Outerspace Buildings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11489772 (England and Wales)

Unaudited Financial Statements

for the Period 1 May 2020 to 31 May 2021

for

Outerspace Buildings Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

P P Jackson

S J Lead

Registered office:

Units 3, 4 & 5

Croesfoel Industrial Estate

Rhostyllen

Wrexham

LL14 4BJ

Registered number:

11489772 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Tangible assets

4

78,323

-

Current assets

Stocks

46,376

-

Debtors

5

98,381

1

Cash at bank

5,558

1

150,315

2

Creditors

Amounts falling due within one year

6

122,330

364

Net current assets/(liabilities)

27,985

(362

)

Total assets less current liabilities

106,308

(362

)

Creditors

Amounts falling due after more than one year

7

(58,649

)

-

Provisions for liabilities

8

(6,746

)

-

Net assets/(liabilities)

40,913

(362

)

Capital and reserves

Called up share capital

10

10

Retained earnings

40,903

(372

)

40,913

(362

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 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 25 January 2022 and were signed on its behalf by:

P P Jackson - Director

1.	Statutory information

Outerspace Buildings Ltd 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 the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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

-

Between 10% and 20% on cost

Motor vehicles

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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 period was 2 (2020 - NIL ) .

4.	Tangible fixed assets

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

Additions

74,725

12,441

5,748

92,914

At 31 May 2021

74,725

12,441

5,748

92,914

Depreciation

Charge for period

10,188

2,488

1,915

14,591

At 31 May 2021

10,188

2,488

1,915

14,591

Net book value

At 31 May 2021

64,537

9,953

3,833

78,323

5.

Debtors: amounts falling due within one year

31/5/21

30/4/20

£

£

Trade debtors

59,635

-

Other debtors

38,746

1

98,381

1

6.

Creditors: amounts falling due within one year

31/5/21

30/4/20

£

£

Bank loans and overdrafts

8,851

-

Trade creditors

76,173

-

Taxation and social security

31,357

-

Other creditors

5,949

364

122,330

364

7.

Creditors: amounts falling due after more than one year

31/5/21

30/4/20

£

£

Bank loans

41,149

-

Other creditors

17,500

-

58,649

-

8.	Provisions for liabilities

31/5/21

30/4/20

£

£

Deferred tax

Accelerated capital allowances

6,746

-

Deferred

tax

£

Provided during period

6,746

Balance at 31 May 2021

6,746

9.	Other financial commitments

At 31 March 2021 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £159,500 (2020 - £nil) of which £39,875 was due within one year (2020 - £nil).

10.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the periods ended 31 May 2021 and 30 April 2020:

31/5/21

30/4/20

£

£

P P Jackson

Balance outstanding at start of period

-

-

Amounts advanced

3,044

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

3,044

-

S J Lead

Balance outstanding at start of period

-

-

Amounts advanced

23,591

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

23,591

-

Loans to directors are unsecured, interest free and repayable on demand. The maximum balance outstanding in the period for P P Jackson was £3,044 and for S J Lead was £23,591. Amounts advanced to S J Lead include £5,000 on 30 April 2021.