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REGISTERED NUMBER: 04762739 (England and Wales)















Space Interior Systems Limited

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 May 2024






Space Interior Systems Limited (Registered number: 04762739)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


Space Interior Systems Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: N G A Bond


REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF


REGISTERED NUMBER: 04762739 (England and Wales)


SENIOR STATUTORY AUDITOR: Ataf Salim


AUDITORS: Kilsby & Williams LLP
Chartered Accountants & Statutory Auditor
Cedar House
Hazell Drive
Newport
Gwent
NP10 8FY


BANKERS: Barclays Bank plc
De Montford Street
Leicester
Leicestershire
LE87 2BB

Space Interior Systems Limited (Registered number: 04762739)

Strategic Report
for the Year Ended 31 May 2024

The director presents his strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
The primary business is concerned with supplying construction services and solutions to Ministry of Defence capital and refurbishment projects (both directly and through other approved MOD Main Contractor companies) and high profile private commercial projects in London.

PRINCIPAL RISKS AND UNCERTAINTIES
External Environment: The Directors and management recognise the construction industry is susceptible to the performance of the UK economy and national / international political change.
Project Funding (Public / Private): The company remains focused on government funded MOD projects and continually monitor the potential risks of privately funded commercial projects.
Compliance & Security: The Directors and management ensure a proactive and investment-focused approach to ensuring operational and security compliance and performance in support of all MOD projects.

RESULTS, PERFORMANCE, KPI’S
The company has performed well during the financial period.
Turnover increased to £12.7m (approximately 10%) despite the delay of a major MOD contract and ISG entering administration (Sept 24).
Profit fell by approximately 10% based on significant investment in future development and growth, the delay of a major MOD contract and ISG entering administration.
The company continues to tender for significant MOD projects with new markets and opportunities emerging within the existing environment.
London fit-out recognises significant opportunities within the current market and further diversification into a main contractor role.

FUTURE DEVELOPMENTS
"Amid global insecurity, UK based defence firms will be prioritised for government investment under a new defence industrial strategy that will drive economic growth" MOD The Rt Hon John Healey MP, Dec 24.
There are significant opportunities on MOD projects. Due to the company's trusted, reliable and compliant performance, the Directors recognise many opportunities to develop significant expansion into the Defence sector. The Directors continue to provide significant investment in additional employees, consultants, innovation and new offices to ensure that the company is suitably positioned to maximise the opportunities.

POST ACCOUNTING PERIOD NOTE
The company had successful contracts with ISG Fit Out Ltd. In September 2024, ISG collapsed into administration with total debts in excess of £1.1bn. Space Interior Systems Ltd submitted a total claim to the administrators for £981,660.95.
The loss included accrued values and retentions for works completed during financial years June 23 - 24 and June 24 - 25 and the accounts have been adjusted to recognise this.

ON BEHALF OF THE BOARD:





N G A Bond - Director


26 February 2025

Space Interior Systems Limited (Registered number: 04762739)

Report of the Director
for the Year Ended 31 May 2024

The director presents his report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the installation of commercial interiors.

DIVIDENDS
An interim dividend of £10 per share was paid on 31 May 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2024 will be £ 1,000 .

DIRECTOR
N G A Bond held office during the whole of the period from 1 June 2023 to the date of this report.

His beneficial interest in the shares of the company, according to the register of directors' interests, was as follows:

31.5.24 1.6.23
Ordinary shares of £1 each 100 100

He did not hold any non-beneficial interests in the shares of the company.

POLITICAL DONATIONS AND EXPENDITURE
Donations have been made to various different registered charities, none of which exceeded £2000.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Space Interior Systems Limited (Registered number: 04762739)

Report of the Director
for the Year Ended 31 May 2024


AUDITORS
The auditors, Kilsby & Williams LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N G A Bond - Director


26 February 2025

Report of the Independent Auditors to the Members of
Space Interior Systems Limited

Opinion
We have audited the financial statements of Space Interior Systems Limited (the 'company') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

The prior year comparatives have not been audited.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Space Interior Systems Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Space Interior Systems Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report of the Independent Auditors to the Members of
Space Interior Systems Limited


