Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29true2023-03-01false18No description of principal activity16trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04281434 2023-03-01 2024-02-29 04281434 2024-02-29 04281434 2022-03-01 2023-02-28 04281434 2023-02-28 04281434 c:Director1 2023-03-01 2024-02-29 04281434 d:FurnitureFittings 2023-03-01 2024-02-29 04281434 d:FurnitureFittings 2024-02-29 04281434 d:FurnitureFittings 2023-02-28 04281434 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04281434 d:CurrentFinancialInstruments 2024-02-29 04281434 d:CurrentFinancialInstruments 2023-02-28 04281434 d:Non-currentFinancialInstruments 2024-02-29 04281434 d:Non-currentFinancialInstruments 2023-02-28 04281434 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 04281434 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04281434 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 04281434 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 04281434 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 04281434 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 04281434 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 04281434 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 04281434 d:ShareCapital 2024-02-29 04281434 d:ShareCapital 2023-02-28 04281434 d:RetainedEarningsAccumulatedLosses 2024-02-29 04281434 d:RetainedEarningsAccumulatedLosses 2023-02-28 04281434 c:FRS102 2023-03-01 2024-02-29 04281434 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 04281434 c:FullAccounts 2023-03-01 2024-02-29 04281434 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04281434 4 2023-03-01 2024-02-29 04281434 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 04281434


SPACELABUK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
SPACELABUK LIMITED
REGISTERED NUMBER: 04281434

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
25,016
32,384

  
25,016
32,384

Current assets
  

Stocks
  
248,639
302,925

Debtors: amounts falling due within one year
 5 
1,043,721
2,408,257

Cash at bank and in hand
 6 
1,069
590

  
1,293,429
2,711,772

Creditors: amounts falling due within one year
 7 
(828,096)
(1,596,561)

Net current assets
  
 
 
465,333
 
 
1,115,211

Total assets less current liabilities
  
490,349
1,147,595

Creditors: amounts falling due after more than one year
 8 
(50,976)
(167,801)

  

Net assets
  
439,373
979,794


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
439,371
979,792

  
439,373
979,794


Page 1

 
SPACELABUK LIMITED
REGISTERED NUMBER: 04281434
    
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: 




................................................
A Budgen
Director
Date: 28 November 2024

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

Page 2

 
SPACELABUK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

SpacelabUK Limtied is a private company, limited by shares, domiciled in England and Wales, registration number 04281434. The registered office is  1 Vincent Square, London, SW1P 2PN. 
The principal activity of the company in the year under review was that of architecture and design.

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

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

 
SPACELABUK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

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:

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.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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.

 
2.7

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.


Page 4

 
SPACELABUK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25% Reducing Balance

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

Page 5

 
SPACELABUK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 18).


4.


Tangible fixed assets







Fixtures & fittings

£



Cost or valuation


At 1 March 2023
298,960



At 29 February 2024

298,960



Depreciation


At 1 March 2023
266,576


Charge for the year on owned assets
7,368



At 29 February 2024

273,944



Net book value



At 29 February 2024
25,016



At 28 February 2023
32,384

Page 6

 
SPACELABUK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
77,956
121,294

Other debtors
901,714
2,282,156

Prepayments and accrued income
64,051
4,807

1,043,721
2,408,257



6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
1,069
590

Less: bank overdrafts
(102,602)
(83,049)

(101,533)
(82,459)



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
102,602
83,049

Other loans
-
42,520

Trade creditors
188,973
160,713

Corporation tax
18,262
18,262

Other taxation and social security
387,376
481,678

Other creditors
124,550
807,005

Accruals and deferred income
6,333
3,334

828,096
1,596,561


Page 7

 
SPACELABUK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other loans
-
167,801

Trade creditors
50,976
-

50,976
167,801



9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Other loans
-
42,520


-
42,520

Amounts falling due 1-2 years

Other loans
-
52,450


-
52,450

Amounts falling due 2-5 years

Other loans
-
115,351


-
115,351


-
210,321



10.


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 £53,977 (2023 - £55,397). Contributions totalling £5,101 (2023 - £4,957 due from) were due to the fund at the balance sheet date.

Page 8

 
SPACELABUK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Related party transactions

At the balance sheet date, £35,012 (2023: £8,218) was owed to A Budgen. 
Also at the balance sheet date £5,136 (2023: £21,733 owed to) was owed by N Lonsdale. Both of whom were directors of the company.
There were also amounts of £nil (2023: £15,000), £nil (2023: £15,360), £nil (2023: £88,745), £nil (2023: £211,698) and £896,579 (2023: £1,949,848) due from Projectlab (UK) Ltd, Braemar Avenue Ltd, The Depot Ltd, West Ham Lane Developments Ltd and Sense (Space) Ltd, companies under the common control of the shareholders of SpacelabUK Ltd.
Included within other creditors were amounts of £76,987 (2023: £238,798), £7,452 (2023: £16,233), £nil (2023: £475,317), £nil (2023: £11,108), £nil (2023: £30,339), £nil (2022: £300) owed to Urbanlab Ltd, Energylab Consulting Ltd, The Lab Developments (Creative Living) Ltd, Hainault Road Developments Ltd, Clarendon Rise Developments Limited and 102 West Ham Lane Ltd, companies under the common control of the shareholders of SpacelabUK Ltd.
Rent charged from The Lab Developments (Creative Living) Ltd during the year under review was £123,000 (2023: £150,000).

 
Page 9