FINANCIAL PERIOD DATA REFRESH REQUIRED
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Registration number:
Me Space Limited
for the Year Ended 31 March 2024
Me Space Limited
(Registration number: 11441750)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
- |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
.........................................
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 |
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At 1 April 2023 |
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Loss for the year |
- |
- |
( |
( |
Fair value adjustment |
- |
( |
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- |
Total comprehensive income |
- |
( |
( |
( |
At 31 March 2024 |
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- |
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 April 2022 |
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- |
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Profit for the year |
- |
- |
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Fair value adjustment |
- |
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( |
- |
Total comprehensive income |
- |
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( |
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Deferred tax on fair value adjustment |
- |
(4,545) |
4,545 |
- |
At 31 March 2023 |
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Me Space Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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
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
Loss/profit before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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(Profit)/loss on disposal of investment properties |
39,690 |
48,758 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2024 |
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At 1 April 2023 |
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Additions |
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Disposals |
( |
Fair value adjustments |
( |
At 31 March 2024 |
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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)
Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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- |
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Amounts owed by related undertakings |
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Other debtors |
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Prepayments |
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Creditors |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to related undertakings |
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- |
Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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2024 |
2023 |
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Due after one year |
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Bank loans |
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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)
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.
Parent and ultimate parent undertaking |
The ultimate parent is