A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ataf Salim (Senior Statutory Auditor)
for and on behalf of Kilsby & Williams LLP
Chartered Accountants & Statutory Auditor
Cedar House
Hazell Drive
Newport
Gwent
NP10 8FY

26 February 2025

Space Interior Systems Limited (Registered number: 04762739)

Statement of Comprehensive Income
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 4 12,717,824 11,528,557

Cost of sales 8,971,101 7,506,846
GROSS PROFIT 3,746,723 4,021,711

Administrative expenses 2,161,030 1,742,305
1,585,693 2,279,406

Other operating income 5 11,846 11,248
OPERATING PROFIT 7 1,597,539 2,290,654

Interest receivable and similar income 8 188,809 18,023
1,786,348 2,308,677

Interest payable and similar expenses 9 17,767 -
PROFIT BEFORE TAXATION 1,768,581 2,308,677

Tax on profit 10 195,229 461,838
PROFIT FOR THE FINANCIAL YEAR 1,573,352 1,846,839

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,573,352

1,846,839

Space Interior Systems Limited (Registered number: 04762739)

Statement of Financial Position
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 73,758 70,310

CURRENT ASSETS
Debtors 13 3,088,929 1,927,740
Cash at bank 6,708,402 6,469,747
9,797,331 8,397,487
CREDITORS
Amounts falling due within one year 14 1,272,921 1,453,780
NET CURRENT ASSETS 8,524,410 6,943,707
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,598,168

7,014,017

PROVISIONS FOR LIABILITIES 16 18,440 6,641
NET ASSETS 8,579,728 7,007,376

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 8,579,628 7,007,276
SHAREHOLDERS' FUNDS 8,579,728 7,007,376

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





N G A Bond - Director


Space Interior Systems Limited (Registered number: 04762739)

Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 100 5,582,437 5,582,537

Changes in equity
Dividends - (422,000 ) (422,000 )
Total comprehensive income - 1,846,839 1,846,839
Balance at 31 May 2023 100 7,007,276 7,007,376

Changes in equity
Dividends - (1,000 ) (1,000 )
Total comprehensive income - 1,573,352 1,573,352
Balance at 31 May 2024 100 8,579,628 8,579,728

Space Interior Systems Limited (Registered number: 04762739)

Statement of Cash Flows
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 569,221 1,985,557
Interest paid (17,767 ) -
Tax paid (188,251 ) (499,917 )
Net cash from operating activities 363,203 1,485,640

Cash flows from investing activities
Purchase of tangible fixed assets (27,311 ) (3,471 )
Sale of tangible fixed assets 2,000 -
Interest received 188,809 18,023
Net cash from investing activities 163,498 14,552

Cash flows from financing activities
Amount introduced by directors 446,000 210,000
Amount withdrawn by directors (733,046 ) (228,346 )
Equity dividends paid (1,000 ) (422,000 )
Net cash from financing activities (288,046 ) (440,346 )

Increase in cash and cash equivalents 238,655 1,059,846
Cash and cash equivalents at beginning of
year

2

6,469,747

5,409,901

Cash and cash equivalents at end of year 2 6,708,402 6,469,747

Space Interior Systems Limited (Registered number: 04762739)

Notes to the Statement of Cash Flows
for the Year Ended 31 May 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.5.24 31.5.23
£    £   
Profit before taxation 1,768,581 2,308,677
Depreciation charges 22,154 18,702
Profit on disposal of fixed assets (291 ) -
Finance costs 17,767 -
Finance income (188,809 ) (18,023 )
1,619,402 2,309,356
Increase in trade and other debtors (879,906 ) (497,665 )
(Decrease)/increase in trade and other creditors (170,275 ) 173,866
Cash generated from operations 569,221 1,985,557

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 6,708,402 6,469,747
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 6,469,747 5,409,901


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank 6,469,747 238,655 6,708,402
6,469,747 238,655 6,708,402
Total 6,469,747 238,655 6,708,402

Space Interior Systems Limited (Registered number: 04762739)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Space Interior 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.

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" 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.

