Company registration number 04870502 (England and Wales)
SPACESHIPS UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SPACESHIPS UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPACESHIPS UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
4
313,090
187,058
Current assets
Stocks
324,080
80,496
Debtors
5
154,997
115,387
Cash at bank and in hand
59,706
152,535
538,783
348,418
Creditors: amounts falling due within one year
6
(418,098)
(1,157,591)
Net current assets/(liabilities)
120,685
(809,173)
Total assets less current liabilities
433,775
(622,115)
Creditors: amounts falling due after more than one year
7
(2,751,695)
(1,739,052)
Net liabilities
(2,317,920)
(2,361,167)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(2,318,920)
(2,362,167)
Total equity
(2,317,920)
(2,361,167)
SPACESHIPS UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

The financial statements were approved by the board of directors and authorised for issue on 23 December 2025 and are signed on its behalf by:
Mr H Rolleston
Director
Company registration number 04870502 (England and Wales)
SPACESHIPS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Spaceships UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kalamu House, 11 Coldbath Square, London, EC1R 5LH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods hired to customers during the year, exclusive of Value Added Tax and trade discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
25% straight line
Computers
18% straight line
Other fixed assets
10% straight line

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

SPACESHIPS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.10

Interim relief for small entities

The company has retrospectively applied ‘Amendment to FRS 102 (May 2017): Directors’ loans – optional interim relief for small entities’ issued by FRC from the transition date. Therefore the interest free loan between the company and its director who is also a shareholder is measured initially at transaction price and subsequently at undiscounted amount of cash or other consideration expected to be paid or received

SPACESHIPS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
8
7
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Other fixed assets
Total
£
£
£
£
£
Cost
At 1 April 2024
1,494,507
218,675
38,996
7,885
1,760,063
Additions
247,668
1,590
1,635
-
0
250,893
Disposals
(462,927)
(7,743)
-
0
-
0
(470,670)
At 31 March 2025
1,279,248
212,522
40,631
7,885
1,540,286
Depreciation and impairment
At 1 April 2024
1,349,698
194,112
26,224
2,971
1,573,005
Depreciation charged in the year
103,822
10,925
9,326
788
124,861
Eliminated in respect of disposals
(462,927)
(7,743)
-
0
-
0
(470,670)
At 31 March 2025
990,593
197,294
35,550
3,759
1,227,196
Carrying amount
At 31 March 2025
288,655
15,228
5,081
4,126
313,090
At 31 March 2024
144,809
24,563
12,772
4,914
187,058

The net book value of tangible fixed assets includes 288,656 (2024: £144,809) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £103,823 (2024: £69,843) for the year.

SPACESHIPS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
23,545
9,790
Other debtors
131,452
105,597
154,997
115,387
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
10,000
Obligations under finance leases
69,337
69,337
Trade creditors
74,114
196,310
Taxation and social security
-
0
111
Other creditors
226,199
844,882
Accruals and deferred income
38,448
36,951
418,098
1,157,591
7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
175,733
12,500
Obligations under finance leases
39,611
57,201
Other creditors
2,536,351
1,669,351
2,751,695
1,739,052

The liability disclosed under finance leases is secured by the lessor over the asset held under hire purchase lease commitments.

Included in bank loans is a bounce back loan secured by government guarantee. The loan repayment and interest charge commenced on 26 June 2021.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
SPACESHIPS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
108,947
126,538
10
Related party transactions

Spaceships Limited

H J D Rolleston is a director and shareholder in both Spaceships UK Limited and Spaceships Limited, a company registered in New Zealand. The company reimbursed Spaceships Limited for costs incurred on its behalf totalling £3,544 (2024: £26,741).

At the balance sheet date, the company owed Spaceships Limited £16,082 (2024: £136,499).

In the current year, the company also owed Spaceships Limited a loan of £Nil (2024: £502,000). The loans are interest free, unsecured, and repayable on demand.

Asset Management Limited

H J D Rolleston is a director and shareholder in both Spaceships UK Limited and Asset Management Limited, a company registered in New Zealand. Asset Management Limited provided accountancy services to the company during the year amounting to £14,150 (2024: £7,100).

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