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Registered number: 07708966
Sent Into Space Ltd
Financial Statements
For The Year Ended 31 July 2024
Gravitate Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07708966
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 54,903 74,050
54,903 74,050
CURRENT ASSETS
Stocks 5 16,600 11,467
Debtors 6 104,326 222,419
Cash at bank and in hand 143,981 68,760
264,907 302,646
Creditors: Amounts Falling Due Within One Year 7 (51,185 ) (54,112 )
NET CURRENT ASSETS (LIABILITIES) 213,722 248,534
TOTAL ASSETS LESS CURRENT LIABILITIES 268,625 322,584
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,432 ) (14,069 )
NET ASSETS 258,193 308,515
CAPITAL AND RESERVES
Called up share capital 8 1,021 1,021
Profit and Loss Account 257,172 307,494
SHAREHOLDERS' FUNDS 258,193 308,515
Page 1
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Alexander Baker
Director
15th April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sent Into Space Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07708966 . The registered office is Unit 3a Parkway Rise, Sheffield, S9 4WQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 33% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Rents payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevent lease.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Debtors and creditors with no stated interest rate, and repayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account within overheads.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 19)
17 19
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 36,378 4,996 36,230 60,485 138,089
Additions - 1,675 - - 1,675
As at 31 July 2024 36,378 6,671 36,230 60,485 139,764
Depreciation
As at 1 August 2023 14,136 4,621 5,070 40,212 64,039
Provided during the period 3,337 512 10,283 6,690 20,822
As at 31 July 2024 17,473 5,133 15,353 46,902 84,861
Net Book Value
As at 31 July 2024 18,905 1,538 20,877 13,583 54,903
As at 1 August 2023 22,242 375 31,160 20,273 74,050
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
5. Stocks
2024 2023
£ £
Stock 16,600 11,467
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 63,190 147,318
Prepayments and accrued income 15,779 15,893
Other debtors 21 21
Corporation tax recoverable assets 25,336 59,187
104,326 222,419
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,534 952
Other taxes and social security 8,693 10,322
VAT 926 11,654
Other creditors - Pensions 1,584 1,901
Other creditors - Business Credit Card 1,878 2,978
Accruals and deferred income 3,500 5,276
Directors' loan accounts 23,070 21,029
51,185 54,112
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,021 1,021
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 16,623 30,000
Later than one year and not later than five years 13,799 10,000
30,422 40,000
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