Company registration number 04432264 (England and Wales)
SPACEREPAIR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPACEREPAIR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SPACEREPAIR LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,920
48,554
Current assets
Debtors
4
27,034
30,891
Cash at bank and in hand
6,907
4,422
33,941
35,313
Creditors: amounts falling due within one year
5
(63,037)
(48,836)
Net current liabilities
(29,096)
(13,523)
Total assets less current liabilities
(15,176)
35,031
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(15,177)
35,030
Total equity
(15,176)
35,031

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mrs C Gardner
Director
Company Registration No. 04432264
SPACEREPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Spacerepair Limited is a private company limited by shares incorporated in England and Wales. The registered office is International House, Flint Road, Saltney Ferry, Chester, CH4 0GZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover comprises rental income from hire of scaffolding equipment.

 

Turnover from hire is recognised by reference to date of that hire. Turnover from a contract to provide services is recognised with reference to stage of completion. The profit included is calculated on a reasonable and consistent basis to reflect the proportion of work carried out at the year end.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25-33% straight line

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SPACEREPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
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.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from related parties 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SPACEREPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2023
2,182,389
Additions
2,641
At 31 December 2023
2,185,030
Depreciation and impairment
At 1 January 2023
2,133,835
Depreciation charged in the year
37,275
At 31 December 2023
2,171,110
Carrying amount
At 31 December 2023
13,920
At 31 December 2022
48,554
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,232
Amounts owed by related parties
-
0
2,700
Prepayments and accrued income
8,016
7,661
8,016
15,593
Deferred tax asset (note 6)
19,018
15,298
27,034
30,891
SPACEREPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,265
1,164
Amounts owed to related parties
60,322
46,357
Other creditors
1,450
1,315
63,037
48,836
6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
19,018
15,298
2023
Movements in the year:
£
Asset at 1 January 2023
(15,298)
Credit to profit or loss
(3,720)
Asset at 31 December 2023
(19,018)
7
Financial commitments, guarantees and contingent liabilities

An intercompany cross guarantee exists between Spacerepair Limited and Aviation Park Group Limited, Chester Airport Limited, CCB Property Partnership LLP, NSS Special Access (UK) Limited and CCB Trading Group Limited.

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

SPACEREPAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Related party transactions
(Continued)
- 6 -

The company is controlled by C C Butt, director by virtue of his ownership of the entire issued share capital of the company.

 

C C Butt also owns 98.5% of the issued share capital of Aviation Park Group Limited which in turn wholly owns CCB Trading Group Limited. CCB Trading Group Limited wholly owns Chester Airport Limited.

 

Amounts owed to Aviation Park Group Limited at the balance sheet date totalled £26 (2022: £nil). Amounts due from Aviation Park Group Limited at the balance sheet date totalled £nil (2022: £2,700). The company made purchases of £2,224 (2022: £1,679) from this company during the year. Amounts owed to CCB Trading Group Limited at the balance sheet date totalled £60,000 (2022: £45,000).

 

C C Butt has a 99% direct membership in CCB Property Partnership LLP with other 1% membership being held by CCB Trading Group Limited. Purchases of £19,118 (2022: £17,970) were made from this company during the year.

 

C C Butt owns 100% of the issued share capital of NSS Special Access (UK) Ltd. The company invoiced sales and recharges totalling £48,131 (2022: £46,157) to and made purchases of £2,743 (2022: £nil) from this company during the year.

 

Included in trade debtors are £nil (2022: £5,232) amounts due from parties related through common ownership.

9
Controlling party

The company is controlled by C C Butt by way of his 100% shareholding.

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