Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-03-01falseNo description of principal activity35truefalse 12025982 2023-03-01 2024-02-29 12025982 2024-02-29 12025982 2022-03-01 2023-02-28 12025982 2023-02-28 12025982 c:Director2 2023-03-01 2024-02-29 12025982 d:ComputerEquipment 2023-03-01 2024-02-29 12025982 d:ComputerEquipment 2024-02-29 12025982 d:ComputerEquipment 2023-02-28 12025982 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12025982 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 12025982 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 12025982 d:CurrentFinancialInstruments 2024-02-29 12025982 d:CurrentFinancialInstruments 2023-02-28 12025982 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 12025982 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12025982 d:ShareCapital 2024-02-29 12025982 d:ShareCapital 2023-02-28 12025982 d:SharePremium 2024-02-29 12025982 d:SharePremium 2023-02-28 12025982 d:RetainedEarningsAccumulatedLosses 2024-02-29 12025982 d:RetainedEarningsAccumulatedLosses 2023-02-28 12025982 c:FRS102 2023-03-01 2024-02-29 12025982 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12025982 c:FullAccounts 2023-03-01 2024-02-29 12025982 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12025982 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 12025982 2 2023-03-01 2024-02-29 12025982 4 2023-03-01 2024-02-29 12025982 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-03-01 2024-02-29 12025982 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 12025982


SENSE (SPACE) LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
SENSE (SPACE) LTD
REGISTERED NUMBER:12025982

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
896,579
922,843

Tangible assets
 5 
1,401
2,420

  
897,980
925,263

Current assets
  

Debtors: amounts falling due within one year
 6 
60,487
387,560

Cash at bank and in hand
 7 
2,376
107

  
62,863
387,667

Creditors: amounts falling due within one year
 8 
(1,284,217)
(2,526,516)

Net current liabilities
  
 
 
(1,221,354)
 
 
(2,138,849)

Total assets less current liabilities
  
(323,374)
(1,213,586)

  

Net liabilities
  
(323,374)
(1,213,586)


Capital and reserves
  

Called up share capital 
  
1,012
1,012

Share premium account
  
24,971
24,971

Profit and loss account
  
(349,357)
(1,239,569)

  
(323,374)
(1,213,586)


Page 1

 
SENSE (SPACE) LTD
REGISTERED NUMBER:12025982
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Nathan Lonsdale
Director
Date: 29 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SENSE (SPACE) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Sense (Space) Limited is a private limited company which is incorporated and domiciled in the UK. The registered office address is 1 Vincent Square, London, SW1P 2PN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
Whilst the balance sheet shows a net liability position, the main creditor is SpacelabUK Limited, a company under the common control of the shareholders of Sense (Space) Limited. 
At the point these accounts were issued for signature, other connected parties continue to support the company and it is considered that the company will continue to trade for a minimum of 12 months from the signature date.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SENSE (SPACE) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
SENSE (SPACE) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
SENSE (SPACE) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 5).

Page 6

 
SENSE (SPACE) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Intangible assets






Dev Costs

£



Cost


At 1 March 2023
1,107,019


Additions
89,077



At 29 February 2024

1,196,096



Amortisation


At 1 March 2023
184,176


Charge for the year on owned assets
115,341



At 29 February 2024

299,517



Net book value



At 29 February 2024
896,579



At 28 February 2023
922,843



Page 7

 
SENSE (SPACE) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Computer equipment

£



Cost or valuation


At 1 March 2023
4,077



At 29 February 2024

4,077



Depreciation


At 1 March 2023
1,657


Charge for the year on owned assets
1,019



At 29 February 2024

2,676



Net book value



At 29 February 2024
1,401



At 28 February 2023
2,420


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
10,770
42,000

Other debtors
49,660
345,502

Prepayments and accrued income
57
58

60,487
387,560


Page 8

 
SENSE (SPACE) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
2,376
107

2,376
107



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
39,565
127,492

Other taxation and social security
137,818
167,242

Other creditors
1,102,244
2,227,782

Accruals and deferred income
4,590
4,000

1,284,217
2,526,516



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,761 (2023: £3,412). No contributions (2023: £2,311) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

As at the balance sheet date, £846,579 (2023: £1,949,848) was due to SpacelabUK Limited, a company also under the common control of A Budgen and N Lonsdale.
Also at the balance sheet date, £nil (2023: £57,900) was due to Urbanlab Ltd, a company also under the common control of A Budgen and N Lonsdale.
Also at the balance sheet date, £5,664 (2023: £4,800) was due to The Lab Developments (Creative Living) Ltd, a company also under the common control of A Budgen and N Lonsdale.
Also at the balance sheet date, £7,062 (2023: £7,132) was due from The Depot Ltd, a company also under the common control of A Budgen and N Lonsdale.
Balances of £500 (2023: £500) and £500 (2023 £500) were due to the company from both of the directors, A Budgen and N Lonsdale.

 
Page 9