The directors present their strategic report for the year ended 31 December 2025.
Headquartered in the UK, Spaceright Group is a growing international company that manufactures and supplies an expanding range of high-quality, market leading products into the nursery and education sector. The group's trusted, market leading brands are instantly recognisable across our core markets in the UK, Europe, and North America. With many years of experience, our expert teams care about our markets and are committed to designing and manufacturing best in class product solutions for our customers. As such we are now established as a market leading supplier of display/presentation products, dining furniture solutions, indoor and outdoor nursery furniture, and education products.
The group's Brands are Millhouse, Spaceright Display & Presentation, Spaceright Dining Furniture and EdTech.
Millhouse have been designing, manufacturing, and supplying educational furniture, toys, and resources, to schools and nurseries for over 40 years. The vast majority of our products are manufactured in-house at our Lincolnshire site and are delivered fully assembled to our customer base in the UK, Europe, and North America with a lifetime product warranty. Our extensive and innovative range is unrivaled in the UK and as such we can command a premium over many of our competitors whilst also being able to position ourselves strategically beneath the price point of our main competitor in the market.
Spaceright Display & Presentation. Spaceright are a trusted market leading brand that have been supplying and manufacturing educational, office display and presentation products for over 100 years. We are principal suppliers to the major educational resellers in the UK and our products can be found in schools, nurseries, and offices throughout the UK and beyond. We are committed to using the best quality materials and most skilled craftsmen, to ensure we supply products which are manufactured to a high standard, making them durable, safe, and reliable, whilst also representing excellent value.
Spaceright Dining Furniture. Spaceright have now been supplying flexible dining furniture solutions for over 15 years to primary, junior, and secondary schools across the UK. We are one of only two main competitors in this relatively closed market and have been successful in gaining market share and developing a loyal customer base because of our established brand, market leading quality design, best in class service and competitive price position. UK wide reseller coverage delivers a strong business pipeline, with a significant opportunity for further growth in both domestic and export markets.
EdTech was founded in March 1990 to create practical classroom resources that would make learning numeracy and literacy more simplified and fun for children. The concept was that our range would provide schools with high quality resources, printed on no tear plastic, as an alternative to laminated card resources used by other companies. These solutions have provided teachers with effective resources which enhance their teaching methods and improve the learning experience for children.
The Directors are pleased to report another strong trading performance in the year ending 31 December 2025 even though our core markets and supply chain continue to be impacted by geopolitical events and economic uncertainty. The groups turnover increased by 13.8% in 2025 to £22,789,434 (2024: turnover £20,026,518). This growth can be attributed to a 34% increase in domestic demand for our Millhouse Indoor range, a 61% increase in domestic sales of our Millhouse Outdoor range and a 3% increase in Dining Furniture sales to UK schools. Display & Presentation sales were down due to lower market demand and sales to North America were adversely impacted due to market conditions, that have since shown signs of improving. Management is confident that revenue will increase significantly in 2026 and have reported a strong start to the year. North America continues to provide significant growth opportunities, and we are also excited about the progress made during 2025 in Europe, via our Millhouse Europe BV distribution business. Sales in Europe increased 376%, albeit from a low base in 2024. Sales by Millhouse Europe BV in 2025 were £479k.
The Directors are pleased to report that our gross margin increased to 38.8% in 2025 because of price increases, improved cost control and robust supply chain partnerships. Gross profit in 2025 was £8,839,519 (38.8%) (2024: £7,684,747 (38.4%))
Administration expenses increased by 11.5% in 2025 to £6,246,004 (2024: £5,604,205). This increase was mainly driven by a 5% inflationary pay award and increases in head count and other costs associated with growth.
As a result of the above, the group made an operating profit of £2,593,515 in 2025 (2024: Operating profit £2,080,542).
The group employ a highly skilled and vastly experienced management team that has been carefully constructed to deliver profitable growth and manage risk.
Customer and competition: The group operates in a competitive marketplace and management address the risk of losing key customers by developing close long-term partnerships with our resellers and end customers. The group remain focused on providing our customers and end users with a competitive range of high-quality products. We do this by investing significantly each year in product development and by ensuring that every activity undertaken by the group is underpinned by a focus on providing the highest quality of product and service. The group has also invested significantly in production capability and capacity, and this along with our new warehousing facilities will ensure that we continue to be reactive to our customers needs and deliver within agreed timetables.
The fact that 85% of our sales are to repeat customers helps demonstrate our proven ability to deliver customer satisfaction and manage this risk.
Employees: The group prioritises its employees and as such place’s great emphasis on their health and safety, wellbeing, and development. The business operates in sectors where employee expertise and experience are critical in delivering competitive solutions and best in class service to retain customers.
This presents both risks and opportunities and as such the group places great emphasis on staff recruitment and retention. The group proactively supports a Corporate Social Responsibility program for the benefit of staff, the local community and local education establishments.
Foreign Exchange: Further growth in the US will help the business progress further towards a natural USD hedge. The group has exposure to the CNY and will manage that where appropriate by fixing the rate of any significant payments in that currency.
