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Registration number: 12090538

Joint Space Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Joint Space Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Joint Space Limited

(Registration number: 12090538)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,736

6,692

Current assets

 

Debtors

5

1,102

3,000

Cash at bank and in hand

 

79,125

98,067

 

80,227

101,067

Creditors: Amounts falling due within one year

6

(27,716)

(35,190)

Net current assets

 

52,511

65,877

Total assets less current liabilities

 

60,247

72,569

Creditors: Amounts falling due after more than one year

6

(24,533)

(33,733)

Provisions for liabilities

(1,470)

(1,272)

Net assets

 

34,244

37,564

Capital and reserves

 

Called up share capital

100

100

Retained earnings

34,144

37,464

Shareholders' funds

 

34,244

37,564

 

Joint Space Limited

(Registration number: 12090538)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................
A V Carwardine
Director

 

Joint Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Joint Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Asset class

Depreciation method and rate

Office equiment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Joint Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

11,527

11,527

Additions

3,398

3,398

At 31 July 2023

14,925

14,925

Depreciation

At 1 August 2022

4,835

4,835

Charge for the year

2,354

2,354

At 31 July 2023

7,189

7,189

Carrying amount

At 31 July 2023

7,736

7,736

At 31 July 2022

6,692

6,692

5

Debtors

Note

2023
£

2022
£

Amounts owed by related undertakings

9

1,102

3,000

 

1,102

3,000

 

Joint Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

9,200

9,200

Trade creditors

13

-

Taxation and social security

15,303

13,007

Other creditors

3,200

12,983

27,716

35,190

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

24,533

33,733

 

Joint Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,200

9,200

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,533

33,733

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,008 (2022 - £21,055).

9

Related party transactions

Other transactions with directors

A Carwardine had a loan with the company. At the balance sheet date, A Carwardine was owed £875 (2022: £10,783).

Summary of transactions with other related parties

During the year the company had an interest free loan to a company with a common director. At the balance sheet date £1,102 (2022: 3,000) was owed by this company to Joint Space Limited.