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REGISTERED NUMBER: 08872149 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Yard Space Limited

Yard Space Limited (Registered number: 08872149)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Yard Space Limited

Company Information
for the Year Ended 31 December 2023







Directors: D D Jones
H V Jones
L E Jones





Registered office: Unit 5 Colomendy Industrial Estate
Denbigh
Denbighshire
LL16 5TA





Registered number: 08872149 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
114-120 Northgate Street
Chester
CH1 2HT

Yard Space Limited (Registered number: 08872149)

Statement of Financial Position
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 51,024 -
Investment property 5 4,500,000 4,500,000
4,551,024 4,500,000

Current assets
Debtors 6 68,360 62,358
Cash at bank 37,205 72,457
105,565 134,815
Creditors
Amounts falling due within one year 7 763,641 730,328
Net current liabilities (658,076 ) (595,513 )
Total assets less current liabilities 3,892,948 3,904,487

Creditors
Amounts falling due after more than
one year

8

(1,172,014

)

(1,312,057

)

Provisions for liabilities 10 (462,474 ) (449,718 )
Net assets 2,258,460 2,142,712

Capital and reserves
Called up share capital 11 100 100
Other reserves 12 1,423,126 1,423,126
Retained earnings 12 835,234 719,486
Shareholders' funds 2,258,460 2,142,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Yard Space Limited (Registered number: 08872149)

Statement of Financial Position - continued
31 December 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 Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





D D Jones - Director


Yard Space Limited (Registered number: 08872149)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. Statutory information

Yard Space Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from property rental is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% reducing balance

Investment property
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit in fair value is recognised as profit or loss in the Income Statement.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Yard Space Limited (Registered number: 08872149)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3. Employees and directors

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

4. Tangible fixed assets
Motor
vehicles
£   
Cost
Additions 59,736
At 31 December 2023 59,736
Depreciation
Charge for year 8,712
At 31 December 2023 8,712
Net book value
At 31 December 2023 51,024

Yard Space Limited (Registered number: 08872149)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. Investment property
Total
£   
Fair value
At 1 January 2023
and 31 December 2023 4,500,000
Net book value
At 31 December 2023 4,500,000
At 31 December 2022 4,500,000

Investment property is shown at its most recent valuation.


6. Debtors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Trade debtors 53,682 49,588
Other debtors 14,678 12,770
68,360 62,358

7. Creditors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 175,027 173,414
Hire purchase contracts 16,667 -
Trade creditors 31,487 7,443
Taxation and social security 27,050 43,674
Other creditors 513,410 505,797
763,641 730,328

8. Creditors: amounts falling due after more than one year
31/12/23 31/12/22
£    £   
Bank loans 1,147,014 1,312,057
Hire purchase contracts 25,000 -
1,172,014 1,312,057

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 634,013 750,931

Yard Space Limited (Registered number: 08872149)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. Secured debts

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Bank loans 1,322,041 1,485,471
Hire purchase contracts 41,667 -
1,363,708 1,485,471

The bank loans are secured over the company's investment property. Hire purchase contracts are secured on the underlying asset.

10. Provisions for liabilities
31/12/23 31/12/22
£    £   
Deferred tax
Accelerated capital allowances 12,756 -
Investment property
revaluations 449,718 449,718
462,474 449,718

Deferred
tax
£   
Balance at 1 January 2023 449,718
Charge to Income Statement during year 12,756
Balance at 31 December 2023 462,474

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
60 A Ordinary £1 60 60
40 B Ordinary £1 40 40
100 100

Yard Space Limited (Registered number: 08872149)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. Reserves

Under FRS 102 surpluses on the revaluation of investment property are treated as fair value adjustments and are recognised in the statement of income. However under company law, these surpluses are not distributable. In these financial statements, the cumulative non-distributable revaluation surpluses have been included in other reserves. On disposal of an investment property, any revaluation surplus realised on disposal is transferred to distributable reserves.

13. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31/12/23 31/12/22
£    £   
D D Jones
Balance outstanding at start of year - -
Amounts advanced 49,530 59,530
Amounts repaid (49,530 ) (59,530 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

£49,530 was advanced to a director on 18 May 2023 and repaid in tranches of £10,000 each on 13 September 2023, 29 September 2023, 5 October 2023 and 10 October 2023, with the final £9,530 being repaid on 11 October 2023. Advances to directors are interest free, unsecured and repayable on demand.