SOLIDSPACE LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07119566 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2021

for

SOLIDSPACE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Zogolovitch

G Cherry

P Marko

REGISTERED OFFICE:

First Floor

32 Rathbone Place

London

W1T 1JJ

REGISTERED NUMBER:

07119566 (England and Wales)

ACCOUNTANTS:

Alphanumeric Accountants Limited

LABS ATRIUM

Chalk Farm Road

London

NW1 8AH

FIXED ASSETS

Tangible assets

4

12,719

18,071

Investments

5

1

1

12,720

18,072

CURRENT ASSETS

Debtors

6

103,135

132,904

Cash at bank

5,949

279

109,084

133,183

CREDITORS

Amounts falling due within one year

7

(312,483

)

(44,919

)

NET CURRENT (LIABILITIES)/ASSETS

(203,399

)

88,264

TOTAL ASSETS LESS CURRENT LIABILITIES

(190,679

)

106,336

CREDITORS

Amounts falling due after more than one year

8

(30,000

)

(300,996

)

NET LIABILITIES

(220,679

)

(194,660

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(220,779

)

(194,760

)

(220,679

)

(194,660

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2022 and were signed on its behalf by:

R Zogolovitch - Director

1.	STATUTORY INFORMATION

SOLIDSPACE LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion. 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 it is probable will be recovered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Investments in subsidiaries

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and

operating policies of the entity so as to obtain benefits from its activities.

Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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

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.

Classification of financial liabilities

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.

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 constitute a financing transaction, where the debt instruments 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.

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.

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 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2020

and 30 September 2021

26,239

DEPRECIATION

At 1 October 2020

8,168

Charge for year

5,352

At 30 September 2021

13,520

NET BOOK VALUE

At 30 September 2021

12,719

At 30 September 2020

18,071

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2020

and 30 September 2021

1

NET BOOK VALUE

At 30 September 2021

1

At 30 September 2020

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

11,399

7,287

Amounts owed by group undertakings

-

21,440

Other debtors

91,736

104,177

103,135

132,904

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts

8,000

-

Trade creditors

10,815

15,809

Taxation and social security

11,186

10,045

Other creditors

282,482

19,065

312,483

44,919

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans

30,000

40,000

Other creditors

-

260,996

30,000

300,996

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.21

30.9.20

£

£

Other loans

274,746

265,996

10.	RELATED PARTY DISCLOSURES

During the year one of the directors has charged interest at 2.5% + Libor per annum of £8,750 (2020: £8,750) on loan to the company. The total amount of loan from the director at the year end was £269,746.

During the year Solidspace Limited charged a management fee of £101,296 to Solidspace Eastdown Park Limited (subsidiary company). At the year end £nil was owed to Solidspace Limited.

11.	ULTIMATE CONTROLLING PARTY

There is no controlling party.