Space Construction London Ltd Accounts Cover
Space Construction London Ltd
Company No. 09366274
Directors' Report and Unaudited Accounts
30 November 2023
Space Construction London Ltd Contents
Pages
Directors' Report
2
Accountant's Report
3
Profit and Loss Account
4
Balance Sheet
5
Statement of Changes in Equity
6
Notes to the Accounts
7 to 10
Space Construction London Ltd Directors Report
The Directors present their report and the accounts for the year ended 30 November 2023.
Principal activities
The principal activity of the company during the year under review was specialised construction projects.
Directors
The Directors who served at any time during the year were as follows:
D.E. Atkinson
A. Clarke
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
D.E. Atkinson
Company Secretary
20 September 2024
Space Construction London Ltd Accountants Report
Accountant's Report to the Board of directors of Space Construction London Ltd on the preparation of the unaudited statutory accounts for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006 and in accordance with your instructions, we have prepared for your approval the financial statements of Space Construction London Ltd for the year ended 30 November 2023 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
You consider that the company is exempt from an audit for the year ended 30 November 2023. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing financial statements that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit for the year.
We have not carried out an audit or a review of the financial statements of Space Construction London Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Yorkshire Accountancy Limited
Accountants
123 Hallgate
Cottingham
East Yorkshire
HU16 4DA
20 September 2024
Space Construction London Ltd Profit and Loss Account
for the year ended 30 November 2023
2023
2022
£
£
Turnover
2,116,239
1,343,752
Cost of Sales
(1,913,755)
(1,231,039)
Gross profit
202,484
112,713
Distribution costs and selling expenses
(1,055)
(208)
Administrative expenses
(73,818)
(55,923)
Operating profit
127,61156,582
Other interest receivable
541
867
Interest payable and similar charges
(15,413)
(2,933)
Profit on ordinary activities before taxation
112,73954,516
Taxation
(26,081)
(10,520)
Profit for the financial year after taxation
86,65843,996
Space Construction London Ltd Balance Sheet
at
30 November 2023
Company No.
09366274
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
3,1013,648
3,101
3,648
Current assets
Work in progress
5
185,675
-
Debtors
6
359,860
362,588
Cash at bank and in hand
2,046
671
547,581
363,259
Creditors: Amount falling due within one year
7
(410,524)
(250,181)
Net current assets
137,057
113,078
Total assets less current liabilities
140,158
116,726
Creditors: Amounts falling due after more than one year
8
(69,146)
(116,771)
Net assets/(liabilities)
71,012
(45)
Capital and reserves
Called up share capital
100100
Profit and loss account
9
70,912
(145)
Total equity
71,012
(45)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 November 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 20 September 2024 and signed on its behalf by:
D.E. Atkinson
Director
20 September 2024
Space Construction London Ltd Statement of Changes in Equity
for the year ended 30 November 2023
Share Capital
Retained earnings
Total equity
£
£
£
At 1 December 2021
100
(4,141)
(4,041)
Profit for the period
43,99643,996
Dividends
(40,000)
(40,000)
At 30 November 2022 and 1 December 2022
100
(146)
(46)
Profit for the period
86,658
86,658
Dividends
(15,600)
(15,600)
At 30 November 2023
100
70,91271,012
Space Construction London Ltd Notes to the Accounts
for the year ended 30 November 2023
1
General information
Space Construction London Ltd is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 09366274
Its registered office is:
123 Hallgate
Cottingham
East Yorkshire
HU16 4DA
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
15% Reducing balance
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 profit and loss account 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.
Current or deferred tax for the year is recognised in profit or loss, except when they relate 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
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.
Trade and other 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.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Tangible fixed assets
Plant and machinery
Total
£
£
Cost or revaluation
At 1 December 2022
15,00015,000
At 30 November 2023
15,00015,000
Depreciation
At 1 December 2022
11,35211,352
Charge for the year
547547
At 30 November 2023
11,89911,899
Net book values
At 30 November 2023
3,1013,101
At 30 November 2022
3,648
3,648
5
Stocks
2023
2022
£
£
Work in progress
185,675-
185,675-
6
Debtors
2023
2022
£
£
VAT recoverable
6,374
6,993
Other debtors
343,052
355,595
Prepayments and accrued income
10,434
-
359,860362,588
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
56,0884,000
Other loans
24,750-
Trade creditors
90,487
68,666
Taxes and social security
36,920
14,795
Loans from directors
76,265
-
Other creditors
123,270
162,720
Accruals and deferred income
2,744-
410,524250,181
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
69,146116,771
69,146116,771
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
10
Guarantees and commitments
2023
2022
£
£
Total of guarantees and commitments
7,49913,498
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