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Registration number: 04346125

Appspace Solutions Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Appspace Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Appspace Solutions Limited

Company Information

Directors

Sara Runkle Nichols

Company secretary

Cornhill Secretaries Limited

Registered office

5 Market Yard Mews
194-204 Bermondsey Street
London
SE1 3TQ

Auditors

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Appspace Solutions Limited

(Registration number: 04346125)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

36,971

26,588

Current assets

 

Debtors

5

517,226

249,396

Cash at bank and in hand

 

79,277

25,511

 

596,503

274,907

Creditors: Amounts falling due within one year

6

(2,152,850)

(1,918,706)

Net current liabilities

 

(1,556,347)

(1,643,799)

Total assets less current liabilities

 

(1,519,376)

(1,617,211)

Provisions for liabilities

(118)

(118)

Net liabilities

 

(1,519,494)

(1,617,329)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(1,519,496)

(1,617,331)

Shareholders' deficit

 

(1,519,494)

(1,617,329)

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 28 July 2025 and signed on its behalf by:
 

.........................................
Sara Runkle Nichols
Director

   
     
 

Appspace Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
5 Market Yard Mews
194-204 Bermondsey Street
London
SE1 3TQ
Great Britain

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.

At 31 December 2024 the company’s total liabilities exceeded its total assets by £1,519,494 (2023: £1,617,329) and it had net current liabilities of £1,556,345 (2023: 1,643,799). Included within the total liabilities are amounts due to group undertakings of £1,747,721 (2023: £1,548,175).

The company is therefore reliant upon the continued financial support of its parent company, Appspace Inc., and fellow group companies.

Appspace Inc. agreed in writing that it will not seek repayment of these amounts due from the company until the resources of the company permit, and to provide financial support, if required, to enable the company to meet its liabilities as they fall due for a period of at least twelve months from the signing of these financial statements.

On the basis, the director has a reasonable expectation that the company will have sufficient cash flows and resources available to continue operating for at least twelve months from the date of approval of these financial statements and therefore consider it appropriate that these financial statements are prepared on a going concern basis.

 

Appspace Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 28 July 2025 was Andy Bewick FCCA, who signed for and on behalf of Ballards LLP.

.........................................

Turnover

Turnover represents amounts charged on a cost-plus basis for operating activities performed on behalf of fellow group companies, excluding financing costs, foreign exchange gains or losses, intercompany balance adjustments, and certain non-cash items.

Foreign currency transactions and balances

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary asserts and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to the profit or loss, except to the extent they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

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

Leasehold improvements

Over the term of the lease

Fixture and fittings

5 years straight line

Computers

3 years straight line

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash at bank and in hand.

 

Appspace Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Defined contribution pension obligation

For defined contribution schemes the amount charged to the profit and loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown in other creditors.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 23).

 

Appspace Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

12,722

11,047

59,196

82,965

Additions

-

-

27,326

27,326

Disposals

-

-

(3,104)

(3,104)

At 31 December 2024

12,722

11,047

83,418

107,187

Depreciation

At 1 January 2024

12,338

5,479

38,560

56,377

Charge for the year

384

2,209

14,350

16,943

Eliminated on disposal

-

-

(3,104)

(3,104)

At 31 December 2024

12,722

7,688

49,806

70,216

Carrying amount

At 31 December 2024

-

3,359

33,612

36,971

At 31 December 2023

384

5,567

20,637

26,588

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

7,370

3,451

Other debtors

 

509,856

245,945

   

517,226

249,396

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

6,259

12,375

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

1,747,721

1,548,175

Other creditors

 

398,870

358,156

 

2,152,850

1,918,706

 

Appspace Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £60,698 (2023 - £3,636).

8

Parent and ultimate parent undertaking

The company's immediate parent is Appspace Incorporated, incorporated in United States of America.

  These financial statements are available upon request from 400 N Tampa Street, Suite 1725, Tampa, Florida 33602