Company registration number 13792175 (England and Wales)
MODERN SPACE CREATIVE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MODERN SPACE CREATIVE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MODERN SPACE CREATIVE LTD (REGISTERED NUMBER: 13792175)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,268
21,495
Current assets
Debtors
4
95,657
100,915
Cash at bank and in hand
83,003
140,390
178,660
241,305
Creditors: amounts falling due within one year
5
(779,262)
(819,553)
Net current liabilities
(600,602)
(578,248)
Net liabilities
(572,334)
(556,753)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(572,434)
(556,853)
Total equity
(572,334)
(556,753)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mr P Van Der Linden
Director
MODERN SPACE CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Modern Space Creative Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The parent company has confirmed its ongoing financial support and that it will not demand repayment of its loan until such time the company has sufficient resources to do so.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover 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 the following conditions are satisfied:
The amount of turnover can be measured reliably
It is probably that the company will receive the consideration due under 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
1.4
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
20% straight line
Computers
20% straight line
MODERN SPACE CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
6
MODERN SPACE CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
25,751
25,751
Additions
6,932
7,039
13,971
At 31 December 2023
6,932
32,790
39,722
Depreciation and impairment
At 1 January 2023
4,256
4,256
Depreciation charged in the year
1,155
6,043
7,198
At 31 December 2023
1,155
10,299
11,454
Carrying amount
At 31 December 2023
5,777
22,491
28,268
At 31 December 2022
21,495
21,495
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,221
5,890
Amounts owed by group undertakings
40,758
49,484
Other debtors
42,678
45,541
95,657
100,915
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,853
2,689
Amounts owed to group undertakings
727,333
775,891
Taxation and social security
31,403
26,308
Other creditors
9,673
14,665
779,262
819,553
MODERN SPACE CREATIVE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Scott Jiggins
Statutory Auditor:
Perrys Audit Limited
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
151,285
66,663
8
Parent company
The parent company is Hertford Group Limited, a company incorporated in Hong Kong.
The ultimate parent company is Universal Strategic Investment (BVI) Holdings Limited, a company registered in the British Virgin Islands.