Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-31false2023-09-01Artistic creation11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08178014 2023-09-01 2024-08-31 08178014 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2023-09-01 2024-08-31 08178014 c:KeyManagementIndividualGroup2 c:OtherTransactionType2 2023-09-01 2024-08-31 08178014 2022-09-01 2023-08-31 08178014 2024-08-31 08178014 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2024-08-31 08178014 c:KeyManagementIndividualGroup2 c:OtherTransactionType2 2024-08-31 08178014 2023-08-31 08178014 d:Director1 2023-09-01 2024-08-31 08178014 c:Buildings 2023-09-01 2024-08-31 08178014 c:Buildings 2024-08-31 08178014 c:Buildings 2023-08-31 08178014 c:Buildings c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 08178014 c:OfficeEquipment 2023-09-01 2024-08-31 08178014 c:OfficeEquipment 2024-08-31 08178014 c:OfficeEquipment 2023-08-31 08178014 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 08178014 c:ComputerEquipment 2023-09-01 2024-08-31 08178014 c:ComputerEquipment 2024-08-31 08178014 c:ComputerEquipment 2023-08-31 08178014 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 08178014 c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 08178014 c:CurrentFinancialInstruments 2024-08-31 08178014 c:CurrentFinancialInstruments 2023-08-31 08178014 c:Non-currentFinancialInstruments 2024-08-31 08178014 c:Non-currentFinancialInstruments 2023-08-31 08178014 c:CurrentFinancialInstruments c:WithinOneYear 2024-08-31 08178014 c:CurrentFinancialInstruments c:WithinOneYear 2023-08-31 08178014 c:Non-currentFinancialInstruments c:AfterOneYear 2024-08-31 08178014 c:Non-currentFinancialInstruments c:AfterOneYear 2023-08-31 08178014 c:ShareCapital 2024-08-31 08178014 c:ShareCapital 2023-08-31 08178014 c:RetainedEarningsAccumulatedLosses 2024-08-31 08178014 c:RetainedEarningsAccumulatedLosses 2023-08-31 08178014 d:FRS102 2023-09-01 2024-08-31 08178014 d:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 08178014 d:FullAccounts 2023-09-01 2024-08-31 08178014 d:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08178014 2 2023-09-01 2024-08-31 08178014 6 2023-09-01 2024-08-31 08178014 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 08178014










REMOTE SPACE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
REMOTE SPACE LIMITED
REGISTERED NUMBER: 08178014

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
685,175
817,205

Investments
 5 
301,959
10,000

  
987,134
827,205

Current assets
  

Debtors: amounts falling due within one year
 6 
934,273
576,093

Cash at bank and in hand
  
573,801
812,115

  
1,508,074
1,388,208

Creditors: amounts falling due within one year
 7 
(207,543)
(191,909)

Net current assets
  
 
 
1,300,531
 
 
1,196,299

Total assets less current liabilities
  
2,287,665
2,023,504

Creditors: amounts falling due after more than one year
 8 
(383,799)
(387,542)

Provisions for liabilities
  

Deferred tax
  
(1,103)
(20,090)

Net assets
  
1,902,763
1,615,872


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,902,761
1,615,870

  
1,902,763
1,615,872


Page 1

 
REMOTE SPACE LIMITED
REGISTERED NUMBER: 08178014
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 statement of comprehensive income 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: 




................................................
Mr D Grech-Marguerat
Director

Date: 7 April 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Remote Space Limited (“the Company”) is a private company limited by shares, incorporated in England and Wales under the Companies Act. 
The registered number and address of the registered office are given in the Company information.
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound. 

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

 
2.6

Borrowing costs

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

 
2.7

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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 5

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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:

Freehold property
-
2% per annum
Office equipment
-
over 3 years
Computer equipment
-
over 3 years

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

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.

 
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. 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.

 
2.13

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.

Page 6

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

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.


3.


Employees

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

Page 8

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Freehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 September 2023
1,037,577
59,045
38,791
1,135,413


Additions
-
6,457
3,507
9,964


Disposals
-
(2,875)
(7,568)
(10,443)



At 31 August 2024

1,037,577
62,627
34,730
1,134,934



Depreciation


At 1 September 2023
239,535
49,584
29,089
318,208


Charge for the year on owned assets
129,186
6,707
6,048
141,941


Disposals
-
(2,875)
(7,515)
(10,390)



At 31 August 2024

368,721
53,416
27,622
449,759



Net book value



At 31 August 2024
668,856
9,211
7,108
685,175



At 31 August 2023
798,042
9,461
9,702
817,205


5.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Valuation


At 1 September 2023
-
10,000
10,000


Additions
286,859
-
286,859


Disposals
(8,798)
-
(8,798)


Revaluations
13,898
-
13,898



At 31 August 2024
291,959
10,000
301,959




Remote Space Limited owns 0.08% of the share capital in ElasticStage Ltd. 

Page 9

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Debtors

2024
2023
£
£


Trade debtors
39,883
31,475

Amounts owed by group undertakings
868,698
544,618

Other debtors
24,590
-

Prepayments and accrued income
1,102
-

934,273
576,093


Amounts owed by group undertakings are unsecured, are interest free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
28,603
32,750

Trade creditors
-
89

Corporation tax
142,969
109,720

Other taxation and social security
15,536
19,415

Other creditors
3,140
4,335

Accruals and deferred income
17,295
25,600

207,543
191,909


The bank loans of £28,603 (2023: £32,750) falling due within one year are secured by the Company.

Page 10

 
REMOTE SPACE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
383,799
387,542


The bank loans of £383,799 (2023: £387,542) falling due after more than one year are secured by the Company.


9.


Related party transactions

At the balance sheet date an amount of £65,080 (2023: £Nil) was owed by Remote Space Holdings Limited, the parent company, in respect of funds loaned by the Company. 
A further balance of £803,618 (2023: £544,618) was owed by Remote Properties Limited, a company under the control of the Director, in respect of funds loaned by the Company.
Included within other creditors is a balance owed to the director, totalling £2,133 (2023: £1,816). This balance is unsecured, interest free and repayable on demand.


10.


Controlling party

The Company's immediate and ultimate parent company is Remote Space Holdings Limited, a company incorporated in England and Wales, and holding all of the issued ordinary shares in this Company.  The registered office is 519 Cambridge Heath Road, London, E2 9BU.

 
Page 11