| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 |
| FOR |
| SCHOOL SPACE LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 |
| FOR |
| SCHOOL SPACE LIMITED |
| SCHOOL SPACE LIMITED (REGISTERED NUMBER: 10257561) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SCHOOL SPACE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Tax Consultants |
| 27-29 Old Market |
| Wisbech |
| Cambridgeshire |
| PE13 1NE |
| SCHOOL SPACE LIMITED (REGISTERED NUMBER: 10257561) |
| BALANCE SHEET |
| 31 AUGUST 2025 |
| 31.8.25 | 31.8.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| SCHOOL SPACE LIMITED (REGISTERED NUMBER: 10257561) |
| BALANCE SHEET - continued |
| 31 AUGUST 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SCHOOL SPACE LIMITED (REGISTERED NUMBER: 10257561) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2025 |
| 1. | STATUTORY INFORMATION |
| School Space Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Since August 2023, the Directors have secured additional equity and loan funding, and the company has experienced substantial growth in turnover. The Company has produced cash flow forecasts for a period of 24 months from these financial statements, which comprise detailed income statements, analysis of sensitivities, and cash flow statements. The forecasts are prepared based on secure contracts, potential contracts, and historical experience and performance. The Directors have also considered the risks and uncertainties associated with the principal operations and the funding position in general, including the consideration of a number of differing scenarios based on varying trading performance. |
| Based on forecasts prepared and reviewed for the period to 31st May 2027, the Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. The Company also has continued support from its shareholders going forward. This will provide visibility of cash flow security into the future and the company with the means and ability to work within its funding constraints going forward. |
| For this reason, the Directors consider it appropriate to prepare the financial statements on a going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover includes revenue earned from the hiring of school space and associated services. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| SCHOOL SPACE LIMITED (REGISTERED NUMBER: 10257561) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 in full. |
| The company’s financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are initially measured at transaction price, including transaction costs, unless the arrangement constitutes a financing transaction. |
| The majority of the company’s financial instruments comprise cash at bank, trade debtors, other debtors, trade creditors and accruals, all of which are considered to be basic financial instruments. These basic financial instruments are subsequently measured at amortised cost using the effective interest method, although short-term debtors and creditors are not discounted where the effect of discounting is immaterial. |
| The company has entered into Advance Subscription Agreements under which settlement is by the issue of a variable number of the company’s own ordinary shares. Accordingly, this instrument is not considered a basic financial instrument and is classified as a financial liability. It is initially recognised at fair value and is subsequently remeasured to fair value at each reporting date, with changes in fair value recognised in profit or loss, in accordance with Section 12 of FRS 102. |
| Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. Where the Advance Subscription Agreement converts into ordinary shares, the carrying amount of the liability is derecognised and recognised within equity. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| SCHOOL SPACE LIMITED (REGISTERED NUMBER: 10257561) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2025 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| Additions |
| At 31 August 2025 |
| AMORTISATION |
| Charge for year |
| At 31 August 2025 |
| NET BOOK VALUE |
| At 31 August 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2024 |
| Additions |
| At 31 August 2025 |
| DEPRECIATION |
| At 1 September 2024 |
| Charge for year |
| At 31 August 2025 |
| NET BOOK VALUE |
| At 31 August 2025 |
| At 31 August 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| SCHOOL SPACE LIMITED (REGISTERED NUMBER: 10257561) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| During the year the company entered into Advance Subscription Agreements under which it received £154,989. The convertible loans are non-interest bearing and are not repayable in cash. The loans convert into ordinary shares on the earlier of a qualifying funding round, an exit event, an insolvency event or a longstop date being six months from the date of the agreement. |
| The directors have concluded that, at 31 August 2025, the convertible loans are a financial liability rather than equity because the agreement will be settled by issuing a variable number of the company’s own ordinary shares. |
| At 31 August 2025 the carrying amount of the liability was £154,989 (2024: £nil) and is included within other creditors due within one year. |
| Subsequent to the year end, the longstop date under the Advance Subscription Agreements passed and the convertible loans converted into ordinary shares. As a result, the liability recognised at 31 August 2025 has been extinguished and the company's net asset position has improved by a corresponding amount, following the reclassification of the convertible loans from a financial liability to equity. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Bank loans |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Bank loans | 259,259 | 317,593 |
| The above loans are secured by a debenture in favour of Glif SD LP by way of fixed and floating charges over the assets of the company. |
| SCHOOL SPACE LIMITED (REGISTERED NUMBER: 10257561) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2025 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.25 | 31.8.24 |
| value: | £ | £ |
| Ordinary | 0.000 | 1 | 160 | 160 |