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Registration number: 01944157

Bristol Spaceworks Ltd

(A company limited by guarantee)

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Bristol Spaceworks Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Bristol Spaceworks Ltd

Company Information

Directors

Mr C N Pirie

Mr J N G Hawkins

Mr P J Caldwell

Mr M B Lloyd-Jones

Mr C Chapman

Mr U M Yaqub

Miss P Thakrar

Ms I M Tempowski

Ms N Mayler

Company secretary

Mr J N G Hawkins

Registered office

Easton Business Centre
Felix Road
Easton
Bristol
BS5 0HE

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Bristol Spaceworks Ltd

(Registration number: 01944157)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

1,958,780

2,012,302

Current assets

   

Debtors

5

18,968

 

72,122

Cash at bank and in hand

 

947,004

 

711,666

 

965,972

 

783,788

Creditors: Amounts falling due within one year

6

(423,700)

 

(369,204)

Net current assets

   

542,272

414,584

Total assets less current liabilities

   

2,501,052

2,426,886

Provisions for liabilities

 

(29,580)

(23,833)

Net assets

   

2,471,472

2,403,053

Reserves

   

Retained earnings

2,471,472

 

2,403,053

Surplus

   

2,471,472

2,403,053

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

 

Bristol Spaceworks Ltd

(Registration number: 01944157)
Balance Sheet as at 31 March 2024

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

Mr C N Pirie
Director

 

Bristol Spaceworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.

The address of its registered office is:
Easton Business Centre
Felix Road
Easton
Bristol
BS5 0HE

These financial statements were authorised for issue by the Board on 7 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Bristol Spaceworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Buildings

2% straight line

Fixtures & Fittings

25% reducing balance

Motor Vehicles

25% straight line

Website development

20% straight line

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.

 

Bristol Spaceworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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 directors) during the year, was 7 (2023 - 7).

 

Bristol Spaceworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Website development
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

2,549,480

366,347

21,000

13,627

2,950,454

Additions

-

35,687

-

-

35,687

Disposals

-

(7,621)

-

-

(7,621)

At 31 March 2024

2,549,480

394,413

21,000

13,627

2,978,520

Depreciation

At 1 April 2023

658,028

266,497

-

13,627

938,152

Charge for the year

50,990

26,398

4,200

-

81,588

At 31 March 2024

709,018

292,895

4,200

13,627

1,019,740

Carrying amount

At 31 March 2024

1,840,462

101,518

16,800

-

1,958,780

At 31 March 2023

1,891,452

99,850

21,000

-

2,012,302

Included within the net book value of land and buildings above is £1,840,463 (2023 - £1,891,453) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

14,976

68,510

Prepayments

3,992

3,612

 

18,968

72,122

 

Bristol Spaceworks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

66,917

70,983

Taxation and social security

63,465

41,909

Accruals and deferred income

113,024

79,400

Other creditors

180,294

176,912

423,700

369,204