500 946,166 23,145 1,431,811

Changes in equity
Total comprehensive income - 150,605 - 150,605
Balance at 31 December 2022 462,500 1,096,771 23,145 1,582,416

Changes in equity
Total comprehensive income - 73,948 - 73,948
Balance at 31 December 2023 462,500 1,170,719 23,145 1,656,364

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Spatial Global Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other taxes. Turnover is recognised when goods and services are delivered and legal title is passed to customers.

Tangible fixed assets
Short leasehold, plant and equipment

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

Short leasehold - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles- 25% on cost
Computer and office equipment- 25% on cost

As permitted under FRS 102, a valuation was carried out at the transition date and the value assigned to these short leasehold, plant and equipment was deemed to be it's cost.The company has opted for a policy of not revaluing its tangible fixed assets. Additions in subsequent years are stated at cost initially and subsequently measured at cost, net of depreciation and any impairment losses.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.

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


SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets that are held by the company under leases which transfer to the group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the group are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the group's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight­line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Fixed asset investments are held at cost less amounts provided for permanent diminution in value. The carrying values of fixed asset investment are reviewed for impairment where events or changes in circumstance indicate the carrying value may not be recoverable.

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or
- the company and the party are subject to common control; or
- the party is an associate of the company or a joint venture in which the company is a venturer; or
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or
- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 9,265,882 9,665,610
Europe 82,768 86,339
Rest of the world 781,297 815,001
10,129,947 10,566,950

Turnover is wholly attributable to the principal activities of the company.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,527,854 1,518,415

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Management 6 6
Administration 24 25
Operations 21 23
Selling and distribution 2 2
53 56

Their aggregate remuneration comprised:



Year EndedYear Ended
31.12.2331.12.22
£   £   
Wages and salaries1,312,3601,302,865
Social security costs118,695118,107
Other pension costs96,79997,443
1,527,8541,518,415

6. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration - -

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 6,735 6,553
Other operating leases 203,253 161,574
Depreciation - owned assets 83,400 97,299
Auditors' remuneration - audit
services 18,073 18,000
Foreign exchange differences 253 (4,383 )

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 8,351 8,339

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 33,931 56,190

Deferred tax:
Origination and reversal of timing differences (5,235 ) 3,301
Tax on profit 28,696 59,491

UK corporation tax has been charged at 23.52% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 102,644 210,096
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

24,142

39,918

Effects of:
Expenses not deductible for tax purposes 1,266 198
Depreciation in excess of capital allowances 8,523 16,074
Short term timing differences (5,235 ) 3,301
Total tax charge 28,696 59,491

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. TANGIBLE FIXED ASSETS
Computer
Fixtures and
Short and Motor office
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 76,069 292,708 29,740 1,177,821 1,576,338
Additions - 32,511 - 11,300 43,811
Disposals - (20,164 ) - - (20,164 )
At 31 December 2023 76,069 305,055 29,740 1,189,121 1,599,985
DEPRECIATION
At 1 January 2023 76,069 269,075 28,361 854,989 1,228,494
Charge for year - 13,333 1,076 68,991 83,400
Eliminated on disposal - (20,164 ) - - (20,164 )
At 31 December 2023 76,069 262,244 29,437 923,980 1,291,730
NET BOOK VALUE
At 31 December 2023 - 42,811 303 265,141 308,255
At 31 December 2022 - 23,633 1,379 322,832 347,844

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
Additions 1,214,098
At 31 December 2023 1,214,098
NET BOOK VALUE
At 31 December 2023 1,214,098

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,250,204 1,317,069
Amounts owed by group undertakings 866,188 859,956
Other debtors 14,531 14,763
VAT 42,706 18,695
Prepayments 163,696 204,136
2,337,325 2,414,619

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 59,711 59,711
Trade creditors 1,469,350 1,334,852
Amounts owed to group undertakings 550,233 -
Tax 33,931 -
Social security and other taxes 25,524 27,814
Other creditors 302,787 20
Accruals and deferred income 350,629 320,220
2,792,165 1,742,617

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 15) 135,559 191,550

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 59,711 59,711

Amounts falling due between one and two years:
Bank loans 59,711 59,711

Amounts falling due between two and five years:
Bank loans 75,848 131,839

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 149,106 149,106
Between one and five years 61,520 210,625
210,626 359,731

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 77,064 82,299

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 82,299
Provided during year (5,235 )
Balance at 31 December 2023 77,064

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
462,500 Ordinary £1 462,500 462,500

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 1,096,771 23,145 1,119,916
Profit for the year 73,948 73,948
At 31 December 2023 1,170,719 23,145 1,193,864

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £96,799 (2022: £97,443) during the year.

21. CONTINGENT LIABILITIES

The company has granted a floating charge to Barclays Bank plc over all of its assets as security for the borrowings of the Keswick Enterprises Group of companies. At 31 December 2023 group borrowings amounted to £4,455,551 (2022: £3,545,898).

22. CAPITAL COMMITMENTS

There were no capital commitments at the current or previous balance sheet date.

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

24. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the directors on 15 January 2024.

SPATIAL GLOBAL LIMITED (REGISTERED NUMBER: 01311235)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J A Harvey.