Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30trueBuying and selling of own real estatefalse12023-07-01false1falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09631148 2023-07-01 2024-06-30 09631148 2022-07-01 2023-06-30 09631148 2024-06-30 09631148 2023-06-30 09631148 c:Director1 2023-07-01 2024-06-30 09631148 d:CurrentFinancialInstruments 2024-06-30 09631148 d:CurrentFinancialInstruments 2023-06-30 09631148 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 09631148 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09631148 d:ShareCapital 2024-06-30 09631148 d:ShareCapital 2023-06-30 09631148 d:RetainedEarningsAccumulatedLosses 2024-06-30 09631148 d:RetainedEarningsAccumulatedLosses 2023-06-30 09631148 c:FRS102 2023-07-01 2024-06-30 09631148 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 09631148 c:FullAccounts 2023-07-01 2024-06-30 09631148 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09631148 2 2023-07-01 2024-06-30 09631148 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 09631148










AVID SPACE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
AVID SPACE LIMITED
REGISTERED NUMBER: 09631148

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
-
522,047

Debtors: amounts falling due within one year
 4 
118,660
25,550

Cash at bank and in hand
 5 
759
227

  
119,419
547,824

Creditors: amounts falling due within one year
 6 
(7,209)
(447,571)

Net current assets
  
 
 
112,210
 
 
100,253

Total assets less current liabilities
  
112,210
100,253

  

Net assets
  
112,210
100,253


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
112,110
100,153

  
112,210
100,253


Page 1

 
AVID SPACE LIMITED
REGISTERED NUMBER: 09631148
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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 by: 



Obinna Emeagi
Director

Date: 27 March 2025

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
AVID SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Avid Space Limited is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

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 financial statements have been prepared in the functional currency, pounds sterling, rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
AVID SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

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.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Interest income

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

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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



3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 
AVID SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Debtors

2024
2023
£
£


Other debtors
118,660
25,550

118,660
25,550



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
759
227

759
227



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
302,046

Corporation tax
4,709
-

Other creditors
-
143,025

Accruals and deferred income
2,500
2,500

7,209
447,571


The bank loan of £nil (2023: £302,046) was secured by a fixed and floating charge over the company's assets.


7.


Related party transactions

At the balance sheet date, £118,660 was due from the director (2023: £96,563 owed to the director) to the company. Interest of 2.25% has been charged on the loan, and the loan is unsecured and repaid post year end.

 
Page 5