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Registration number: 11161113

KISPE Space Systems Ltd

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 January 2025

 

KISPE Space Systems Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

KISPE Space Systems Ltd

(Registration number: 11161113)
Statement of Financial Position as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

821,701

790,057

Tangible assets

5

6,557

7,755

 

828,258

797,812

Current assets

 

Debtors

6

504,194

575,094

Cash at bank and in hand

 

358,717

81,889

 

862,911

656,983

Creditors: Amounts falling due within one year

7

(418,127)

(247,856)

Net current assets

 

444,784

409,127

Total assets less current liabilities

 

1,273,042

1,206,939

Provisions for liabilities

(1,639)

(1,474)

Net assets

 

1,271,403

1,205,465

Capital and reserves

 

Called up share capital

178

167

Share premium reserve

1,349,922

999,933

Profit and loss account

(78,697)

205,365

Shareholders' funds

 

1,271,403

1,205,465

For the financial year ending 31 January 2025 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 year 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

KISPE Space Systems Ltd

(Registration number: 11161113)
Statement of Financial Position as at 31 January 2025

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 Income Statement.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:

.........................................

Dr J Paffett
Director

 

KISPE Space Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Foreign currency transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Statement of Income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

KISPE Space Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% & 33% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Space-based development costs

Straight line over 10 years

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

 

KISPE Space Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2024 - 14).

4

Intangible assets

Space-based development costs
 £

Total
£

Cost or valuation

At 1 February 2024

1,046,629

1,046,629

Additions internally developed

151,452

151,452

At 31 January 2025

1,198,081

1,198,081

Amortisation

At 1 February 2024

256,572

256,572

Amortisation charge

119,808

119,808

At 31 January 2025

376,380

376,380

Carrying amount

At 31 January 2025

821,701

821,701

At 31 January 2024

790,057

790,057

 

KISPE Space Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

5

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 February 2024

21,228

21,228

At 31 January 2025

21,228

21,228

Depreciation

At 1 February 2024

13,473

13,473

Charge for the year

1,198

1,198

At 31 January 2025

14,671

14,671

Carrying amount

At 31 January 2025

6,557

6,557

At 31 January 2024

7,755

7,755

6

Debtors

2025
£

2024
£

Trade debtors

305,355

401,907

Other debtors

198,839

168,588

Prepayments

-

4,599

504,194

575,094

 

KISPE Space Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Trade creditors

 

69,162

86,678

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

8

120,209

84,361

Taxation and social security

 

18,632

60,418

Accruals and deferred income

 

162,689

4,850

Other creditors

 

47,435

11,549

 

418,127

247,856

8

Related party transactions

9

Parent and ultimate parent undertaking

The company's immediate parent is KISPE Ltd, a company whose registered office is Knoll House, Knoll Road, Camberley, Surrey GU15 3SY, incorporated in England and Wales.