ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

Unaudited
30 April

Company registration number: 09425439

	FINANCIAL STATEMENTS
	FOR THE PERIOD ENDED 31 DECEMBER 2024

	SPACE HEROES LIMITED


SPACE HEROES LIMITED

COMPANY INFORMATION

Directors	K Boyle
	J Greenwood


Registered number	09425439


Registered office	26 Science Park
	Milton Road
	Cambridge
	CB4 0FP


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


SPACE HEROES LIMITED

CONTENTS

	Page
Statement of financial position	1
Statement of changes in equity	2
Notes to the financial statements	3 - 8


SPACE HEROES LIMITED REGISTERED NUMBER:09425439

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	31 December	Unaudited As restated 30 April
	2024	2024
Note	£	£

Fixed assets
Tangible assets	4		7,510		18,782
Investments	5		8		8
			7,518		18,790
Current assets
Debtors: amounts falling due within one year	6	63,553		234,818
Cash at bank and in hand		445,834		500,410
		509,387		735,228
Creditors: amounts falling due within one year	7	(442,824)		(510,059)
Net current assets			66,563		225,169
Total assets less current liabilities			74,081		243,959

Net assets			74,081		243,959

Capital and reserves
Called up share capital	125	103
Share premium account	63,737	34,296
Share option reserve	-	54,985
Profit and loss account	10,219	154,575
	74,081	243,959

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:

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

K Boyle

Director

Date: 17 September 2025

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

Page 1

SPACE HEROES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Share-based payment reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 May 2023	100	33,990	-	109,915	144,005
Comprehensive income for the year
Profit for the year	-	-	-	44,660	44,660
Shares issued during the year	3	306	-	-	309
Share based payment charge	-	-	54,985	-	54,985

At 1 May 2024 (as previously stated)	103	34,296	-	154,575	188,974
Prior year adjustment - correction of error	-	-	54,985	-	54,985
At 1 May 2024 (as restated)	103	34,296	54,985	154,575	243,959
Comprehensive income for the period
Loss for the period	-	-	-	(217,817)	(217,817)
Shares issued during the period	22	29,441	-	-	29,463
Share based payment charge	-	-	18,476	-	18,476
Share options reserve movement	-	-	(73,461)	73,461	-
At 31 December 2024	125	63,737	-	10,219	74,081

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

Page 2


SPACE HEROES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Space Heroes Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

The following principal accounting policies have been applied:

2.2

Going concern

The directors intend to transfer the trade and assets of Space Heroes Limited to the parent company as part of a corporate restructuring. As a result, the financial statements have been prepared on a basis other than going concern. All assets and liabilities have been reviewed and stated at their net realisable value, with no adjustments required as a result.

2.3

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


SPACE HEROES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group offers a subscription model, the subscriptions are agreements with customers to provide access to software. The revenue is recognised as a service over the subscription period.

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4


SPACE HEROES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted forfailure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one orother of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.

The estimated useful lives range as follows:

Plant and machinery	-	20	% reducing balance
Fixtures and fittings	-	15	% reducing balance
Computer equipment	-	3	years on a straight line basis.

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.

Page 5


SPACE HEROES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Employees

The average monthly number of employees, including the directors, during the period was as follows:

	8 months ended 31 December	12 months ended 30 April
	2024	2024
	No.	No.

Employees	1	1
Directors	2	1

	3	2

4.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 May 2024 (unaudited)	3,552	2,551	24,955	31,058
Disposals	(2,275)	(622)	(8,040)	(10,937)
At 31 December 2024	1,277	1,929	16,915	20,121
Depreciation
At 1 May 2024 (unaudited)	927	1,362	9,987	12,276
Charge for the period on owned assets	235	105	4,279	4,619
Disposals	(667)	(352)	(3,265)	(4,284)
At 31 December 2024	495	1,115	11,001	12,611
Net book value
At 31 December 2024	782	814	5,914	7,510
At 30 April 2024 (unaudited)	2,625	1,189	14,968	18,782

Page 6


SPACE HEROES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2024 (unaudited)	8
	At 31 December 2024	8

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Clayton Technologies Inc

8 The Green #10959 Dover, Delaware 19901, USA

Ordinary

100%

Debtors

					31 December	Unaudited 30 April
					2024	2024
					£	£


Trade debtors	35,592	36,152
Amounts owed by group undertakings	270	164,544
Other debtors	23,333	5,126
Prepayments and accrued income	4,358	28,996
	63,553	234,818

Page 7


SPACE HEROES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Trade creditors	364	17,379
Amounts owed to group undertakings	61,242	-
Other taxation and social security	-	4,408
Other creditors	9,958	4,555
Accruals and deferred income	371,260	483,717
	442,824	510,059

8.	Prior year adjustment

There have been two prior year adjustments performed relating to the period 1 May 2023 to 30 April 2024.
The first is a reclassification of administrative expenses relating to consultancy costs that were previously classified within staff wages. This adjustment was for £201,026 and had no net impact on the retained earnings brought forward.
The second relates to the share options reserve with the share based payment charge now being included in the prior year increasing the administrative expenses. This has reduced the profit for the year ending 30 April 2024 from £99,645 to £44,660 leading to a decrease in the retained earnings brought forward of £54,985.

9.	Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up is Gearset Limited. The address of their registered office is: 26 Science Park, Milton Road, Cambridge, CB4 0FP.

10.	Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 17 September 2025 by Tom Woods FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 8