Morespace Design Ltd
Registered number: 08412110
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,334 5,778
Current assets
Stocks 58,250 5,640
Debtors 4 82,956 102,325
Cash at bank and in hand 2,157 941
143,363 108,906
Creditors: amounts falling due within one year 5 (83,614) (46,073)
Net current assets 59,749 62,833
Total assets less current liabilities 64,083 68,611
Creditors: amounts falling due after more than one year 6 (34,664) (40,774)
Net assets 29,419 27,837
Capital and reserves
Called up share capital 100 100
Profit and loss account 29,319 27,737
Shareholder's funds 29,419 27,837
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Cheon
Director
Approved by the board on 30 October 2023
Morespace Design Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 March 2022 21,499
At 28 February 2023 21,499
Depreciation
At 1 March 2022 15,721
Charge for the year 1,444
At 28 February 2023 17,165
Net book value
At 28 February 2023 4,334
At 28 February 2022 5,778
4 Debtors 2023 2022
£ £
Trade debtors 82,444 50,900
Other debtors 512 51,425
82,956 102,325
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,241 20,041
Trade creditors 20,785 -
Corporation tax 11,502 14,344
Other taxes and social security costs 1,832 4,834
Other creditors 34,254 6,854
83,614 46,073
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 34,664 39,425
Obligations under finance lease and hire purchase contracts - 1,349
34,664 40,774
7 Other information
Morespace Design Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 41, Chessington Business Centre
37 Cox Lane
Chessington
Surrey
KT9 1SD
Morespace Design Ltd 08412110 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2022 P Cheon No description of principal activity 08412110 2021-03-01 2022-02-28 08412110 core:WithinOneYear 2022-02-28 08412110 core:AfterOneYear 2022-02-28 08412110 core:ShareCapital 2022-02-28 08412110 core:RetainedEarningsAccumulatedLosses 2022-02-28 08412110 2022-03-01 2023-02-28 08412110 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08412110 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 08412110 bus:Director40 2022-03-01 2023-02-28 08412110 1 2022-03-01 2023-02-28 08412110 2 2022-03-01 2023-02-28 08412110 core:Vehicles 2022-03-01 2023-02-28 08412110 countries:England 2022-03-01 2023-02-28 08412110 bus:FRS102 2022-03-01 2023-02-28 08412110 bus:FullAccounts 2022-03-01 2023-02-28 08412110 2023-02-28 08412110 core:WithinOneYear 2023-02-28 08412110 core:AfterOneYear 2023-02-28 08412110 core:ShareCapital 2023-02-28 08412110 core:RetainedEarningsAccumulatedLosses 2023-02-28 08412110 core:Vehicles 2023-02-28 08412110 2022-02-28 08412110 core:Vehicles 2022-02-28 iso4217:GBP xbrli:pure