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REGISTERED NUMBER: 04696800 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

THINKING SPACE SYSTEMS LIMITED

THINKING SPACE SYSTEMS LIMITED (REGISTERED NUMBER: 04696800)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THINKING SPACE SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr W M Palmer
Mr P M Roberts





SECRETARY: Mr P D Sebborn





REGISTERED OFFICE: Unit 10b
The Quadrangle
Abbey Park Industrial Estate
Romsey
Hampshire
SO51 9DL





REGISTERED NUMBER: 04696800 (England and Wales)






THINKING SPACE SYSTEMS LIMITED (REGISTERED NUMBER: 04696800)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 93,698 33,507
Investments 6 55,865 55,865
149,563 89,372

CURRENT ASSETS
Stocks 811,390 955,881
Debtors 7 273,039 401,160
Cash at bank 981,140 643,338
2,065,569 2,000,379
CREDITORS
Amounts falling due within one year 8 624,926 605,071
NET CURRENT ASSETS 1,440,643 1,395,308
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,590,206

1,484,680

PROVISIONS FOR LIABILITIES 3,750 -
NET ASSETS 1,586,456 1,484,680

CAPITAL AND RESERVES
Called up share capital 9 766 766
Capital redemption reserve 234 234
Retained earnings 1,585,456 1,483,680
SHAREHOLDERS' FUNDS 1,586,456 1,484,680

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:




Mr P M Roberts - Director


THINKING SPACE SYSTEMS LIMITED (REGISTERED NUMBER: 04696800)

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


1. STATUTORY INFORMATION

Thinking Space Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Thinking Space Systems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% straight line
Plant and machinery - 25% straight line
Motor vehicles - 25% straight line
Office equipment - 33% straight line

All fixed assets are initially recorded at cost.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


THINKING SPACE SYSTEMS LIMITED (REGISTERED NUMBER: 04696800)

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


3. ACCOUNTING POLICIES - continued
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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 32 ) .

5. TANGIBLE FIXED ASSETS
Short Plant and Motor Office
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 13,812 214,062 162,361 107,699 497,934
Additions - 16,565 83,734 1,122 101,421
Disposals - - (78,338 ) - (78,338 )
At 30 June 2024 13,812 230,627 167,757 108,821 521,017
DEPRECIATION
At 1 July 2023 13,464 209,021 153,926 88,016 464,427
Charge for year 348 6,478 23,576 10,828 41,230
Eliminated on disposal - - (78,338 ) - (78,338 )
At 30 June 2024 13,812 215,499 99,164 98,844 427,319
NET BOOK VALUE
At 30 June 2024 - 15,128 68,593 9,977 93,698
At 30 June 2023 348 5,041 8,435 19,683 33,507

THINKING SPACE SYSTEMS LIMITED (REGISTERED NUMBER: 04696800)

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


6. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 55,786 79 55,865
NET BOOK VALUE
At 30 June 2024 55,786 79 55,865
At 30 June 2023 55,786 79 55,865

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 251,325 359,715
Other debtors 21,714 41,445
273,039 401,160

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 213,796 329,380
Amounts owed to group undertakings 10,000 36,883
Taxation and social security 105,023 28,807
Other creditors 296,107 210,001
624,926 605,071

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
585 Ordinary A £1 585 585
1,812 Ordinary B 10p 181 181
766 766

10. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £819,423 (2023: £931,163).

This amount is in relation to operating lease commitments which are payable over the next 8 years (2023: payable over the next 9 years).

THINKING SPACE SYSTEMS LIMITED (REGISTERED NUMBER: 04696800)

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


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Mr P M Roberts
Balance outstanding at start of year - -
Amounts advanced - 6,047
Amounts repaid - (6,047 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The loan was unsecured and interest free with repayment date unspecified.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.