Company Registration No. 07553730 (England and Wales)
Spacehive Ltd
Unaudited accounts
for the year ended 31 December 2023
Spacehive Ltd
Company Information
for the year ended 31 December 2023
Directors
Namisha Dhanak
Mark Foster
Jennifer Mary Marzullo
Company Number
07553730 (England and Wales)
Registered Office
The Brew, Eagle House
163 City Road
London
EC1V 1NR
England
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
Spacehive Ltd
Accountants' report
Accountants' report to the board of directors of Spacehive Ltd on the preparation of the unaudited statutory accounts for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Spacehive Ltd for the year ended
31 December 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Spacehive Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Spacehive Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spacehive Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Spacehive Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Spacehive Ltd. You consider that Spacehive Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Spacehive 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 accounts.
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
30 April 2024
Spacehive Ltd
Statement of financial position
as at 31 December 2023
Intangible assets
586,377
597,201
Tangible assets
2,402
1,197
Cash at bank and in hand
142,792
258,335
Creditors: amounts falling due within one year
(668,538)
(724,043)
Net current liabilities
(509,426)
(456,827)
Total assets less current liabilities
79,353
141,571
Creditors: amounts falling due after more than one year
(272,402)
(261,614)
Net liabilities
(193,049)
(120,043)
Called up share capital
30,749
30,749
Share premium
1,953,551
1,953,551
Profit and loss account
(2,177,349)
(2,104,343)
Shareholders' funds
(193,049)
(120,043)
For the 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. 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by
Namisha Dhanak
Director
Company Registration No. 07553730
Spacehive Ltd
Notes to the Accounts
for the year ended 31 December 2023
Spacehive Ltd is a private company, limited by shares, registered in England and Wales, registration number 07553730. The registered office is The Brew, Eagle House, 163 City Road, London, EC1V 1NR, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs - 25% Reducing Balance
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Spacehive Ltd
Notes to the Accounts
for the year ended 31 December 2023
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The financial statements have been prepared on a going concern basis, and the Directors consider there to be sufficient resources to operate for the foreseeable future. The Board has concluded that the going concern assumption is appropriate in preparing these financial statements.
4
Intangible fixed assets
Other
At 1 January 2023
1,555,168
At 31 December 2023
1,716,130
Charge for the year
171,786
At 31 December 2023
1,129,753
At 31 December 2023
586,377
At 31 December 2022
597,201
5
Tangible fixed assets
Plant & machinery
At 31 December 2023
22,572
At 31 December 2023
20,170
Spacehive Ltd
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Accrued income and prepayments
15,505
8,881
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
9,008
49,086
Taxes and social security
51,207
22,077
Other creditors
4,861
3,467
Deferred income
463,549
527,171
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
255,735
202,919
Taxes and social security
-
32,028
9
Transactions with related parties
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
10
Average number of employees
During the year the average number of employees was 12 (2022: 13).