Space Aye Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC422229 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

SPACE AYE LIMITED

PREVIOUSLY KNOWN AS

TRIPSOLOGY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C P Newlands

Mr S I Mail

Mr G P Norton-Standen

REGISTERED OFFICE:

8th Floor, 80 St Vincent Street

Glasgow

Lanarkshire

G2 5UB

REGISTERED NUMBER:

SC422229 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

6 Miller Road

Ayr

KA7 2AY

BANKERS:

The Royal Bank of Scotland

5th Floor

Bath Street

Glasgow

G2 4RS

FIXED ASSETS

Intangible assets

4

4,083

4,083

Tangible assets

5

3,169

66

Investments

6

100

100

7,352

4,249

CURRENT ASSETS

Debtors

7

76,088

78,570

Cash at bank

147,543

6,984

223,631

85,554

CREDITORS

Amounts falling due within one year

8

189,316

70,272

NET CURRENT ASSETS

34,315

15,282

TOTAL ASSETS LESS CURRENT LIABILITIES

41,667

19,531

CREDITORS

Amounts falling due after more than one year

9

(24,963

)

(34,857

)

PROVISIONS FOR LIABILITIES

(805

)

(12

)

NET ASSETS/(LIABILITIES)

15,899

(15,338

)

CAPITAL AND RESERVES

Called up share capital

10

3,596,767

3,187,276

Retained earnings

11

(3,580,868

)

(3,202,614

)

SHAREHOLDERS' FUNDS

15,899

(15,338

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 June 2023 and were signed on its behalf by:

Mr C P Newlands - Director

1.	STATUTORY INFORMATION

Space Aye Limited is a private company, limited by shares , registered in Scotland. 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.

Going concern

The financial statements have been prepared on a going concern basis despite the company having an adverse balance sheet position. The continuation of the company is dependent on improved trading results and the continued support of the company's shareholders. The directors are confident of achieving profits in the ensuing years.

Functional currency

The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates

The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment

The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors

The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Stock Valuation

The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements.

Key Judgements made in the application of Accounting Policies

a) Exemptions taken in the application of FRS 102

The Company has considered and taken advantage of the following exemptions in its application of FRS 102:

i) The Company has not revisited previous accounting estimates.

Turnover

Turnover represents net invoiced sale of website advertising space, excluding value added tax.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Computer equipment - Straight line over 3 years

Fixtures & fittings - 25% on written down value

Financial instruments

Classification

The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement

The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment

Financial instruments are reviewed annually for impairment.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 7 (2022 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 May 2022

and 30 April 2023

4,083

NET BOOK VALUE

At 30 April 2023

4,083

At 30 April 2022

4,083

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 May 2022

592

72,427

73,019

Additions

-

4,662

4,662

At 30 April 2023

592

77,089

77,681

DEPRECIATION

At 1 May 2022

532

72,421

72,953

Charge for year

15

1,544

1,559

At 30 April 2023

547

73,965

74,512

NET BOOK VALUE

At 30 April 2023

45

3,124

3,169

At 30 April 2022

60

6

66

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 May 2022

and 30 April 2023

100

NET BOOK VALUE

At 30 April 2023

100

At 30 April 2022

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

76,088

78,570

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

9,894

9,639

Trade creditors

163

341

Taxation and social security

5,332

12,414

Other creditors

173,927

47,878

189,316

70,272

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

24,963

34,857

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

24,963

34,857

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

26,001

Ordinary shares £0.01

1p

3,596,767

3,187,276

(2022 - 24,046 )

1,955 Ordinary shares £0.01 shares of 1p were issued during the year for cash of £ 20 .

The above noted shares were issued for the total consideration of £409,491.77 during the year.

11.

RESERVES

Retained

earnings

£

At 1 May 2022

(3,202,614

)

Deficit for the year

(378,254

)

At 30 April 2023

(3,580,868

)