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Registration number: 06162331

Forward Space Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Forward Space Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Forward Space Limited

Company Information

Director

G R Eddy

Company secretary

G R Eddy

Registered office

The Old Church School
Butts Hill
Frome
Somerset
BA11 1HR

Accountants

Burton Sweet
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Forward Space Limited

(Registration number: 06162331)
Balance Sheet
31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

41,242

49,491

Tangible assets

5

146,318

212,098

 

187,560

261,589

Current assets

 

Debtors

6

1,253,080

1,260,877

Cash at bank and in hand

 

3,179

8

 

1,256,259

1,260,885

Creditors: Amounts falling due within one year

7

(575,047)

(612,028)

Net current assets

 

681,212

648,857

Total assets less current liabilities

 

868,772

910,446

Creditors: Amounts falling due after more than one year

7

(622,209)

(647,171)

Net assets

 

246,563

263,275

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

236,563

253,275

Shareholders' funds

 

246,563

263,275

 

Forward Space Limited

(Registration number: 06162331)
Balance Sheet
31 March 2024

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 November 2024
 

.........................................
G R Eddy
Company secretary and director

 

Forward Space Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Church School
Butts Hill
Frome
Somerset
BA11 1HR

These financial statements were authorised for issue by the director on 15 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 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.

 

Forward Space Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

Tax

The tax expense for the period comprises current 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 corporation 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.

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

Plant & machinery

15% on straight line basis

Office equipment

33.33% on straight line basis

Furtniture & fixtures

25% on straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Research & development

Over the life of the project

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 services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. 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.

 

Forward Space Limited

Notes to the Unaudited Financial Statements
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 and are recognised at transaction price. 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 the director) during the year, was 13 (2023 - 13).

 

Forward Space Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

4

Intangible assets

Research and development
 £

Total
£

Cost or valuation

At 1 April 2023

82,487

82,487

At 31 March 2024

82,487

82,487

Amortisation

At 1 April 2023

32,996

32,996

Amortisation charge

8,249

8,249

At 31 March 2024

41,245

41,245

Carrying amount

At 31 March 2024

41,242

41,242

At 31 March 2023

49,491

49,491

 

Forward Space Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

304,523

443,730

96,301

844,554

Additions

1,717

-

2,105

3,822

Disposals

(22,686)

(6,724)

(24,389)

(53,799)

At 31 March 2024

283,554

437,006

74,017

794,577

Depreciation

At 1 April 2023

264,670

310,351

57,435

632,456

Charge for the year

24,026

23,520

20,842

68,388

Eliminated on disposal

(22,648)

(5,566)

(24,371)

(52,585)

At 31 March 2024

266,048

328,305

53,906

648,259

Carrying amount

At 31 March 2024

17,506

108,701

20,111

146,318

At 31 March 2023

39,853

133,379

38,866

212,098

6

Debtors

2024
£

2023
£

Trade debtors

3,481

8,401

Amounts owed by related parties

1,243,600

1,227,500

Other debtors

5,999

-

Prepayments

-

24,976

1,253,080

1,260,877

 

Forward Space Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

107,711

178,107

Trade creditors

 

110,189

201,020

Amounts owed to group undertakings and undertakings in which the company has a participating interest

207,600

-

Taxation and social security

 

16,981

14,398

Accruals and deferred income

 

130,179

201,657

Other creditors

 

2,387

16,846

 

575,047

612,028

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

622,209

647,171

 

Forward Space Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

126,234

72,917

Other borrowings

495,975

574,254

622,209

647,171

Current loans and borrowings

2024
£

2023
£

Bank borrowings

62,500

62,500

Bank overdrafts

-

70,396

Other borrowings

45,211

45,211

107,711

178,107