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REGISTERED NUMBER: 10203817 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

MINSTER PROPERTIES SPACE TO WORK LTD

MINSTER PROPERTIES SPACE TO WORK LTD (REGISTERED NUMBER: 10203817)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MINSTER PROPERTIES SPACE TO WORK LTD

COMPANY INFORMATION
For The Year Ended 31 May 2023







DIRECTORS: Mr Michael John Singleton
Mr Timothy Stuart Marshall
Mr Henry Clive Richardson





REGISTERED OFFICE: 56 Gladstone Lane
Scarborough
YO12 7BS





REGISTERED NUMBER: 10203817 (England and Wales)





ACCOUNTANTS: Fortus North Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

MINSTER PROPERTIES SPACE TO WORK LTD (REGISTERED NUMBER: 10203817)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,128 1,327
Investment property 5 650,000 650,000
651,128 651,327

CURRENT ASSETS
Debtors 6 11,751 11,484
Cash at bank 48,274 56,838
60,025 68,322
CREDITORS
Amounts falling due within one year 7 315,316 348,281
NET CURRENT LIABILITIES (255,291 ) (279,959 )
TOTAL ASSETS LESS CURRENT LIABILITIES 395,837 371,368

PROVISIONS FOR LIABILITIES 76,469 54,160
NET ASSETS 319,368 317,208

CAPITAL AND RESERVES
Called up share capital 99 99
Fair value reserve 8 260,560 260,560
Retained earnings 58,709 56,549
SHAREHOLDERS' FUNDS 319,368 317,208

MINSTER PROPERTIES SPACE TO WORK LTD (REGISTERED NUMBER: 10203817)

BALANCE SHEET - continued
31 May 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:





Mr Michael John Singleton - Director


MINSTER PROPERTIES SPACE TO WORK LTD (REGISTERED NUMBER: 10203817)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023


1. STATUTORY INFORMATION

Minster Properties Space To Work Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The level of rounding used in the financial statements is to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income arising from investment property and is recognised on a straight line basis over the lease term.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

MINSTER PROPERTIES SPACE TO WORK LTD (REGISTERED NUMBER: 10203817)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


2. ACCOUNTING POLICIES - continued

Going concern - basis of preparation
In assessing the appropriateness of the application of the going concern basis, the directors have considered the uncertainties around the general economic environment, the current and future trading performance of the company and available cash. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, accordingly the continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2022
and 31 May 2023 2,499
DEPRECIATION
At 1 June 2022 1,172
Charge for year 199
At 31 May 2023 1,371
NET BOOK VALUE
At 31 May 2023 1,128
At 31 May 2022 1,327

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 650,000
NET BOOK VALUE
At 31 May 2023 650,000
At 31 May 2022 650,000

MINSTER PROPERTIES SPACE TO WORK LTD (REGISTERED NUMBER: 10203817)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


5. INVESTMENT PROPERTY - continued

Investment properties included at fair value would have been included on a historical cost basis at:

2023 2022
£ £

Cost 331,538 331,538

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the directors at fair value taking into account existing tenancy arrangements.

During the year an increase in the fair value of investment properties of nil (2022 £65,000) has been included directly in the profit and loss account.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,843 7,595
Prepayments and accrued income 3,908 3,889
11,751 11,484

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bonds held 1,077 1,207
Trade creditors 3,150 2,590
Social security and other
taxes 856 -
Other creditors 15,660 -
Directors' current accounts 285,942 335,942
Accruals and deferred income 8,631 8,542
315,316 348,281

8. RESERVES
Fair
value
reserve
£   
At 1 June 2022
and 31 May 2023 260,560

9. RELATED PARTY DISCLOSURES

Included within creditors due within one year is £285,942 (2022 £335,942) owing to a director of the company . This loan is deemed to be repayable on demand and interest at a rate of 5% per annum
has been charged to the company on the amount outstanding.