Spacerevolution Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 10344277 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2022

for

SPACEREVOLUTION LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

R G Sweet

REGISTERED OFFICE:

11 Laura Place

Bath

BA2 4BL

REGISTERED NUMBER:

10344277 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spacerevolution Limited for the year ended 31 August 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Spacerevolution Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Spacerevolution Limited and state those matters that we have agreed to state to the director of Spacerevolution Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spacerevolution Limited and its director for our work or for this report.

It is your duty to ensure that Spacerevolution 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 Spacerevolution Limited. You consider that Spacerevolution 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 Spacerevolution 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.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

12 May 2023

FIXED ASSETS

Tangible assets

4

12,335

-

CURRENT ASSETS

Debtors

5

8,782

58,540

Cash at bank

119,821

4,322

128,603

62,862

CREDITORS

Amounts falling due within one year

6

87,077

36,892

NET CURRENT ASSETS

41,526

25,970

TOTAL ASSETS LESS CURRENT LIABILITIES

53,861

25,970

CREDITORS

Amounts falling due after more than one year

7

(21,674

)

(26,630

)

PROVISIONS FOR LIABILITIES

8

(2,343

)

-

NET ASSETS/(LIABILITIES)

29,844

(660

)

CAPITAL AND RESERVES

Called up share capital

9

101

100

Retained earnings

29,743

(760

)

SHAREHOLDERS' FUNDS

29,844

(660

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 12 May 2023 and were signed by:

R G Sweet - Director

1.	STATUTORY INFORMATION

Spacerevolution 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 represents the value, net of value added tax, of sales invoices and services provided. Turnover is recognised when the service is rendered.

Tangible fixed assets

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

Improvements to property

-

5% on cost

Office Equipment

-

20% on cost

Plant and machinery

-

20% on cost

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the assets if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

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.

Hire purchase and leasing commitments

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Office

Plant and

property

Equipment

machinery

Totals

£

£

£

£

COST

Additions

10,923

2,227

542

13,692

At 31 August 2022

10,923

2,227

542

13,692

DEPRECIATION

Charge for year

546

703

108

1,357

At 31 August 2022

546

703

108

1,357

NET BOOK VALUE

At 31 August 2022

10,377

1,524

434

12,335

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

354

-

Other debtors

8,428

58,540

8,782

58,540

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

6,607

5,118

Trade creditors

(221

)

449

Taxation and social security

77,693

28,526

Other creditors

2,998

2,799

87,077

36,892

The bank loan relates to a government backed bounce back loan.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

21,674

26,630

The bank loan relates to a government backed bounce back loan.

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

2,343

-

Deferred

tax

£

Provided during year

2,343

Accelerated capital allowances

Balance at 31 August 2022

2,343

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

80

Ordinary A

£1

80

100

20

Ordinary B

£1

20

-

1

Ordinary C

£1

1

-

101

100

Ordinary A, Ordinary B and Ordinary C rank pari passu in respect to voting and distribution rights. Dividends are variable. Each share is entitled to one vote in any circumstance.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the end of the year, the director was owed £195 (2021, the director owed £50,112) to the company. There were advances of £128,294 (2021 - £43,835) and repayments of £178,602 (2021 - £6,117). Interest on the balance is included and is charged at 2.5%.

11.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.