Suppliers: The group has developed critical supply partnerships in the UK, Europe and Asia over many years. These relationships along side our own production capabilities and investment in inventory holdings have helped protect our customers from well publicised cost inflation, supply chain shortages and shipping delays. The group invest significantly in its procurement function in order to source high quality materials at the best cost.
The key performance indicators (KPIs) for the company are turnover and gross profit margin. Turnover increased by 13.8% in 2025 (2024: 1.0%) The margin for the year to 31 December 2025 was 38.8% (2024: 38.4%)
Average headcount for the group was 139.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group invests significantly in research and development to bring new and improved products in to the range offered to customers.
There are no post reporting date events.
The group will continue to enhance the product range available to customers and to invest in technology and infrastructure to support continue growth.
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Spaceright Group Limited (the 'company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the group and the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The notes on pages 17 to 32 form part of these financial statements.
The notes on pages 17 to 32 form part of these financial statements.
The notes on pages 17 to 32 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the period was £23,785 (2024: £879,761 profit)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The notes on pages 17 to 32 form part of these financial statements.
The notes on pages 17 to 32 form part of these financial statements.
The notes on pages 17 to 32 form part of these financial statements.
Spaceright Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is PO Box LN10 6YL, C/O Millhouse Design, Roughton Road, Kirkby-On-Bain, Woodhall Spa, England, LN10 6YL.
The group consists of Spaceright Group Limited and all of its subsidiaries.
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.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company, Spaceright Group Limited, together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates. Dormant and immaterial subsidiaries are excluded from consolidation.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. Where subsidiary financial statements are presented in foreign currencies, 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, income and expenditure is retranslated at the average rate for the year. Gains and losses arising on translation are included in profit or loss.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and the company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
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.
In the application of the group’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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are the provisions for slow moving stock and the amortisation or impairment of goodwill.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amount to 3 (2024 - 3).
The Key Management Personnel are the directors.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Factors affecting future tax charges
There are no such factors.
Group assets held under finance leases and hire purchase agreements have a net book value of £498,290 at the year end (2024: £579,029). Depreciation on leased assets was £80,740 in the year (2024: £79,903).
The Group uses hire purchase contracts to acquire certain motor vehicles, plant and machinery and equipment, fixtures and fittings. Generally the company has the option to purchase the asset for nominal consideration at the end of relevant agreements. The liabilities are secured by the lessor over the leased assets. The fair value of finance leases and hire purchase contract liabilities is approximately equal to their carrying value.
Details of the Group's subsidiaries at 31 December 2025 are as follows:
As at 31 December 2025 the aggregate share capital and reserves of Spaceright Europe Limited was £6,641,489 (2024: £4,681,158), The profit for the year was £2,488,094 (2024: £2,018,206).
For Millhouse Europe B.V. the aggregate share capital and reserves at 31 December 2025 were in deficit by £300,936 (2024: £176,481 deficit). Millhouse Europe B.V. generated a loss of £124,456 (2024: £176,482).
As at 31 December 2025 and at 31 December 2024, The aggregate share capital and reserves of Educational Technology Ltd was £100. Kids Play Kit Limited was £1,000. These subsidiaries were dormant throughout the current and preceding period.
Bank and other borrowings are secured by floating charges over the assets of the group and a fixed charge over the book debts. Hire purchase and finance leases are secured on the assets to which the agreements relate.
A bank loan was repaid in the year. Interest was charged at 3.8% over base rate.
Amounts due in less than 1 year include £2,793,784 (2024: £2,793,784 due in more than one year) in respect of the 2026 Rockpool loan notes and £706,000 (2024: £706,000 due in more than one year) Syndicate loan. Also included in other loans is £555,405 (2024: £555,416) of accrued interest. Post year end, these loans and interest were repaid in September 2026.
Other loans include supplier finance arrangements of £239,511 (2024: £781,663) whereby certain suppliers, who are paid in advance of shipment, are paid by the bank typically with 50-90 day terms. Interest is charged at 3% over SONIA. The remainder of other loans consist of invoice finance at 2.6% over base rate.
Finance lease payments represent rentals payable by the group for certain items of plant and machinery and vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Ordinary shares have attached to them full voting and dividend rights but their capital distribution rights (including on winding up) rank behind the B shares. They do not confer any rights of redemption.
A shares have attached to them full voting and dividend rights but their capital distribution rights (including on winding up) rank behind the B shares. They do not confer any rights of redemption.
B shares have attached to them no voting rights, no dividend rights, but have priority capital distribution rights (including on winding up). They do not confer any rights of redemption.
C shares have attached to them full voting and dividend rights but their capital distribution rights (including on winding up) rank behind the B shares. They do not confer any rights of redemption.
During the prior year the company issued options for 100,507 Ordinary shares of 1p which expire on 31 August 2031, are exercisable at par, and have a fair value of nil.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year, Spaceright Europe Limited paid the monthly monitoring fees (£10k per month + VAT = £12k) to Rockpool Investments on behalf of Spaceright Group Limited.