Registered number: 13240756
THE LONDON SPACE ELEVATOR LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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THE LONDON SPACE ELEVATOR LIMITED
REGISTERED NUMBER: 13240756
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
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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.
The notes on pages 3 to 10 form part of these financial statements.
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THE LONDON SPACE ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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Basis of preparation of financial statements
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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:
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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THE LONDON SPACE ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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.
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.
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.
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THE LONDON SPACE ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Long-term leasehold property
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Over the term of the lease
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Assets under construction
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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.
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.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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The average monthly number of employees, including directors, during the year was 7 (2023 - 4).
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THE LONDON SPACE ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charge for the year on owned assets
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THE LONDON SPACE ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Short-term leasehold property
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Assets under construction
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Transfers between classes
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Charge for the year on owned assets
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Raw materials and consumables
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Prepayments and accrued income
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THE LONDON SPACE ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
7.Debtors (continued)
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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THE LONDON SPACE ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Accruals and deferred income
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Repayable other than by instalments
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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.
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.
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Commitments under operating leases
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At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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THE LONDON SPACE ELEVATOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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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.
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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.
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