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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Space Interior Systems Limited (Registered number: 04762739)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

5. OTHER OPERATING INCOME
31.5.24 31.5.23
£    £   
Rents received 11,683 11,248
Sundry receipts 163 -
11,846 11,248

6. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 1,232,834 993,104
Social security costs 138,211 115,837
Other pension costs 19,703 13,561
1,390,748 1,122,502

The average number of employees during the year was as follows:
31.5.24 31.5.23

Office and management 4 4
Other 18 15
22 19

31.5.24 31.5.23
£    £   
Director's remuneration 7,920 7,920

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
£    £   
Hire of plant and machinery 244,150 100,629
Other operating leases 127,431 121,485
Depreciation - owned assets 22,154 18,703
Profit on disposal of fixed assets (291 ) -
Auditors' remuneration 15,000 -

8. INTEREST RECEIVABLE AND SIMILAR INCOME
31.5.24 31.5.23
£    £   
Deposit account interest 186,708 17,715
Corporation tax repayment supplement 2,101 308
188,809 18,023

Space Interior Systems Limited (Registered number: 04762739)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Interest payable 17,767 -

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 442,877 465,465
Under/over provision in prior years (259,447 ) -
Total current tax 183,430 465,465

Deferred tax 11,799 (3,627 )
Tax on profit 195,229 461,838

UK corporation tax has been charged at 25% (2023 - 20%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.24 31.5.23
£    £   
Profit before tax 1,768,581 2,308,677
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20%)

442,145

461,735

Effects of:
Expenses not deductible for tax purposes 1,594 825
Capital allowances in excess of depreciation (862 ) -
Depreciation in excess of capital allowances - 2,905
Deferred tax movement 11,799 (3,627 )

Relief
Over provision in prior years (259,447 ) -
Total tax charge 195,229 461,838

11. DIVIDENDS
31.5.24 31.5.23
£    £   
Interim 1,000 422,000

Space Interior Systems Limited (Registered number: 04762739)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 31,500 25,600 4,201
Additions - - 10,959
Disposals - - -
At 31 May 2024 31,500 25,600 15,160
DEPRECIATION
At 1 June 2023 - 16,089 2,706
Charge for year - 1,427 1,124
Eliminated on disposal - - -
At 31 May 2024 - 17,516 3,830
NET BOOK VALUE
At 31 May 2024 31,500 8,084 11,330
At 31 May 2023 31,500 9,511 1,495

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 75,544 59,042 195,887
Additions 7,000 9,352 27,311
Disposals (7,200 ) - (7,200 )
At 31 May 2024 75,344 68,394 215,998
DEPRECIATION
At 1 June 2023 63,985 42,797 125,577
Charge for year 4,213 15,390 22,154
Eliminated on disposal (5,491 ) - (5,491 )
At 31 May 2024 62,707 58,187 142,240
NET BOOK VALUE
At 31 May 2024 12,637 10,207 73,758
At 31 May 2023 11,559 16,245 70,310

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 2,371,735 1,860,682
Other debtors 247,202 17,471
Directors' current accounts 281,283 -
Prepayments and accrued income 188,709 49,587
3,088,929 1,927,740

Space Interior Systems Limited (Registered number: 04762739)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 299,130 434,251
Corporation Tax 460,644 465,465
Social security and other taxes 155,027 329,701
Other creditors 244,109 33,690
Directors' current accounts - 5,763
Accruals and deferred income 114,011 184,910
1,272,921 1,453,780

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 12,395 4,685
Between one and five years 30,447 1,952
42,842 6,637

16. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 18,440 6,641

Deferred
tax
£   
Balance at 1 June 2023 6,641
Provided during year 11,799
Balance at 31 May 2024 18,440

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£   

At 1 June 2023 7,007,276
Profit for the year 1,573,352
Dividends (1,000 )
At 31 May 2024 8,579,628

Space Interior Systems Limited (Registered number: 04762739)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

19. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
N G A Bond
Balance outstanding at start of year - -
Amounts advanced 281,283 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 281,283 -

20. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

During the current and previous year, the company traded with Space Let Property Holdings Limited, a company with common control. Purchases of £42,607 (2023: £35,656) were made in the year. The balance at the year end was nil (2023: nil).

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr N Bond.

The above director controls the company by virtue of the fact that he owns all of the company's issued share capital.