SHETLAND SPACE CENTRE LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 2 on going concern in the financial statements, which discloses the factors that the directors have considered when assessing the going concern position of the group and the parent company. As stated in note 2, future funding to finance the development of the group's projects and meet working capital requirements has not yet been secured, and there is no guarantee that the fundraise will be successful. Note 2 also makes reference to a technical event of default, for which a formal waiver has not been received and therefore the lender could enforce their rights for the loan to be repaid immediately in full. These circumstances indicate the existence of material uncertainties that may cast significant doubt on the group's and parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +35.9%

  £1,866,901 → £2,537,540

• Cash

  +697%

  £117,278 → £934,709

• Net assets

  +69.6%

  £15,512,514 → £26,312,357

  highest in 4 filed years

• Employees

  +12.9%

  62 → 70

  highest in 4 filed years

• Operating profit

  -3.4%

  -£4,454,548 → -£4,604,109

• Profit before tax

  -4.8%

  -£5,148,416 → -£5,396,426

• Wages

  +49.5%

  £2,201,241 → £3,291,053

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 2 on going concern in the financial statements, which discloses the factors that the directors have considered when assessing the going concern position of the group and the parent company. As stated in note 2, future funding to finance the development of the group's projects and meet working capital requirements has not yet been secured, and there is no guarantee that the fundraise will be successful. Note 2 also makes reference to a technical event of default, for which a formal waiver has not been received and therefore the lender could enforce their rights for the loan to be repaid immediately in full. These circumstances indicate the existence of material uncertainties that may cast significant doubt on the group's and parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. SHETLAND SPACE CENTRE LIMITED · parent
   1. Europe Space Company GmbH 100% · Germany · Commercial development
   2. Al Space Data Network GmbH 100% · Germany · Dormant

Significant events

• “Since the year end the company has issued 17,236,269 shares of £0.00001 each for £271,256, due to the exercise of warrants. In accordance with the loan agreement there has been a Technical Event of Default post year end. A default waiver has been received from the lender who are willing to grant a waiver in relation to the event of defauit subject to certain conditions. At the date of signing of the financial statement these conditions have not yet been met and therefore the entity does not have an unconditional right to defer settlement at date of signing of the loan balance of £10,629,919.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

3

last 24 months

Officers appointed

2

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.