Company No: 14415208 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Matthew Gill
	Maureen Haverty

REGISTERED OFFICE	1 Fore Street Avenue
	C/O Praxis
	London
	EC2Y 9DT
	United Kingdom

COMPANY NUMBER

14415208 (England and Wales)

ACCOUNTANT	Praxis
	1 Fore Street Avenue
	London
	EC2Y 9DT
	United Kingdom

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Intangible assets	3	170		170
Tangible assets	4	8,688		10,048
		8,858		10,218
Current assets
Debtors	5	100,868		69,571
Investments	6	85,183		0
Cash at bank and in hand		108,771		99,154
		294,822		168,725
Creditors: amounts falling due within one year	7	( 134,700)		( 132,230)
Net current assets		160,122		36,495
Total assets less current liabilities		168,980		46,713
Net assets		168,980		46,713
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		168,880		46,613
Total shareholders' funds		168,980		46,713

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Space Radiation Services Limited (registered number: 14415208) were approved and authorised for issue by the Board of Directors on 07 October 2025. They were signed on its behalf by:

Matthew Gill Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Space Radiation Services Limited (the Company) 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 the Company's registered office is 1 Fore Street Avenue, C/O Praxis, London, EC2Y 9DT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangibles comprise trade marks which are amortised from the date on which they are entered on the register.

Other intangible assets

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	Year ended 31.12.2024		Period from 12.10.2022 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		1

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2024	170		170
At 31 December 2024	170		170
Accumulated amortisation
At 01 January 2024	0		0
At 31 December 2024	0		0
Net book value
At 31 December 2024	170		170
At 31 December 2023	170		170

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	12,136		12,136
Additions	2,585		2,585
At 31 December 2024	14,721		14,721
Accumulated depreciation
At 01 January 2024	2,088		2,088
Charge for the financial year	3,945		3,945
At 31 December 2024	6,033		6,033
Net book value
At 31 December 2024	8,688		8,688
At 31 December 2023	10,048		10,048

5. Debtors

	31.12.2024		31.12.2023
	£		£
Trade debtors	13,605		4,176
Amounts owed by connected persons	84,824		62,559
Other debtors	2,439		2,836
	100,868		69,571

Amounts owed by connected persons represent amounts owed to an entity under common control. The balance is repayable on demand and does not bear interest.

6. Current asset investments

	31.12.2024		31.12.2023
	£		£
BlackRock ICS Sterling Government Liquidity Fund	85,183		0

7. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Trade creditors	7,605		5,776
Taxation and social security	109,992		83,640
Other creditors	17,103		42,814
	134,700		132,230

Included within other creditors is an amount of £282 (2023: £297 ) due to the directors. The loan does not bear interest and no date for repayment has been set.

8. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
90 A ordinary shares of £ 1.00 each	90		90
10 B ordinary shares of £ 1.00 each	10		10
	100		100

9. Financial commitments

The Company had no material capital commitments at the year ended 31 December 2024.

10. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.