Registered number: 04674960
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Company information
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Contents
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Strategic report
Year ended 31 December 2022
The director presents the strategic report for the year ended 31 December 2022.
Space Group (Europe) Limited provides management services such as Finance, HR and IT to group companies, including Space Architects (Europe) Limited, BIM Technologies Limited and Bimstore Limited. It operates the group headquarters, Spaceworks, as serviced offices to several tenants.
Fees generate income along with dividends from operational businesses.
Global events are impacting economic conditions with rises in fuel costs and inflation increasing costs whilst recruitment continues to be a challenge across all businesses.
Market uncertainty may impact long-term investment decisions and increasing costs could reduce future profitability. Following the Grenfell Tower disaster and the introduction of the Building Safety Act, Professional Indemnity Insurance premiums continue to increase year on year. The support team continue to provide rigorous management information to allow all businesses to respond to changing environmental conditions.
Gross profit was in line with the previous year; however, net profit before tax decreased from 208.9% to 27.1% due to income from shares of group undertakings in the prior year following a capital reduction exercise carried out in all trading subsidiaries. Other key performance indicators are as follows:
1
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Strategic report (continued)
Year ended 31 December 2022
Space Group (Europe) Limited will support all group companies with excellent service delivery whilst investing in innovation to continually improve.
This report was approved by the board on 24 May 2023 and signed on its behalf by:
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Director's report
Year ended 31 December 2022
The director presents his report and the financial statements for the year ended 31 December 2022.
The profit for the year, after taxation, amounted to £251,595 (2021: £1,857,675).
Dividends paid in the year were £250,324 (2021: £245,324). The director does not recommend payment of a final dividend.
The director who served during the year was:
The director at the time when this director's report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
There have been no significant events affecting the company since the year end.
Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and UNW LLP will therefore continue in office.
This report was approved by the board on 24 May 2023 and signed on its behalf by:
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Director's responsibilities statement
Year ended 31 December 2022
The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent auditor's report to the members of Space Group (Europe) Limited
We have audited the financial statements of Space Group (Europe) Limited (the 'company') for the year ended 31 December 2022, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Space Group (Europe) Limited (continued)
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
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Independent auditor's report to the members of Space Group (Europe) Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the directors and other management (as required by Auditing Standards) and from inspection of the company's legal correspondence and we discussed with the directors and other management the policies and procedures regarding compliance with the laws and regulations. We communicated identified laws and regulations within our team and remained alert to any indications of non compliance throughout the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation's (including related companies legislation), distributable profits legislation and taxation legislation and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines and litigation. We identified the following areas as those most likely to have such an effect; health and safety, employment law, data protection, environmental law and certain aspects of company legislation, recognising the nature of the company's activities. Auditing Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we have not become aware of any actual or suspected non-compliance material to the financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Independent auditor's report to the members of Space Group (Europe) Limited (continued)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Chartered Accountants
Newcastle upon Tyne
24 May 2023
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Statement of comprehensive income
Year ended 31 December 2022
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Balance sheet
At
The financial statements were approved and authorised for issue by the director and were authorised for issue on 24 May 2023.
Company registered number: 04674960
The notes on pages 12 to 29 form part of these financial statements.
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Statement of changes in equity
Year ended 31 December 2022
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Notes to the financial statements
Year ended 31 December 2022
Space Group (Europe) Limited ('the company') is a private company limited by shares, incorporated in the United Kingdom and registered in England. The registered office is Spaceworks, Benton Park Road, Newcastle upon Tyne, NE7 7LX.
The principal activity of the company continued to be that of a property holding company.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.
3.Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest pound.
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4.
FRS 102 allows a qualifying entity certain disclosure exemptions. The company meets the definition of a qualifying entity and has taken advantage of the exemptions relating to the preparation of a cash flow statement and related notes and key management personnel compensation disclosure. The equivalent disclosures, on a consolidated basis, are included in the group financial statements of Brunton Holdings Limited.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The financial statements of the company are consolidated in the financial statements of Brunton Holdings Limited. These consolidated financial statements are available from its registered office, Spaceworks, Benton Park Road, Newcastle upon Tyne, NE7 7LX.
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Notes to the financial statements
Year ended 31 December 2022
3.Accounting policies (continued)
The company meets its working capital requirements through its cash resources and operating cash flows supported by funding facilities, further details of which are provided in notes 21 and 22.
The director has prepared financial forecasts which, having regard for the current economic environment and taking account of reasonably possible changes in trading performance, indicate that the company will maintain sufficient financial headroom to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next twelve months following approval of these financial statements. Notwithstanding any further potential ongoing impact on the company's financial performance and position beyond that already anticipated by the forecasts, the company maintains net funds, working capital and confirmed funding facilities which the directors consider are sufficient to fully mitigate the risks which remain due to the current economic environment. The company continues to have the support of the wider group and its parent undertaking. The director has a reasonable expectation that the company has adequate financial and other resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis. Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover represents total invoice value, excluding value added tax, for services rendered. Turnover is recognised at the point of invoice on a monthly basis. Where management fees are recharged to group companies for rent and other related costs, these are recognised on a monthly basis as invoiced and are included within turnover in the financial statements. Government grants Government grants are recognised on the accruals basis. Grants relating to assets are recognised in the profit and loss account over the expected life of the asset. Other grants are recognised in the profit and loss account over the same periods in which the related costs are recognised. Grant monies received but deferred to future periods are included on the balance sheet as deferred income.
