Company Registration No. 11489772 (England and Wales)
Outerspace Buildings Ltd
Unaudited accounts
for the period from 1 June 2022 to 31 March 2023
Outerspace Buildings Ltd
Unaudited accounts
Contents
Outerspace Buildings Ltd
Company Information
for the period from 1 June 2022 to 31 March 2023
Directors
P Jackson
S Lead
W Heath
A Lewis
Company Number
11489772 (England and Wales)
Registered Office
Unit 50b Clywedog Road North
Wrexham Industrial Estate
Wrexham
LL13 9XN
Wales
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
Outerspace Buildings Ltd
Statement of financial position
as at 31 March 2023
Tangible assets
591,018
152,853
Inventories
154,973
78,428
Cash at bank and in hand
132,863
57,153
Creditors: amounts falling due within one year
(783,486)
(460,808)
Net current (liabilities)/assets
(117,443)
63,810
Total assets less current liabilities
473,575
216,663
Creditors: amounts falling due after more than one year
(1,214,361)
(257,612)
Provisions for liabilities
Net liabilities
(740,786)
(62,736)
Called up share capital
26
26
Share premium
99,987
99,987
Profit and loss account
(840,799)
(162,749)
Shareholders' funds
(740,786)
(62,736)
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 January 2024 and were signed on its behalf by
P Jackson
Director
Company Registration No. 11489772
Outerspace Buildings Ltd
Notes to the Accounts
for the period from 1 June 2022 to 31 March 2023
Outerspace Buildings Ltd is a private company, limited by shares, registered in England and Wales, registration number 11489772. The registered office is Unit 50b Clywedog Road North, Wrexham Industrial Estate, Wrexham, LL13 9XN, Wales.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Between 10% and 20% on cost
Motor vehicles
20 % on cost
Other tangible fixed assets
15% Reducing Balance
The accounts have been prepared on the going concern basis, as the Directors have confirmed that the company will be a going concern for the foreseeable future and have forecasts to support this.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Outerspace Buildings Ltd
Notes to the Accounts
for the period from 1 June 2022 to 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Lease rental payments recognised as an expense total £137,054 for the period.
Lease service charge payments recognised as an expense total £4,404 for the period.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2022
153,261
28,478
-
11,154
192,893
Additions
357,860
-
151,485
4,177
513,522
At 31 March 2023
511,121
28,478
151,485
15,331
706,415
At 1 June 2022
29,446
6,387
-
4,207
40,040
Charge for the period
56,705
4,332
10,768
3,552
75,357
At 31 March 2023
86,151
10,719
10,768
7,759
115,397
At 31 March 2023
424,970
17,759
140,717
7,572
591,018
At 31 May 2022
123,815
22,091
-
6,947
152,853
Amounts falling due within one year
Trade debtors
80,588
162,721
Accrued income and prepayments
93,115
7,425
Other debtors
185,927
218,891
Outerspace Buildings Ltd
Notes to the Accounts
for the period from 1 June 2022 to 31 March 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,957
5,957
Obligations under finance leases and hire purchase contracts
18,880
18,880
Trade creditors
318,558
111,931
Taxes and social security
36,177
45,600
Other creditors
58,510
13,567
Deferred income
220,091
239,043
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
48,932
64,666
Other creditors
1,128,108
151,250
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
26,103
8,562
9,555
25,110
56,368
17,397
9,652
64,113
Loans to directors include interest at 2.00%.
The balance outstanding at the end of the period was £64,114 which is not expected to be repaid in the foreseeable future.
9
Post balance sheet events
After the accounting period end date there has been a change in share ownership recorded with Companies House on 24/11/2023.
Share ownership at 24/11/2023 is as follows:
Phil Jackson: 76.04%
Simon Lead: 23.96%
10
Average number of employees
During the period the average number of employees was 10 (2022: 10).
