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Registered number: 14136449














SPACES & STORIES LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

 
SPACES & STORIES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 4


 
SPACES & STORIES LIMITED
REGISTERED NUMBER:14136449

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
343,329

Cash at bank and in hand
  
19,946

  
363,275

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(701,428)

Net current liabilities
  
 
 
(338,153)

Total assets less current liabilities
  
(338,153)

  

Net liabilities
  
(338,153)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(338,253)

  
(338,153)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 January 2024.




S J Tracey
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
SPACES & STORIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Spaces & Stories Limited is a private limited liability company registered in England and Wales. Its registered office and principal place of business is 30 Water Street, Canary Wharf, London, E14 5GX.
The company was incorporated on 27 May 2022 and commenced trading on that date.
The principal activities of the company were the provision of sales and marketing services for other group undertakings and the development and management of corporate and ticketed live music event venues.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date the company had net current liabilities and net liabilities. The group that the company is a member of was profitable in the year and the ultimate parent undertaking continues to receive financial support from its investors, has strong cash reserves and expects its profitability to continue. The directors have obtained assurance from the ultimate parent undertaking that funds will continue to be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Therefore the accounts have been prepared under the going concern basis.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of sales and marketing services provided to group undertakings and the hiring out of live music and corporate venues, event management fees and production fees. Turnover is recognised when it is probable that economic benefits will flow to the company. It is exclusive of Value Added Tax and trade discounts. 
Sales and marketing income is recognised when the work is carried out and venue hire fees are recognised when the events take place. 

 
2.4

Pensions

The company is a member of a Group who's parent undertaking contributes to a defined contribution plan for the Group's employees. The company reimburses the parent undertaking for the pension costs of its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due to the parent undertaking. The assets of the plan are held separately from the Group in independently administered funds.

Page 2

 
SPACES & STORIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.6

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions.


3.


Employees

The average monthly number of employees, including directors, during the period was 13.


4.


Debtors

2023
£


Trade debtors
654

Amounts owed by group undertakings
40,000

Other debtors
35,666

Prepayments and accrued income
155,418

Deferred taxation
111,591

343,329


Page 3

 
SPACES & STORIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

5.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
31,266

Amounts owed to group undertakings
554,535

Other creditors
66,900

Accruals and deferred income
48,727

701,428



6.


Deferred taxation



2023


£






Charged to profit or loss
111,591



At end of year
111,591

The deferred tax asset is made up as follows:

2023
£


Tax losses carried forward
111,591


7.


Parent undertaking

The immediate and ultimate parent undertaking of the company is Broadwick Group Limited, a company registered in England and Wales with its registered office at Acre House, 11-15 William Road, London, NW1 3ER.
Broadwick Group Limited prepares consolidated accounts, which are available from Companies House.


8.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2023 was unqualified.

The audit report was signed on 25 January 2024 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 4