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Company Registration No. 08901944 (England and Wales)
GENER8 SPACES LIMITED Unaudited accounts for the year ended 31 October 2023
GENER8 SPACES LIMITED Unaudited accounts Contents
Page
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GENER8 SPACES LIMITED Company Information for the year ended 31 October 2023
Directors
Graham Chadwick Christian Earnshaw
Company Number
08901944 (England and Wales)
Registered Office
SUITE 2F RIBBLE COURT SHUTTLEWORTH MEAD PADIHAM BURNLEY LANCASHIRE BB12 7NG
Accountants
Walling Accountants Unit 1B Hallidays Farm Bilsborrow Preston PR3 0RU
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GENER8 SPACES LIMITED Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
11,077 
5,523 
Current assets
Inventories
10,899 
10,899 
Debtors
288,737 
107,341 
Cash at bank and in hand
133,646 
55,438 
433,282 
173,678 
Creditors: amounts falling due within one year
(420,944)
(170,181)
Net current assets
12,338 
3,497 
Total assets less current liabilities
23,415 
9,020 
Creditors: amounts falling due after more than one year
(6,557)
(8,817)
Provisions for liabilities
Deferred tax
(2,105)
- 
Net assets
14,753 
203 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
14,653 
103 
Shareholders' funds
14,753 
203 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by
Graham Chadwick Director Company Registration No. 08901944
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GENER8 SPACES LIMITED Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
GENER8 SPACES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08901944. The registered office is SUITE 2F RIBBLE COURT SHUTTLEWORTH MEAD , PADIHAM, BURNLEY, LANCASHIRE, BB12 7NG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
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 accounts. 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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GENER8 SPACES LIMITED Notes to the Accounts for the year ended 31 October 2023
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 November 2022
11,191 
Additions
7,754 
At 31 October 2023
18,945 
Depreciation
At 1 November 2022
5,668 
Charge for the year
2,200 
At 31 October 2023
7,868 
Net book value
At 31 October 2023
11,077 
At 31 October 2022
5,523 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
5,744 
6,870 
Trade debtors
206,689 
75,039 
Amounts due from group undertakings etc.
16,934 
23,619 
Accrued income and prepayments
43,345 
1,813 
Other debtors
16,025 
- 
288,737 
107,341 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
2,919 
1,016 
Trade creditors
90,339 
10,718 
Taxes and social security
5,224 
12,233 
Other creditors
4,842 
606 
Accruals
29,199 
35,610 
Deferred income
288,421 
109,998 
420,944 
170,181 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
6,557 
8,817 
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GENER8 SPACES LIMITED Notes to the Accounts for the year ended 31 October 2023
8
Average number of employees
During the year the average number of employees was 8 (2022: 6).
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