Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.That of a holding company.75falsetruefalse 14542128 2024-01-01 2024-12-31 14542128 2022-12-15 2023-12-31 14542128 2024-12-31 14542128 2023-12-31 14542128 c:Director6 2024-01-01 2024-12-31 14542128 d:CurrentFinancialInstruments 2024-12-31 14542128 d:CurrentFinancialInstruments 2023-12-31 14542128 d:Non-currentFinancialInstruments 2024-12-31 14542128 d:Non-currentFinancialInstruments 2023-12-31 14542128 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 14542128 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14542128 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 14542128 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 14542128 d:ShareCapital 2024-12-31 14542128 d:ShareCapital 2023-12-31 14542128 d:SharePremium 2024-12-31 14542128 d:SharePremium 2023-12-31 14542128 d:RetainedEarningsAccumulatedLosses 2024-12-31 14542128 d:RetainedEarningsAccumulatedLosses 2023-12-31 14542128 c:OrdinaryShareClass1 2024-01-01 2024-12-31 14542128 c:OrdinaryShareClass1 2024-12-31 14542128 c:OrdinaryShareClass1 2023-12-31 14542128 c:FRS102 2024-01-01 2024-12-31 14542128 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 14542128 c:FullAccounts 2024-01-01 2024-12-31 14542128 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14542128 2 2024-01-01 2024-12-31 14542128 6 2024-01-01 2024-12-31 14542128 13 2024-01-01 2024-12-31 14542128 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14542128










SPACE SOLAR GROUP HOLDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SPACE SOLAR GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 14542128

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
300
300

  
300
300

Current assets
  

Debtors: amounts falling due within one year
 5 
1,128,325
397,800

Cash at bank and in hand
 6 
183,695
10,250

  
1,312,020
408,050

Creditors: amounts falling due within one year
 7 
(3,975)
(4,675)

Net current assets
  
 
 
1,308,045
 
 
403,375

Total assets less current liabilities
  
1,308,345
403,675

Creditors: amounts falling due after more than one year
 8 
(788,532)
(266,399)

  

Net assets
  
519,813
137,276


Capital and reserves
  

Called up share capital 
 9 
3
3

Share premium account
  
499,999
-

Profit and loss account
  
19,811
137,273

  
519,813
137,276


Page 1

 
SPACE SOLAR GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 14542128

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 7 form part of these financial statements.

Page 2

 
SPACE SOLAR GROUP HOLDINGS LIMITED
 

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

1.


General information

Space Solar Group Holdings 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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

  
2.3

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 15 December 2022 and started trading on 31 January 2023 therefore in these financial statements the Company's comparative reporting period is for a 12 month and 15 day long period.

 
2.4

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.

Page 3

 
SPACE SOLAR GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Interest income

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

 
2.7

Borrowing costs

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

  
2.8

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.
Any 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, adjusting for any tax reliefs available to the Company.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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.

Page 4

 
SPACE SOLAR GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

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

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.

 
2.14

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

The calculated capital element of the convertible loan note as at the reporting date was deemed immaterial for the purpose of these accounts


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 5).

Page 5

 
SPACE SOLAR GROUP HOLDINGS LIMITED
 

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

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
300



At 31 December 2024
300




The Company owns 100% of the Ordinary share capital and voting rights of the following companies:
- Space Solar Group Services Limited
- Space Solar Engineering Limited
- Space Solar Innovations Limited
All the companies listed above have the same registered office as the Company being 2 Communications Road, Greenham Business Park, Newbury, Berkshire, RG19 6AB.


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,128,325
397,800

1,128,325
397,800


The company has tax assets with a cumulative headline value of £29,365, 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
183,695
10,250

183,695
10,250


Page 6

 
SPACE SOLAR GROUP HOLDINGS LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
2,100

Amounts owed to group undertakings
100
100

Accruals and deferred income
3,875
2,475

3,975
4,675



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
788,532
266,399

788,532
266,399


Included in other loans are convertible loan notes of £788,532 (2023 - £266,399). All loan notes are unsecured and are not expected to be repaid within 12 months. There is a range of differing interest rates however the majority of these loan notes attract an interest at a rate of 10% above the Bank of England base rate. The convertible loan notes can be converted into Ordinary Shares, with a nominal value of £0.000001, at a 20% discount compared to the deemed fair value of the Company per share at time of the conversion event. A loan conversion can occur in the event of: additional financing, completion of a sale or default.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,475,740 (2023 - 3,258,555) Ordinary shares of £0.000001 each
3
3

During the period the Company issued 217,185 Ordinary shares at a premium of £499,999.



10.


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 and part of the key management personnel. Satellite Applications Catapult Limited provided the Company with convertible loan notes with a 15% interest rate on any unpaid amounts. As at the reporting date the Company owed Satellite Applications Catapult Limited £754,291 (2023 - £266,399).

Page 7