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Registration number: 10430312

Spacepad Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Spacepad Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Spacepad Construction Limited

Company Information

Directors

M H Platts

H M Powell-Platts

Registered office

643 Ecclesall Road
Sheffield
South Yorkshire
S11 8PT

Accountants

CHF Accountancy Limited
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

Spacepad Construction Limited

(Registration number: 10430312)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,665

29,562

Investments

5

220

220

 

2,885

29,782

Current assets

 

Stocks

6

918,683

1,028,924

Debtors

7

3,522

18,341

Cash at bank and in hand

 

89,383

18,463

 

1,011,588

1,065,728

Creditors: Amounts falling due within one year

8

(397,649)

(495,875)

Net current assets

 

613,939

569,853

Total assets less current liabilities

 

616,824

599,635

Creditors: Amounts falling due after more than one year

8

(466,029)

(470,407)

Net assets

 

150,795

129,228

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

150,695

129,128

Shareholders' funds

 

150,795

129,228

For the financial 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.

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

 

Spacepad Construction Limited

(Registration number: 10430312)
Balance Sheet as at 30 June 2024

.........................................
M H Platts
Director

 

Spacepad Construction Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

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:
643 Ecclesall Road
Sheffield
South Yorkshire
S11 8PT
United Kingdom

These financial statements were authorised for issue by the Board on 2 April 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

Tax

The tax expense for the period comprises current 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.

 

Spacepad Construction Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

straight line over 4 years

Computer equipment

straight line over 3 years

Motor vehicles

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Spacepad Construction Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 2).

 

Spacepad Construction Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,985

32,340

36,325

Additions

3,324

-

3,324

Disposals

(447)

(32,340)

(32,787)

At 30 June 2024

6,862

-

6,862

Depreciation

At 1 July 2023

3,808

2,955

6,763

Charge for the year

836

5,510

6,346

Eliminated on disposal

(447)

(8,465)

(8,912)

At 30 June 2024

4,197

-

4,197

Carrying amount

At 30 June 2024

2,665

-

2,665

At 30 June 2023

177

29,385

29,562

 

Spacepad Construction Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

220

220

Subsidiaries

£

Cost or valuation

At 1 July 2023

220

Provision

Carrying amount

At 30 June 2024

220

At 30 June 2023

220

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

OPM (NW) Ltd

England and Wales

ordinary shares

100%

100%

S11 (South Yorkshire) Ltd

England and Wales

ordinary shares

100%

100%

6

Stocks

2024
£

2023
£

Other inventories

918,683

1,028,924

 

Spacepad Construction Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

6,541

Prepayments

2,281

-

Other debtors

1,241

11,800

 

3,522

18,341

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

4,328

4,135

Trade creditors

 

5,757

1,122

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

11

294,069

293,420

Taxation and social security

 

12,197

13,014

Accruals and deferred income

 

10,278

26,100

Other creditors

 

71,020

158,084

 

397,649

495,875

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

466,029

470,407

2024
£

2023
£

Due after more than five years

After more than five years by instalments

6,133

9,301

-

-

 

Spacepad Construction Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

22,971

27,350

Other borrowings

443,058

443,057

466,029

470,407

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,328

4,135

Bank borrowings

Bounceback loan is denominated in GB£ with a nominal interest rate of 2.5%%, and the final instalment is due on 21 June 2030. The carrying amount at year end is £27,300 (2023 - £31,517).

Included in the loans and borrowings are the following amounts due after more than five years:

11

Related party transactions

 

Spacepad Construction Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024

Summary of transactions with subsidiaries

At 30 June 2024 the company owed £294,069 to its subsidiary company OPM (NW) Ltd (2023 : £ 293,420), which is included in creditors.