Company registration number 9792937 (England and Wales)
SPACEZ PROPERTY GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPACEZ PROPERTY GROUP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SPACEZ PROPERTY GROUP LTD (REGISTERED NUMBER: 9792937)
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
51,286
54,550
Investment property
5
1,484,008
1,223,214
1,535,294
1,277,764
Current assets
Debtors
6
2,633
1,751
Cash at bank and in hand
13,502
297,257
16,135
299,008
Creditors: amounts falling due within one year
7
(1,330,436)
(1,379,426)
Net current liabilities
(1,314,301)
(1,080,418)
Total assets less current liabilities
220,993
197,346
Creditors: amounts falling due after more than one year
8
(130,111)
(144,557)
Provisions for liabilities
(23,308)
(3,464)
Net assets
67,574
49,325
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
9
63,122
37,903
Distributable profit and loss reserves
4,352
11,322
Total equity
67,574
49,325

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SPACEZ PROPERTY GROUP LTD (REGISTERED NUMBER: 9792937)
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Ms B Carlsson
Director
SPACEZ PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Spacez Property Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance
Computers
25% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment properties are not subject to depreciation.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SPACEZ PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SPACEZ PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
14,004
1,287
46,094
61,385
Additions
10,439
1,989
-
0
12,428
At 30 September 2023
24,443
3,276
46,094
73,813
Depreciation and impairment
At 1 October 2022
4,860
54
1,921
6,835
Depreciation charged in the year
4,216
433
11,043
15,692
At 30 September 2023
9,076
487
12,964
22,527
Carrying amount
At 30 September 2023
15,367
2,789
33,130
51,286
At 30 September 2022
9,144
1,233
44,173
54,550
5
Investment property
2023
£
Fair value
At 1 October 2022
1,223,214
Additions
225,794
Revaluations
35,000
At 30 September 2023
1,484,008

The properties have been valued at an amount of £1,484,008 as per the directors best estimations.

SPACEZ PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,633
1,751
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,330,436
1,379,426
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
130,111
144,557
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
130,111
144,557
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
37,903
37,903
Non distributable profits in the year
25,219
-
At the end of the year
63,122
37,903
2023-09-302022-10-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMs B CarlssonMr A P Carlssonfalse97929372022-10-012023-09-3097929372023-09-3097929372022-09-309792937core:FurnitureFittings2023-09-309792937core:ComputerEquipment2023-09-309792937core:MotorVehicles2023-09-309792937core:FurnitureFittings2022-09-309792937core:ComputerEquipment2022-09-309792937core:MotorVehicles2022-09-309792937core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-309792937core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-309792937core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-309792937core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-309792937core:ShareCapital2023-09-309792937core:ShareCapital2022-09-309792937core:FurtherSpecificReserve1ComponentTotalEquity2023-09-309792937core:FurtherSpecificReserve1ComponentTotalEquity2022-09-309792937core:RetainedEarningsAccumulatedLosses2023-09-309792937core:RetainedEarningsAccumulatedLosses2022-09-309792937bus:Director12022-10-012023-09-309792937core:FurnitureFittings2022-10-012023-09-309792937core:ComputerEquipment2022-10-012023-09-309792937core:MotorVehicles2022-10-012023-09-3097929372021-10-012022-09-309792937core:FurnitureFittings2022-09-309792937core:ComputerEquipment2022-09-309792937core:MotorVehicles2022-09-3097929372022-09-309792937core:WithinOneYear2023-09-309792937core:WithinOneYear2022-09-309792937core:CurrentFinancialInstruments2023-09-309792937core:CurrentFinancialInstruments2022-09-309792937core:Non-currentFinancialInstruments2023-09-309792937core:Non-currentFinancialInstruments2022-09-309792937bus:PrivateLimitedCompanyLtd2022-10-012023-09-309792937bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-309792937bus:FRS1022022-10-012023-09-309792937bus:AuditExemptWithAccountantsReport2022-10-012023-09-309792937bus:Director22022-10-012023-09-309792937bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP