Outerspace Buildings Ltd

P Jackson S Lead

11489772 (England and Wales)

Unit 50b Clywedog Road North Wrexham Industrial Estate Wrexham LL13 9XN Wales

Accounts and Legal Consultants Ltd Suite 1-3 The Hop Exchange 24 Southwark Street London SE1 1TY

Intangible assets

16,024 

- 

Tangible assets

526,559 

591,018 

Inventories

126,641 

154,973 

Debtors

683,291 

378,207 

Cash at bank and in hand

27,302 

132,863 

(1,240,440)

(783,486)

(568,440)

(1,214,361)

Called up share capital

31 

26 

Share premium

249,975 

99,987 

Profit and loss account

(679,069)

(840,799)

For the year ending 31 March 2024 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 financial statements were approved by the Board of Directors and authorised for issue on 24 May 2024 and were signed on its behalf by

P Jackson Director Company Registration No. 11489772

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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

In the prior period, the reporting period was shortened to bring in line with another group company and represents a 10 month period.

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Interest income is recognised in profit or loss using the effective interest method.

Plant & machinery

Motor vehicles

Other tangible fixed assets

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required ot be recognised as part of the cost of stock or fixed assets. The costs of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably commited ot terminate the employment of an employee or to provide termination benefits.

The company classifies certain non-recurring charges or credits that have a material impact on the company’s financial results as ‘exceptional items’. These are disclosure separately to provide further understanding of the financial performance of the company.

In preparing these financial statements, the directors have made the following judgements: • Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. • Determine whether there are indicators of impairment of the company’s tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainty • Tangible fixed assets (see note 7) Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

At 1 April 2023

- 

Additions

16,867 

At 31 March 2024

At 1 April 2023

- 

Charge for the year

843 

At 31 March 2024

At 31 March 2024

At cost 

At cost 

At cost 

At cost 

At 1 April 2023

511,121 

28,478 

151,485 

15,331 

706,415 

Additions

59,672 

- 

2,760 

1,501 

63,933 

Disposals

(17,054)

(2,488)

- 

(446)

(19,988)

At 31 March 2024

At 1 April 2023

86,151 

10,719 

10,768 

7,759 

115,397 

Charge for the year

90,237 

5,197 

21,141 

4,397 

120,972 

On disposals

(9,716)

(2,488)

- 

(364)

(12,568)

At 31 March 2024

At 31 March 2024

At 31 March 2023

Raw materials

126,641 

154,973 

VAT

13,104 

18,577 

Trade debtors

269,447 

80,588 

Accrued income and prepayments

118,717 

93,115 

Other debtors

282,023 

185,927 

Bank loans and overdrafts

5,957 

5,957 

Obligations under finance leases and hire purchase contracts

18,880 

18,880 

Trade creditors

564,448 

318,558 

Taxes and social security

52,699 

36,177 

Other creditors

59,360 

58,510 

Accruals

115,028 

125,313 

Deferred income

424,068 

220,091 

Bank loans

31,365 

37,321 

Obligations under finance leases and hire purchase contracts

30,052 

48,932 

Other creditors

507,023 

1,128,108 

Allotted, called up and fully paid:

3,100 Ordinary shares of £0.01 each

Shares issued during the period:

470 Ordinary shares of £0.01 each

25,110 

14,202 

- 

39,312 

39,003 

- 

- 

39,003 

During the year the average number of employees was 22 (2023: 10).