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Registered number: 11596668









METSPACE LONDON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
METSPACE LONDON LIMITED
REGISTERED NUMBER: 11596668

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,281,591
456,152

  
2,281,591
456,152

Current assets
  

Debtors: amounts falling due within one year
 5 
1,100,367
481,402

Cash at bank and in hand
  
638,623
693,265

  
1,738,990
1,174,667

Creditors: amounts falling due within one year
 6 
(2,275,890)
(867,432)

Net current (liabilities)/assets
  
 
 
(536,900)
 
 
307,235

Total assets less current liabilities
  
1,744,691
763,387

Creditors: amounts falling due after more than one year
 7 
(1,659,311)
(742,685)

  

Net assets
  
85,380
20,702


Capital and reserves
  

Called up share capital 
 9 
8,235
300

Share premium account
  
249,865
-

Profit and loss account
  
(172,720)
20,402

  
85,380
20,702


Page 1

 
METSPACE LONDON LIMITED
REGISTERED NUMBER: 11596668
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 by: 






D N S Cluer
Director

Date: 31 July 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
METSPACE LONDON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 November 2021
300
-
(113,152)
(112,852)


Comprehensive income for the year

Profit for the year
-
-
133,554
133,554
Total comprehensive income for the year
-
-
133,554
133,554



At 1 November 2022
300
-
20,402
20,702


Comprehensive income for the year

Loss for the year
-
-
(193,122)
(193,122)
Total comprehensive income for the year
-
-
(193,122)
(193,122)


Contributions by and distributions to owners

Shares issued during the year
7,935
249,865
-
257,800


Total transactions with owners
7,935
249,865
-
257,800


At 31 October 2023
8,235
249,865
(172,720)
85,380


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The principal activity of the company is that of managing office space for commercial customers.
The company is a private company limited by shares and is incorporated in England & Wales.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.

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 year end the company has made a loss in the year and at the year end has net liabilities. The directors are confident that the business will continue to be grow and be increasingly profitable going forward and they have access to sufficient funds to meet the liabilities in the short term.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised in the period to which it relates.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 
Page 5

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 8).

Page 6

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 November 2022
514,740
2,197
516,937


Additions
1,989,843
1,675
1,991,518



At 31 October 2023

2,504,583
3,872
2,508,455



Depreciation


At 1 November 2022
59,004
1,781
60,785


Charge for the year on owned assets
6,763
974
7,737


Charge for the year on financed assets
158,342
-
158,342



At 31 October 2023

224,109
2,755
226,864



Net book value



At 31 October 2023
2,280,474
1,117
2,281,591



At 31 October 2022
455,736
416
456,152

Finance leases

The net book value of assets held under finance leases totalled £2,218,957 at the year end.


5.


Debtors

2023
2022
£
£


Trade debtors
419,555
252,848

Other debtors
48,224
40,300

Prepayments and accrued income
632,588
188,254

1,100,367
481,402


Page 7

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
333,858
48,339

Other taxation and social security
67,973
54,669

Obligations under finance lease and hire purchase contracts
700,658
158,759

Other creditors
516,801
183,827

Accruals and deferred income
656,600
421,838

2,275,890
867,432



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
1,069,977
232,618

Other creditors
589,334
510,067

1,659,311
742,685



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
866,469
158,758

Between 1-5 years
755,874
232,618

1,622,343
391,376

Page 8

 
METSPACE LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,050 (2022 - 150) Ordinary A shares shares of £1.00 each
4,050
150
4,050 (2022 - 150) Ordinary B shares shares of £1.00 each
4,050
150
135 (2022 - ) Ordinary C shares shares of £1.00 each
135
-

8,235

300


During the period 3,900 Ordinary £1 A shares and 3,900 Ordinary £1 B shares were issued at par.
In addition, 135 Ordinary £1 C shares were issued for total consideration of £250,000. 


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £1,891 (2022 - £1,026) were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

Included in other creditors are amounts totalling £45,000 (2022: £45,000) due to a company in which two of the directors have an interest. 
Also included in other creditors are amounts totalling £40,351 (2022: £40,351) due to a company in which some of the shareholders have an interest. 

 
Page 9