IRIS Accounts Production v24.3.0.553 05125730 Board of Directors Board of Directors 1.5.23 30.4.24 30.4.24 false true false false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 Ordinary D 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh051257302023-04-30051257302024-04-30051257302023-05-012024-04-30051257302022-04-30051257302022-05-012023-04-30051257302023-04-3005125730ns15:EnglandWales2023-05-012024-04-3005125730ns14:PoundSterling2023-05-012024-04-3005125730ns10:Director12023-05-012024-04-3005125730ns10:Director22023-05-012024-04-3005125730ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3005125730ns10:SmallEntities2023-05-012024-04-3005125730ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3005125730ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3005125730ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3005125730ns10:FullAccounts2023-05-012024-04-300512573012023-05-012024-04-3005125730ns10:OrdinaryShareClass22023-05-012024-04-3005125730ns10:OrdinaryShareClass32023-05-012024-04-3005125730ns10:OrdinaryShareClass42023-05-012024-04-3005125730ns10:OrdinaryShareClass52023-05-012024-04-3005125730ns5:CurrentFinancialInstruments2024-04-3005125730ns5:CurrentFinancialInstruments2023-04-3005125730ns5:Non-currentFinancialInstruments2024-04-3005125730ns5:Non-currentFinancialInstruments2023-04-3005125730ns5:ShareCapital2024-04-3005125730ns5:ShareCapital2023-04-3005125730ns5:RetainedEarningsAccumulatedLosses2024-04-3005125730ns5:RetainedEarningsAccumulatedLosses2023-04-3005125730ns10:RegisteredOffice2023-05-012024-04-3005125730ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3005125730ns5:IntangibleAssetsOtherThanGoodwill2023-04-3005125730ns5:IntangibleAssetsOtherThanGoodwill2024-04-3005125730ns5:IntangibleAssetsOtherThanGoodwill2023-04-3005125730ns5:LandBuildings2023-04-3005125730ns5:PlantMachinery2023-04-3005125730ns5:LandBuildings2023-05-012024-04-3005125730ns5:PlantMachinery2023-05-012024-04-3005125730ns5:LandBuildings2024-04-3005125730ns5:PlantMachinery2024-04-3005125730ns5:LandBuildings2023-04-3005125730ns5:PlantMachinery2023-04-3005125730ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-012024-04-3005125730ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-04-3005125730ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3005125730ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3005125730ns10:OrdinaryShareClass22024-04-3005125730ns10:OrdinaryShareClass32024-04-3005125730ns10:OrdinaryShareClass42024-04-3005125730ns10:OrdinaryShareClass52024-04-30051257301ns10:Director12023-04-30051257301ns10:Director12022-04-30051257301ns10:Director12023-05-012024-04-30051257301ns10:Director12022-05-012023-04-30051257301ns10:Director12024-04-30051257301ns10:Director12023-04-3005125730ns10:Director222023-04-3005125730ns10:Director222022-04-3005125730ns10:Director222023-05-012024-04-3005125730ns10:Director222022-05-012023-04-3005125730ns10:Director222024-04-3005125730ns10:Director222023-04-30
REGISTERED NUMBER: 05125730 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

K2 SPACE LIMITED

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,553 4,615
Tangible assets 5 218,748 182,189
222,301 186,804

CURRENT ASSETS
Stocks 48,068 7,814
Debtors 6 1,198,523 1,544,868
Cash at bank 1,906,900 2,712,103
3,153,491 4,264,785
CREDITORS
Amounts falling due within one year 7 1,921,949 3,217,472
NET CURRENT ASSETS 1,231,542 1,047,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,453,843

1,234,117

CREDITORS
Amounts falling due after more than one
year

8

(83,591

)

(22,331

)

PROVISIONS FOR LIABILITIES (30,953 ) (38,798 )
NET ASSETS 1,339,299 1,172,988

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,339,199 1,172,888
SHAREHOLDERS' FUNDS 1,339,299 1,172,988

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

BALANCE SHEET - continued
30 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:




G Osman - Director



M W Phillips - Director


K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

K2 Space Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05125730

Registered office: Studio B
16 Barnsbury Square
Islington
London
N1 1JL

The presentation currency of these financial statements is pound sterling.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients. Turnover excludes value added tax.

Unbilled turnover on individual contracts is included as accrued income within other debtors.

Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

Computer software - 3 years

Tangible assets
Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset plus costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged from the time when tangible assets are brought into use and is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows:

Land and buildings - over the period of the lease
Plant and machinery etc - straight line over 3 years or over the period of the lease

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to profit or loss.

Leasing
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit or loss on a straight line basis over the period of the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES

The average number of employees during the year was 16 (2023 - 15 ) .

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. INTANGIBLE ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023 24,560
Additions 1,000
At 30 April 2024 25,560
AMORTISATION
At 1 May 2023 19,945
Charge for year 2,062
At 30 April 2024 22,007
NET BOOK VALUE
At 30 April 2024 3,553
At 30 April 2023 4,615

5. TANGIBLE ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 203,500 385,815 589,315
Additions - 93,461 93,461
Disposals - (180,536 ) (180,536 )
At 30 April 2024 203,500 298,740 502,240
DEPRECIATION
At 1 May 2023 157,748 249,378 407,126
Charge for year 21,905 34,997 56,902
Eliminated on disposal - (180,536 ) (180,536 )
At 30 April 2024 179,653 103,839 283,492
NET BOOK VALUE
At 30 April 2024 23,847 194,901 218,748
At 30 April 2023 45,752 136,437 182,189

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
Additions 81,654
At 30 April 2024 81,654
DEPRECIATION
Charge for year 760
At 30 April 2024 760
NET BOOK VALUE
At 30 April 2024 80,894

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 294,224 851,102
Other debtors 904,299 693,766
1,198,523 1,544,868

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,206 9,955
Finance leases 3,131 -
Payments on account 339,830 269,424
Trade creditors 602,284 1,641,402
Taxation and social security 286,546 441,390
Other creditors 679,952 855,301
1,921,949 3,217,472

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 12,152 22,331
Finance leases 71,439 -
83,591 22,331

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Finance leases 74,570 -

Finance leases are secured on the assets concerned as detailed in note 5.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
47 Ordinary A £1 47 47
47 Ordinary B £1 47 47
2 Ordinary C £1 2 2
2 Ordinary D £1 2 2
2 Ordinary E £1 2 2
100 100

11. PENSION COMMITMENTS

At 30 April 2024, included in other creditors falling due within one year are unpaid contributions of £4,489 (2023 - £3,986) due to a defined contribution pension scheme.

12. OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the company had total financial commitments which are not included in the balance sheet of £67,650 (2023 - £33,825).

K2 SPACE LIMITED (REGISTERED NUMBER: 05125730)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
G Osman
Balance outstanding at start of year - 80
Amounts advanced 38,071 81,801
Amounts repaid (38,071 ) (81,881 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

M W Phillips
Balance outstanding at start of year - 6,098
Amounts advanced 46,373 83,665
Amounts repaid (46,373 ) (89,763 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest of £836 (2023 - £820) was charged at HM Revenue and Customs' official rate of interest on any beneficial overdrawn loan account by the company.

The above loans are unsecured and repayable on demand.

14. PARENT UNDERTAKING

The ultimate parent undertaking is K2 Ventures Limited, a company registered in England and Wales.

The company is not a member of a group for which consolidated financial statements are prepared.