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Registration number: 14885618

Spaice Technology Ltd

Unaudited Filleted Financial Statements

for the Period from 22 May 2023 to 31 May 2024

 

Spaice Technology Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Spaice Technology Ltd

Company Information

Directors

Matteo Cuccorese

Guillem Garrofe Montoliu

Registered office

88 Peterborough Road
London
SW6 3HH

 

Spaice Technology Ltd

(Registration number: 14885618)
Balance Sheet as at 31 May 2024

Note

2024
£

Fixed assets

 

Investments

4

1,709

Current assets

 

Debtors

5

509

Cash at bank and in hand

 

614

 

1,123

Creditors: Amounts falling due within one year

6

(20,202)

Net current liabilities

 

(19,079)

Net liabilities

 

(17,370)

Capital and reserves

 

Called up share capital

100

Retained earnings

(17,470)

Shareholders' deficit

 

(17,370)

For the financial period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 January 2025 and signed on its behalf by:
 

.........................................
Guillem Garrofe Montoliu
Director

 

Spaice Technology Ltd

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
88 Peterborough Road
London
SW6 3HH
United Kingdom

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.

Disclosure of long or short period

These financial statements have been prepared covering a period of more than twelve months, from the date of incorporation to 31st May 2024.

Going concern

At 31 May 2024, the company had net liabilities. Despite this, the directors have confirmed that in their opinion the company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

Consequently, these financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Spaice Technology Ltd

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Spaice Technology Ltd

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investments

2024
£

Investments in subsidiaries

1,709

Subsidiaries

£

Cost or valuation

Additions

1,709

Provision

Carrying amount

At 31 May 2024

1,709

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Spaice Technology Ltd

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

Undertaking

Registered office

Proportion of voting rights and shares held

2024

Subsidiary undertakings

Spaice Technology S.R.L

Corso Castelfidardo 30/A, 10129, Torino, Italy

100%

Subsidiary undertakings

Spaice Technology S.R.L

The principal activity of Spaice Technology S.R.L is the development of AI-based software to monitor satellite telecommunication activities.

5

Debtors

Current

2024
£

Prepayments

19

Other debtors

490

 

509

 

Spaice Technology Ltd

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

7

17,810

Trade creditors

 

840

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

852

Accruals and deferred income

 

700

 

20,202

7

Loans and borrowings

Current loans and borrowings

2024
£

Other borrowings

17,810

Other borrowings consists of short term loans provided by the company directors (£16,143) and loans from related parties (£1,668). These loans are not accruing interest and are repayable on demand.

8

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £0.01 each

10,000

100.00

     
 

9

Control

There is no controlling party.