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Registered number: 14589282










SPACE SOLAR GROUP SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SPACE SOLAR GROUP SERVICES LIMITED
REGISTERED NUMBER: 14589282

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,696
-

  
6,696
-

Current assets
  

Debtors: amounts falling due within one year
 5 
83,796
173,878

Cash at bank and in hand
 6 
58,478
125,417

  
142,274
299,295

Creditors: amounts falling due within one year
 7 
(1,883,494)
(1,365,351)

Net current liabilities
  
 
 
(1,741,220)
 
 
(1,066,056)

Total assets less current liabilities
  
(1,734,524)
(1,066,056)

Creditors: amounts falling due after more than one year
  
(516,500)
(396,924)

  

Net liabilities
  
(2,251,024)
(1,462,980)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(2,251,124)
(1,463,080)

  
(2,251,024)
(1,462,980)


Page 1

 
SPACE SOLAR GROUP SERVICES LIMITED
REGISTERED NUMBER: 14589282

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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.

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: 




S Adlen
Director

Date: 11 June 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SPACE SOLAR GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Space Solar Group Services Limited is a private company, limited by share capital and incorporated in England and Wales. The address of its registered office is 2 Communications Road, Greenham Business Park, Newbury, Berkshire, RG19 6AB.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

  
2.2

Reporting period

The current reporting period is for a full 12 month period ending 31 December 2024. During the comparative period the Company was incorporated on 12 January 2023 and started trading on 01 April 2023 therefore in these financial statements the Company's prior reporting period is for an 11 month and 20 day period only. 

 
2.3

Going concern

The Directors have indicated that another company within the group is willing to provide funding support to enable the Company to meet its third party liabilities as they fall due. Therefore, the accounts have been prepared on a going concern basis.

 
2.4

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:

Rendering of services

Revenue 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 revenue 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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
SPACE SOLAR GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

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

  
2.10

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 tax currently receivable is based of the net of taxable profit and any research and development tax claims. The Company's asset regarding current tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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.

Page 4

 
SPACE SOLAR GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.11
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:

Computer equipment
-
33%

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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
Page 5

 
SPACE SOLAR GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 4 (2023 - 3).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
7,287



At 31 December 2024

7,287



Depreciation


Charge for the year on owned assets
591



At 31 December 2024

591



Net book value



At 31 December 2024
6,696



At 31 December 2023
-

Page 6

 
SPACE SOLAR GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Other debtors
81,987
171,743

Prepayments and accrued income
1,809
2,135

83,796
173,878


The Company has tax assets with a cumulative headline value of £156,024, however these have been provisioned down to zero as there is no near term expectation of sufficient profits to utilise the tax loss carry forwards.


6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
58,478
125,417

58,478
125,417



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
9,111
540,591

Amounts owed to group undertakings
1,680,342
674,493

Other taxation and social security
16,098
14,422

Accruals and deferred income
177,943
135,845

1,883,494
1,365,351



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
516,500
396,924

516,500
396,924


Page 7

 
SPACE SOLAR GROUP SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



10.


Pension commitments

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. 
As at the reporting date included in the balance sheet were amounts due from the Company relating to pensions of £NIL (2023 - £4,050).


11.


Related party transactions

The Company has taken advantage of the exemption available per paragraph 33.1A of FRS whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the Group.
Satellite Applications Catapult Limited is a shareholder of the Company's parent company and part of the key management personnel. During the year Satellite Applications Catapult Limited provided the Company with labour and contractor services totalling £221,025 (2023 - £238,854). As at the reporting date the Company owed Satellite Applications Catapult Limited £5,742 (2023 - £244,540). These amounts are interest free, unsecured and repayable on demand.


12.


Directors’ transactions

The directors believe that all remuneration has been paid under normal market conditions and therefore have elected not to disclose the amount of directors renumeration for the reporting period.


13.


Controlling party

The Company's parent is Space Solar Group Holdings Limited which is incorporated in England and
Wales and owns 100% of the share capital with full voting rights.


Page 8