Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr M G Newbery 13/08/2010 Mrs A S Newbury 21/11/2014 18 October 2024 The principal activity of the company is the retail and design of bathrooms, kitchens and living space. 07345467 2023-12-31 07345467 bus:Director1 2023-12-31 07345467 bus:Director2 2023-12-31 07345467 2022-12-31 07345467 core:CurrentFinancialInstruments 2023-12-31 07345467 core:CurrentFinancialInstruments 2022-12-31 07345467 core:Non-currentFinancialInstruments 2023-12-31 07345467 core:Non-currentFinancialInstruments 2022-12-31 07345467 core:ShareCapital 2023-12-31 07345467 core:ShareCapital 2022-12-31 07345467 core:RetainedEarningsAccumulatedLosses 2023-12-31 07345467 core:RetainedEarningsAccumulatedLosses 2022-12-31 07345467 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-12-31 07345467 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 07345467 core:LeaseholdImprovements 2022-12-31 07345467 core:Vehicles 2022-12-31 07345467 core:FurnitureFittings 2022-12-31 07345467 core:OfficeEquipment 2022-12-31 07345467 core:LeaseholdImprovements 2023-12-31 07345467 core:Vehicles 2023-12-31 07345467 core:FurnitureFittings 2023-12-31 07345467 core:OfficeEquipment 2023-12-31 07345467 core:CostValuation 2022-12-31 07345467 core:CostValuation 2023-12-31 07345467 core:AdditionsToInvestments 2023-12-31 07345467 bus:OrdinaryShareClass1 2023-12-31 07345467 2023-01-01 2023-12-31 07345467 bus:FilletedAccounts 2023-01-01 2023-12-31 07345467 bus:SmallEntities 2023-01-01 2023-12-31 07345467 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07345467 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07345467 bus:Director1 2023-01-01 2023-12-31 07345467 bus:Director2 2023-01-01 2023-12-31 07345467 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-01-01 2023-12-31 07345467 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 07345467 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 07345467 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 07345467 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 07345467 2022-01-01 2022-12-31 07345467 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 07345467 core:LeaseholdImprovements 2023-01-01 2023-12-31 07345467 core:Vehicles 2023-01-01 2023-12-31 07345467 core:FurnitureFittings 2023-01-01 2023-12-31 07345467 core:OfficeEquipment 2023-01-01 2023-12-31 07345467 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 07345467 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 07345467 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07345467 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07345467 (England and Wales)

SAPPHIRE SPACES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SAPPHIRE SPACES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SAPPHIRE SPACES LIMITED

BALANCE SHEET

As at 31 December 2023
SAPPHIRE SPACES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 891 3,930
Tangible assets 4 394,147 419,184
Investments 5 3,200 200
398,238 423,314
Current assets
Stocks 6 17,592 49,244
Debtors 7 124,945 111,109
Cash at bank and in hand 213,276 256,090
355,813 416,443
Creditors: amounts falling due within one year 8 ( 387,661) ( 490,354)
Net current liabilities (31,848) (73,911)
Total assets less current liabilities 366,390 349,403
Creditors: amounts falling due after more than one year 9 ( 21,016) ( 36,953)
Provision for liabilities ( 86,000) ( 66,000)
Net assets 259,374 246,450
Capital and reserves
Called-up share capital 10 2 2
Profit and loss account 259,372 246,448
Total shareholders' funds 259,374 246,450

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sapphire Spaces Limited (registered number: 07345467) were approved and authorised for issue by the Board of Directors on 18 October 2024. They were signed on its behalf by:

Mr M G Newbery
Director
SAPPHIRE SPACES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SAPPHIRE SPACES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sapphire Spaces Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Dart Business Park, Topsham, Devon, EX3 0QH.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 10 years straight line
Office equipment 4 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Products are ordered for each project as orders are placed. Stocks held represent items which are ordered as samples and display items and are accounted for at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2023 9,210 9,210
At 31 December 2023 9,210 9,210
Accumulated amortisation
At 01 January 2023 5,280 5,280
Charge for the financial year 3,039 3,039
At 31 December 2023 8,319 8,319
Net book value
At 31 December 2023 891 891
At 31 December 2022 3,930 3,930

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 214,210 34,720 599,169 28,317 876,416
Additions 1,407 0 69,189 9,049 79,645
At 31 December 2023 215,617 34,720 668,358 37,366 956,061
Accumulated depreciation
At 01 January 2023 139,571 14,407 280,452 22,802 457,232
Charge for the financial year 21,571 8,679 69,247 5,185 104,682
At 31 December 2023 161,142 23,086 349,699 27,987 561,914
Net book value
At 31 December 2023 54,475 11,634 318,659 9,379 394,147
At 31 December 2022 74,639 20,313 318,717 5,515 419,184

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 200 200
Other investments and loans 3,000 0
3,200 200

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 200
At 31 December 2023 200
Carrying value at 31 December 2023 200
Carrying value at 31 December 2022 200

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 0 0
Additions 3,000 3,000
At 31 December 2023 3,000 3,000
Carrying value at 31 December 2023 3,000 3,000
Carrying value at 31 December 2022 0 0

6. Stocks

2023 2022
£ £
Finished goods 17,592 49,244

7. Debtors

2023 2022
£ £
Trade debtors 53,409 49,703
Prepayments 27,810 25,699
Other debtors 43,726 35,707
124,945 111,109

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,833
Trade creditors 94,765 164,741
Accruals 238,268 242,216
Taxation and social security 30,141 45,888
Obligations under finance leases and hire purchase contracts (secured) 5,871 5,834
Other creditors 8,616 20,842
387,661 490,354

Hire purchase liabilities are secured against the assets to which the agreements relate.

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 14,167 24,167
Obligations under finance leases and hire purchase contracts (secured) 6,849 12,786
21,016 36,953

Hire purchase liabilities are secured against the assets to which the agreements relate.

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 0.01 each 2 2

11. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 91,724 136,280

The above represents agreements entered into for the lease of the trading property and vehicles.

12. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Interest free loan to director, repayable on demand. 16,828 16,828
Interest free loan to director, repayable on demand. 7,500 7,500