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COMPANY REGISTRATION NUMBER: 09492746
Office Space Cleaning Ltd
Filleted Financial Statements
31 March 2024
Office Space Cleaning Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Office Space Cleaning Ltd
Officers and Professional Advisers
The board of directors
Mr J Carver
Mr G Fuchs
Mrs J Ward
Ms N Fuchs
Registered office
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
Auditor
Shaw Gibbs (Audit) Limited
Chartered Certified Accountants & statutory auditor
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY
Office Space Cleaning Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,923
3,836
Current assets
Debtors
6
93,310
107,101
Cash at bank and in hand
213,792
176,002
---------
---------
307,102
283,103
Creditors: amounts falling due within one year
7
216,252
240,332
---------
---------
Net current assets
90,850
42,771
--------
--------
Total assets less current liabilities
93,773
46,607
--------
--------
Net assets
93,773
46,607
--------
--------
Capital and reserves
Called up share capital
8
101
101
Profit and loss account
93,672
46,506
--------
--------
Shareholders funds
93,773
46,607
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr J Carver Director
Company registration number: 09492746
Office Space Cleaning Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Canberra House, Corbygate Business Park, Corby, Northants, NN17 5JG. The trading address of the Company is 20 St Dustan's Hill, London, EC3R 8HL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items
Tangible assets
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
Straight line at variable rates
Equipment
-
20% straight line
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 122 (2023: 111 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 April 2023
19,349
3,372
22,721
Additions
989
989
--------
-------
--------
At 31 March 2024
19,349
4,361
23,710
--------
-------
--------
Depreciation
At 1 April 2023
17,746
1,139
18,885
Charge for the year
1,329
573
1,902
--------
-------
--------
At 31 March 2024
19,075
1,712
20,787
--------
-------
--------
Carrying amount
At 31 March 2024
274
2,649
2,923
--------
-------
--------
At 31 March 2023
1,603
2,233
3,836
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
27,203
37,558
Amounts owed by group undertakings
48,061
33,208
Prepayments and accrued income
3,046
2,458
Directors loan account
7,762
Other debtors
15,000
26,115
--------
---------
93,310
107,101
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,856
28,960
Amounts owed to group undertakings
42,000
Accruals and deferred income
26,153
14,490
Corporation tax
13,225
40,965
Social security and other taxes
136,877
112,018
Director loan accounts
141
Other creditors
1,899
---------
---------
216,252
240,332
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary B shares shares of £ 1 each
1
1
1
1
----
----
----
----
101
101
101
101
----
----
----
----
Ordinary "A" class shares have full rights to vote and rights to dividend distribution. Ordinary "B" class shares have rights to dividend distribution only.
9. Summary audit opinion
The auditor's report dated 31 July 2024 was unqualified .
The senior statutory auditor was Robyn Liddell , for and on behalf of Shaw Gibbs (Audit) Limited .
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the Company:
2024 2023
£ £
Balance brought forward 7,762 (5,270)
Advances/ (creditrs) to the directors (7,903) 59,592
Amounts repaid 46,560
------- --------
(141) 7,762
------- --------
The amounts outstanding at the year end are interest free and repayable on demand.
11. Related party transactions and ultimate controlling party
The ultimate controlling party is Office Space in Town Limited. The largest and smallest group in which the company's results are consolidated is Office Space in Town Limited. A copy of the group accounts can be obtained from Office Space in Town Limited, whose registered office is 10 Canberra House, Corbygate Business Park, Corby, Northants, NN17 5JG. Mr G Fuchs is also a director of G & F Property & Developments Ltd. and Office Space in Town Limited. During the year, the Company reversed interest charged on a loan with G & F Property & Developments Ltd. totalling £9,948. As at the year end G & F Property & Developments Ltd. owed the Company £15,000 (2023: £24,948). The balance outstanding at the year end included within other debtors is now interest free and repayable on demand. The company has availed itself of the exemption contained within FRS 102 Section 33 Related Party Disclosures not to disclose details of transactions with fellow group entities.