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REGISTERED NUMBER: SC491883 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Twelve Space Limited

Twelve Space Limited (Registered number: SC491883)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Twelve Space Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: J D Lonie





REGISTERED OFFICE: 11 Alva Street
Edinburgh
EH2 4PH





REGISTERED NUMBER: SC491883 (Scotland)





ACCOUNTANTS: LinklatersCA
8 Darnaway Street
Edinburgh
EH3 6BG

Twelve Space Limited (Registered number: SC491883)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,994 3,820
Investment property 5 1,036,000 1,036,000
1,038,994 1,039,820

CURRENT ASSETS
Debtors 6 9,489 20,125
Cash at bank 239,732 207,521
249,221 227,646
CREDITORS
Amounts falling due within one year 7 26,794 47,451
NET CURRENT ASSETS 222,427 180,195
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,261,421

1,220,015

CREDITORS
Amounts falling due after more than one
year

8

(642,000

)

(642,000

)

PROVISIONS FOR LIABILITIES (65,813 ) (65,813 )
NET ASSETS 553,608 512,202

CAPITAL AND RESERVES
Called up share capital 20 20
Fair value reserve 10 331,656 331,656
Retained earnings 221,932 180,526
SHAREHOLDERS' FUNDS 553,608 512,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Twelve Space Limited (Registered number: SC491883)

Balance Sheet - continued
30 November 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





J D Lonie - Director


Twelve Space Limited (Registered number: SC491883)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Twelve Space Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 6,408 36,377 42,785
DEPRECIATION
At 1 December 2022 3,205 35,760 38,965
Charge for year 641 185 826
At 30 November 2023 3,846 35,945 39,791
NET BOOK VALUE
At 30 November 2023 2,562 432 2,994
At 30 November 2022 3,203 617 3,820

Twelve Space Limited (Registered number: SC491883)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 1,036,000
NET BOOK VALUE
At 30 November 2023 1,036,000
At 30 November 2022 1,036,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2015 6,510
Valuation in 2016 204,959
Valuation in 2019 186,000
Cost 638,531
1,036,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 638,531 638,531

Investment property was valued on an open market basis on 30 November 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,902 5,011
Other debtors 7,587 15,114
9,489 20,125

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 15,877
Taxation and social security 11,243 12,451
Other creditors 15,551 19,123
26,794 47,451

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 642,000 642,000

Twelve Space Limited (Registered number: SC491883)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 642,000 642,000

The loan of £642,000 is secured by way of a standard security over the company's freehold property and by a bond and floating charge over all of the company's assets.

10. RESERVES
Fair
value
reserve
£   
At 1 December 2022
and 30 November 2023 331,656