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Notes to the financial statements
Year ended 31 December 2022
3.Accounting policies (continued)
Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee’s entitlement to the benefit accrues. Defined contribution pension plan The company operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
The company's functional currency is the pound sterling.
Transactions in foreign currency are translated into sterling using the spot exchange rates at the dates of the transactions. At each period end, foreign currency monetary assets and liabilities are translated using the closing rate. Foreign exchange rates and losses are recognised in the profit and loss account. Leases that do not confer rights and obligations approximating to ownership are classified as operating leases. Rental payments under operating leases are charged to the profit and loss account on a straight-line basis over the lease term, even if payments are not made on such a basis. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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Notes to the financial statements
Year ended 31 December 2022
3.Accounting policies (continued)
Current tax is the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences arise from the inclusion of transactions and events in the financial statements in periods different from those in which they are assessed for tax. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
Intangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Amortisation is provided on all intangible assets, other than assets under construction, so as to write off the cost of an asset over its estimated useful life as follows:
Web development - 33.3% straight-line Intangible assets are reviewed for impairment where market conditions or other factors indicate a reduction in future economic benefits. Impairment losses are expensed to the profit and loss account.
Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price plus any further costs directly attributable to bringing the asset to its working condition for its intended use.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their estimated useful lives as follows: Freehold property - 2% straight-line Fixtures and fittings - 25% - 37.5% straight-line Equipment - 25% - 37.5% straight-line Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
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Notes to the financial statements
Year ended 31 December 2022
3.Accounting policies (continued)
Deposits held with a maturity of over 3 months are classified as current asset investments.
The company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances and loans to or from related parties, including fellow group companies. All such instruments are due within one year, and are measured, initially and subsequently at the transaction price.
At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
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Notes to the financial statements
Year ended 31 December 2022
Significant judgments in applying the entity's accounting policies In preparing these financial statements, no significant judgments were required in the process of applying the company's accounting policies. Key sources of estimation uncertainty As stated in note 3.12, investment properties are carried at fair value, and whilst investment properties are under construction, this is estimated to be at cost until completion. Further details are provided in note 18. Other estimates included within these financial statements include tangible asset useful lives and residual values, and also asset impairments (for example provisions against investments and debtors). None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor to bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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Notes to the financial statements
Year ended 31 December 2022
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Notes to the financial statements
Year ended 31 December 2022
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Notes to the financial statements
Year ended 31 December 2022
13.Taxation (continued)
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Notes to the financial statements
Year ended 31 December 2022
13.Taxation (continued)
In the March 2021 Budget, it was announced that the main UK corporation tax rate would remain at 19% for the financial years beginning 1 April 2021 and 1 April 2022, then increase to 25% from 1 April 2023. This rate increase was substantively enacted as part of the Finance Act 2021 on 24 May 2021. Therefore deferred tax at the balance sheet date has been calculated at 25% (2021: 19%), as this was the tax rate substantively enacted at the year end.
21
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Notes to the financial statements
Year ended 31 December 2022
22
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Notes to the financial statements
Year ended 31 December 2022
23
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Notes to the financial statements
Year ended 31 December 2022
24
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Notes to the financial statements
Year ended 31 December 2022
25
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Notes to the financial statements
Year ended 31 December 2022
26
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Notes to the financial statements
Year ended 31 December 2022
Profit and loss account
The company is party to a guarantee (dated 23 October 2020) with fellow group companies Space Architects (Europe) Limited, BIM Technologies (Europe) Limited and Bimstore Limited. The guarantee is in favour of Santander UK plc. The aggregate amount outstanding at the balance sheet date to which the guarantee relates is £884,888 (2021: £1,149,061) of which £884,888 (2021: £1,149,061) is recognised as a liability in these financial statements.
The company is also party to an unlimited guarantee with fellow group companies Space Architects (Europe) Limited, BIM Technologies (Europe) Limited and Bimstore Limited in respect of a £200,000 overdraft facility with National Westminster Bank Plc. No amounts were drawn down at the year end (2021: £nil).
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £126,487 (2021: £60,753).
Contributions totalling £8,533 (2021: £8,476) were payable to the fund at the balance sheet date, relating to both employer and employee contributions and are included in creditors.
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Notes to the financial statements
Year ended 31 December 2022
28
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Notes to the financial statements
Year ended 31 December 2022
Brunton Group Limited is the immediate parent of the company.
Brunton Holdings Limited is the ultimate parent, and is the smallest and largest company for which consolidated accounts including Space Group (Europe) Limited are prepared. The consolidated financial statements of Brunton Holdings Limited are available from Spaceworks, Benton Park Road, Newcastle upon Tyne, NE7 7LX. The ultimate controlling party is R J Charlton by virtue of his majority shareholding in Brunton Holdings Limited.
29
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