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Registered number: 12678933
Safe Space Technology Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Luke Aikman
Romano Rabie
Company Number 12678933
Registered Office SAS House
Chipperfield Road
Kings Langley
WD4 9JB
Accountants Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 1
Page 2
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Safe Space Technology Ltd for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Safe Space Technology Ltd for the year ended 30 June 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Safe Space Technology Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Safe Space Technology Ltd and state those matters that we have agreed to state to the directors of Safe Space Technology Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safe Space Technology Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Safe Space Technology Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Safe Space Technology Ltd . You consider that Safe Space Technology Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Safe Space Technology Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
24/03/2025
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 2
Page 3
Statement of Financial Position
Registered number: 12678933
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 7 3,060 -
3,060 -
CURRENT ASSETS
Debtors 8 57,571 35,989
Cash at bank and in hand 118,113 146,582
175,684 182,571
Creditors: Amounts Falling Due Within One Year 9 (30,833 ) (44,887 )
NET CURRENT ASSETS (LIABILITIES) 144,851 137,684
TOTAL ASSETS LESS CURRENT LIABILITIES 147,911 137,684
NET ASSETS 147,911 137,684
CAPITAL AND RESERVES
Called up share capital 11 1 1
Share premium account 250,992 150,000
Income Statement (103,082 ) (12,317 )
SHAREHOLDERS' FUNDS 147,911 137,684
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Page 4
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Luke Aikman
Director
24/03/2025
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Safe Space Technology Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12678933 . The registered office is SAS House, Chipperfield Road, Kings Langley, WD4 9JB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% straight line
2.4. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Operating Loss
The operating loss is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 356 -
4. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 121,097 182,544
Social security costs (2,476 ) 20,366
Other pension costs 2,809 4,092
121,430 207,002
5. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 4)
2 4
6. Interest Payable and Similar Charges
2024 2023
£ £
Other finance charges 463 -
7. Tangible Assets
Computer Equipment
£
Cost
As at 1 July 2023 -
Additions 3,416
As at 30 June 2024 3,416
...CONTINUED
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Page 7
Depreciation
As at 1 July 2023 -
Provided during the period 356
As at 30 June 2024 356
Net Book Value
As at 30 June 2024 3,060
As at 1 July 2023 -
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 21,000 31,662
Prepayments and accrued income 4,335 -
Other debtors 893 -
Deferred tax current asset 28,586 -
VAT 2,757 2,833
Directors' loan accounts - 1,494
57,571 35,989
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 300 18,089
Other taxes and social security - 13,882
Other creditors 17,325 11,476
Accruals and deferred income 5,081 1,440
Directors' loan accounts 8,127 -
30,833 44,887
10. Provisions for Liabilities
Deferred Tax Total
£ £
Deferred taxation (28,586 ) (28,586 )
Balance at 30 June 2024 (28,586 ) (28,586)
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11. Share Capital
As at 1st July 2023, the company's issued share capital consisted of 1,035,294 Ordinary shares with a nominal value of £0.000001 each and 3,015 VN shares with a nominal value of £0.000001 each, amounting to total share capital of £1.04.
During the year, the company issued 21,398 Ordinary A shares with a nominal value of £0.000001 each at an issue price of £4.719705 per share. This resulted in an increase in share capital of £0.02 and an increase in share premium of £100,992.
As a result, the total issued share capital as at 30 June 2024 was £1.06, and the share premium reserve totalled £100,992.
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