0 false false false false false false false false false false true false false false false false false No description of principal activity 2025-05-01 Sage Accounts Production Advanced 2025 - FRS102_2025 1,014,835 564,835 450,000 450,000 xbrli:pure xbrli:shares iso4217:GBP 03953246 2025-05-01 2026-04-30 03953246 2026-04-30 03953246 2025-04-30 03953246 2024-05-01 2025-04-30 03953246 2025-04-30 03953246 2024-04-30 03953246 bus:LeadAgentIfApplicable 2025-05-01 2026-04-30 03953246 bus:Director4 2025-05-01 2026-04-30 03953246 core:AfterOneYear 2026-04-30 03953246 core:AfterOneYear 2025-04-30 03953246 core:WithinOneYear 2026-04-30 03953246 core:WithinOneYear 2025-04-30 03953246 core:ShareCapital 2026-04-30 03953246 core:ShareCapital 2025-04-30 03953246 core:RetainedEarningsAccumulatedLosses 2026-04-30 03953246 core:RetainedEarningsAccumulatedLosses 2025-04-30 03953246 core:CostValuation core:Non-currentFinancialInstruments 2026-04-30 03953246 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2026-04-30 03953246 core:Non-currentFinancialInstruments 2026-04-30 03953246 core:Non-currentFinancialInstruments 2025-04-30 03953246 bus:Director1 2025-05-01 2026-04-30 03953246 bus:SmallEntities 2025-05-01 2026-04-30 03953246 bus:AuditExemptWithAccountantsReport 2025-05-01 2026-04-30 03953246 bus:SmallCompaniesRegimeForAccounts 2025-05-01 2026-04-30 03953246 bus:PrivateLimitedCompanyLtd 2025-05-01 2026-04-30 03953246 bus:FullAccounts 2025-05-01 2026-04-30 03953246 core:OtherRelatedParties 2025-05-01 2026-04-30
COMPANY REGISTRATION NUMBER: 03953246

Systemspace Limited

Filleted Unaudited Financial Statements

30 April 2026

Systemspace Limited

Financial Statements

Year ended 30 April 2026

Contents | Page

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements | 1

Statement of financial position | 2

Notes to the financial statements | 4

Systemspace Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Systemspace Limited

Year ended 30 April 2026
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Systemspace Limited for the year ended 30 April 2026, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Systemspace Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Systemspace Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Systemspace Limited and its director for our work or for this report.
It is your duty to ensure that Systemspace Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Systemspace Limited. You consider that Systemspace Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Systemspace Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WALTER HUNTER & CO LIMITED Chartered accountants
24 Bridge Street Newport South Wales NP20 4SF
12 August 2026

Systemspace Limited

Statement of Financial Position

30 April 2026

| 2026 | 2025
Note | £ | £ | £

Fixed assets

Investments | 4 |  | 450,000 | 450,000

Current assets

Debtors | 5 | 83,250 |  | 88,357
Cash at bank and in hand | 163,453 |  | 125,915
| --------- |  | ---------
| 246,703 |  | 214,272

Creditors: amounts falling due within one year | 6 | 4,676 |  | 1,288
| --------- |  | ---------
Net current assets |  | 242,027 | 212,984
|  | --------- | ---------
Total assets less current liabilities |  | 692,027 | 662,984

Creditors: amounts falling due after more than one year | 7 |  | 1,639,504 | 1,639,504
|  | ------------ | ------------
Net liabilities |  | ( 947,477) | ( 976,520)
|  | ------------ | ------------

Capital and reserves

Called up share capital |  | 360 | 360
Profit and loss account |  | ( 947,837) | ( 976,880)
|  | --------- | ---------
Shareholders deficit |  | ( 947,477) | ( 976,520)
|  | --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Systemspace Limited

Statement of Financial Position (continued)

30 April 2026
These financial statements were approved by the board of directors and authorised for issue on 12 August 2026 , and are signed on behalf of the board by:

JR Farrow |
Director |

Company registration number: 03953246

Systemspace Limited

Notes to the Financial Statements

Year ended 30 April 2026
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Having reviewed the plans and future projections of the company, the Director is confident that the business will continue to trade for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. The investment property was valued at £450,000 on 23 January 2024, on an existing use basis, by Sidney Phillips Limited, Shepherds Meadow, Eaton Bishop, Hereford, HR2 9UA. The Director considers the value as at 30 April 2026 to have been the same.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments

| Investment property
| £
Cost |
At 1 May 2025 and 30 April 2026 | 1,014,835
| ------------
Impairment |
At 1 May 2025 and 30 April 2026 | 564,835
| ------------

Carrying amount |
At 30 April 2026 | 450,000
| ------------
At 30 April 2025 | 450,000
| ------------

The investment property was valued at £450,000 on 23 January 2024, on an existing use basis, by Sidney Phillips Limited, Shepherds Meadow, Eaton Bishop, Hereford, HR2 9UA. The Director considers the value as at 30 April 2026 to have been the same.
5. Debtors

| 2026 | 2025
| £ | £
Trade debtors | 3,250 | 3,250
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 80,000 | 80,000
Other debtors | – | 5,107
| -------- | --------
| 83,250 | 88,357
| -------- | --------

The debtors above include the following amounts falling due after more than one year:

| 2026 | 2025
| £ | £
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 80,000 | 80,000
| -------- | --------

6. Creditors: amounts falling due within one year

| 2026 | 2025
| £ | £
Corporation tax | 3,032 | –
Other creditors | 1,644 | 1,288
| ------- | -------
| 4,676 | 1,288
| ------- | -------

7. Creditors: amounts falling due after more than one year

| 2026 | 2025
| £ | £
Other loans | 1,639,504 | 1,639,504
| ------------ | ------------

8. Related party transactions
Included in Note 7 to the accounts are loans repayable to the late Mr E Blease and Mr J Farrow of £819,558 (2025: £819,558) and £819,976 (2025: £819,946) respectively. The estate of the late Mr Blease and Mr Farrow are shareholders of the company and Mr Farrow is also a director of the company. For the year ended 30 April 2026 there was no interest payable to the estate of Mr Blease or Mr Farrow. Included in note 5 to the accounts is £80,000 (2025: £80,000) owed by F B D Properties Limited. This company is an associated company of F B D Properties Limited by way of common shareholdings of its director.