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Registered number: 13240756









THE LONDON SPACE ELEVATOR LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
THE LONDON SPACE ELEVATOR LIMITED
REGISTERED NUMBER: 13240756

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
15,600
19,500

Tangible assets
 5 
869,281
62,553

  
884,881
82,053

Current assets
  

Stocks
  
1,815,530
153,224

Debtors: amounts falling due within one year
 7 
1,142,660
192,740

Cash at bank and in hand
 8 
52,436
2,698

  
3,010,626
348,662

Creditors: amounts falling due within one year
 9 
(566,367)
(54,481)

Net current assets
  
 
 
2,444,259
 
 
294,181

Total assets less current liabilities
  
3,329,140
376,234

Creditors: amounts falling due after more than one year
 10 
(3,599,550)
(497,814)

  

Net liabilities
  
(270,410)
(121,580)


Capital and reserves
  

Called up share capital 
  
100
-

Profit and loss account
  
(270,510)
(121,580)

  
(270,410)
(121,580)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
 
Page 1

 
THE LONDON SPACE ELEVATOR LIMITED
REGISTERED NUMBER: 13240756
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.




S D W Schneider
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
THE LONDON SPACE ELEVATOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The London Space Elevator Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 1 Bedford Row, London, WC1R 4BU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date, the Company had net liabilities of £270,410 (2023: £121,580) and is reliant on the financial support of long term loans provided by group companies.
The directors have received assurance from the Company's ultimate parent company that it will continue to provide funding in order for the Company to meet its liabilities as they fall due. Accordingly, at the time of approving these financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next 12 months. The directors therefore consider it appropriate to adopt the going concern basis in preparing the Company's financial statements.

 
2.3

Revenue

Turnover comprises the Company's share, as producer, of admissions receipts net of relevant commissions and banking charges. Revenue is recognised in the period to which the attendance occurs.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
THE LONDON SPACE ELEVATOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in the Statement of Income and Retained Earnings. The current 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 income.
The Company is eligible to claim a tax credit on theatre production costs; the tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The Company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
THE LONDON SPACE ELEVATOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the term of the lease
Computer equipment
-
33% Straight line
Assets under construction
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks comprise theatre production costs, which are recorded as a current asset net of the relevant tax credit.  Theatre production costs are amortised to the Statement of Income and Retained Earnings over the period in which rights to the relevant production are being exploited by the Company.

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. 


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 4).

Page 5

 
THE LONDON SPACE ELEVATOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Computer software

£



Cost


At 1 April 2023
19,500



At 31 March 2024

19,500



Amortisation


Charge for the year on owned assets
3,900



At 31 March 2024

3,900



Net book value



At 31 March 2024
15,600



At 31 March 2023
19,500



Page 6

 
THE LONDON SPACE ELEVATOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Short-term leasehold property
Computer equipment
Assets under construction
Total

£
£
£
£



Cost or valuation


At 1 April 2023
-
4,806
59,107
63,913


Additions
-
-
808,330
808,330


Transfers between classes
867,437
-
(867,437)
-



At 31 March 2024

867,437
4,806
-
872,243



Depreciation


At 1 April 2023
-
1,360
-
1,360


Charge for the year on owned assets
-
1,602
-
1,602



At 31 March 2024

-
2,962
-
2,962



Net book value



At 31 March 2024
867,437
1,844
-
869,281



At 31 March 2023
-
3,446
59,107
62,553


6.


Stocks

2024
2023
£
£

Raw materials and consumables
887
-

Theatre production costs
1,814,643
153,224

1,815,530
153,224



7.


Debtors

2024
2023
£
£


Other debtors
207,911
192,740

Prepayments and accrued income
34,114
-

Tax recoverable
900,635
-
Page 7

 
THE LONDON SPACE ELEVATOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.Debtors (continued)


1,142,660
192,740



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
52,436
2,698

52,436
2,698



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
145,554
46,989

Other creditors
1,247
392

Accruals and deferred income
419,566
7,100

566,367
54,481


Page 8

 
THE LONDON SPACE ELEVATOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
3,466,086
491,086

Accruals and deferred income
133,464
6,728

3,599,550
497,814


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
3,466,086
491,086

3,466,086
491,086

Amounts owed to group undertakings are secured by a fixed and floating charge over the assest of the Company and are repayable by 11 July 2029, 60 months from the date of the loan agreements.  Interest is payable on the loans at 7.5% per annum.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,356 (2023 - £1,513). Contributions totalling £1,247 (2023 - £392) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
185,824
36,919

Later than 1 year and not later than 5 years
1,549,357
1,420,141

Later than 5 years
1,102,640
1,417,680

2,837,821
2,874,740

Page 9

 
THE LONDON SPACE ELEVATOR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Related party transactions

Interest payable for the period of £126,736 (2023: £6,728) is due to entities under common control. At the reporting date, creditors falling due after one more than year include £3,599,550 (2023: £497,814) due to entities under common control.


14.


Controlling party

The Company's immediate parent undertaking is Schneider Holdings London Limited, a company incorporated and registered in England and Wales.
The ultimate controlling party is S D W Schneider by virtue of his majority shareholding in that company.

 
Page 10