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Registration number: 11441750

Me Space Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Me Space Limited

(Registration number: 11441750)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

14,087,158

16,464,393

Current assets

 

Debtors

5

77,372

31,119

Cash at bank and in hand

 

1,598,810

1,648,001

 

1,676,182

1,679,120

Creditors: Amounts falling due within one year

6

(2,753,443)

(4,836,061)

Net current liabilities

 

(1,077,261)

(3,156,941)

Total assets less current liabilities

 

13,009,897

13,307,452

Creditors: Amounts falling due after more than one year

6

(12,774,422)

(12,149,637)

Provisions for liabilities

-

(4,545)

Net assets

 

235,475

1,153,270

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

-

13,636

Profit and loss account

235,473

1,139,632

Shareholders' funds

 

235,475

1,153,270

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

Me Space Limited

(Registration number: 11441750)

Balance Sheet as at 31 March 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 4 September 2024 and signed on its behalf by:
 

.........................................

Mr A J B Smith
Director

 

Me Space Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 April 2023

2

13,636

1,139,632

1,153,270

Loss for the year

-

-

(917,795)

(917,795)

Fair value adjustment

-

(13,636)

13,636

-

Total comprehensive income

-

(13,636)

(904,159)

(917,795)

At 31 March 2024

2

-

235,473

235,475

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 April 2022

2

-

1,135,729

1,135,731

Profit for the year

-

-

17,539

17,539

Fair value adjustment

-

18,181

(18,181)

-

Total comprehensive income

-

18,181

(642)

17,539

Deferred tax on fair value adjustment

-

(4,545)

4,545

-

At 31 March 2023

2

13,636

1,139,632

1,153,270

 

Me Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statutory information

Me Space Limited is a private company, limited by shares, domiciled in England and Wales, company number 11441750. The registered office is at Pegasus House, 463a Glossop Road, Sheffield, S10 2QD.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover represents rental income from occupied investment properties.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Me Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

(Profit)/loss on disposal of investment properties

39,690

48,758

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 April 2023

16,464,393

Additions

137,969

Disposals

(1,626,000)

Fair value adjustments

(889,204)

At 31 March 2024

14,087,158

The investment properties were revalued on 31 March 2024 by the directors who are internal to the company. The basis of this valuation was existing use basis. This class of assets has a current value of £ 14,087,158 (2023 - £16,464,393) and a carrying amount at historical cost of £14,958,180 (2023 - £16,446,212). The depreciation on this historical cost is £Nil.

 

Me Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

9,125

-

Amounts owed by related undertakings

7

58,553

22,202

Other debtors

 

7,002

7,002

Prepayments

 

2,692

1,915

 

77,372

31,119

6

Creditors

2024
£

2023
£

Due within one year

Bank loans and overdrafts

1,159,807

4,719,967

Amounts owed to related undertakings

1,500,000

-

Taxation and social security

4,140

14,556

Accruals and deferred income

81,360

100,385

Other creditors

8,136

1,153

2,753,443

4,836,061

2024
£

2023
£

Due after one year

Bank loans

6,187,035

5,562,250

Amount due to parent undertaking

6,587,387

6,587,387

12,774,422

12,149,637

The bank borrowings are secured by a charge over assets of the company.

 

Me Space Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Related party transactions

Other debtors includes an amount of £58,553 (2023 - £22,202) due from Daleside Estates Limited, an associated company, which is interest free.

Other creditors includes an amount of £1,500,000 (2023 - £Nil) due to Studio 912 Limited, an associated company, which is interest free.

The amount of £6,587,387 (2023 - £6,587,387) owed to the parent undertaking, Birkett Estates Limited, included in creditors due after one year is interest free.

8

Parent and ultimate parent undertaking

The ultimate parent is Birkett Estates Limited, incorporated in Guernsey.