ACCOUNTS - Final Accounts

SPACE ARCHITECTURE LIMITED - Company Information

Registered number: 04622426

SPACE ARCHITECTURE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018


SPACE ARCHITECTURE LIMITED REGISTERED NUMBER:04622426

BALANCE SHEET

AS AT 31 MAY 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		1		1
			1		1
Current assets
Debtors: amounts falling due within one year	5	378		-
Cash at bank and in hand	6	1,842		-
		2,220		-
Creditors: amounts falling due within one year	7	(23,160)		(17,400)
Net current liabilities			(20,940)		(17,400)
Total assets less current liabilities			(20,939)		(17,399)

Net liabilities			(20,939)		(17,399)

Capital and reserves
Called up share capital	3	3
Profit and loss account	(20,942)	(17,402)
	(20,939)	(17,399)

Page 1


SPACE ARCHITECTURE LIMITED REGISTERED NUMBER:04622426

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

M Willmott

Director

Date: 23 January 2019

Page 2


SPACE ARCHITECTURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

1.	General information

Space Architecture Limited is a private limited company limited by share capital, incorporated in England and Wales, registration number 04622426. The address of the registered office is 51 Lincoln's Inn Fields, London WC2A 3NA.
During the year the principal activity of the company was that of the provision of architectual services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company has made a loss of £3,540 for the year. The company has net current liabilities of £20,940 at the balance sheet date. Included in this figure are amounts owing to the directors of £21,660, who will continue to support the company as required. The directors are confident that the company is a going concern and have prepared the accounts on this basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3


SPACE ARCHITECTURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Office equipment	-	20%	straight line
				Computer equipment	-	33%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.5

Debtors

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.

2.6

Cash and cash equivalents

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.

2.7

Creditors

Short term 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.

Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 1).

Page 4


SPACE ARCHITECTURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 June 2017	31,326
	At 31 May 2018	31,326
	Depreciation
	At 1 June 2017	31,325
	At 31 May 2018	31,325
	Net book value
	At 31 May 2018	1
	At 31 May 2017	1

Debtors

					2018	2017
					£	£


Other debtors	378	-
	378	-

6.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	1,843	-
	1,843	-

Page 5


SPACE ARCHITECTURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Other creditors	21,660	16,800
Accruals and deferred income	1,500	600
	23,160	17,400

Page 6