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Registration number: 09382228

Your Space Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Your Space Developments Limited
(Registration number: 09382228)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Your Space Developments Limited
(Registration number: 09382228)

Company Information

Directors

Mrs J S Guyat

Mr S K Guyat

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Your Space Developments Limited
(Registration number: 09382228)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

505

568

Tangible assets

5

88,922

47,370

 

89,427

47,938

Current assets

 

Debtors

6

1,416

12

Cash at bank and in hand

 

2,264

1,732

 

3,680

1,744

Creditors: Amounts falling due within one year

7

(73,211)

(81,603)

Net current liabilities

 

(69,531)

(79,859)

Total assets less current liabilities

 

19,896

(31,921)

Creditors: Amounts falling due after more than one year

7

(65,459)

(4,559)

Net liabilities

 

(45,563)

(36,480)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(45,663)

(36,580)

Total equity

 

(45,563)

(36,480)

 

Your Space Developments Limited
(Registration number: 09382228)

Balance Sheet as at 31 January 2024

For the financial year ending 31 January 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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr S K Guyat
Director

 

Your Space Developments Limited
(Registration number: 09382228)

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The director has acknowledged the negative reserves at the balance sheet date and pledged to continue to support to company so it can meet its obligations as they arise. Therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grant income relates to the Small Business Grant Fund and is recognised under the accrual model.

 

Your Space Developments Limited
(Registration number: 09382228)

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property, plant and equipment

5% straight line basis

Computer equipment

25% straight line basis

Motor vehicles

20% straight line basis

Fixtures, fittings and equipment

20% straignt line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Your Space Developments Limited
(Registration number: 09382228)

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Your Space Developments Limited
(Registration number: 09382228)

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

4

Intangible assets

Website costs
£

Total
£

Cost or valuation

Additions acquired separately

631

631

At 31 January 2024

631

631

Amortisation

At 1 February 2023

63

63

Amortisation charge

63

63

At 31 January 2024

126

126

Carrying amount

At 31 January 2024

505

505

At 31 January 2023

568

568

5

Tangible assets

Property, plant and equipment
£

Computer equipment
£

Motor vehicles
 £

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 February 2023

46,185

1,667

5,400

3,147

56,399

Additions

45,429

-

-

3,469

48,898

At 31 January 2024

91,614

1,667

5,400

6,616

105,297

Depreciation

At 1 February 2023

2,867

583

4,320

1,259

9,029

Charge for the year

4,581

362

1,080

1,323

7,346

At 31 January 2024

7,448

945

5,400

2,582

16,375

Carrying amount

At 31 January 2024

84,166

722

-

4,034

88,922

At 31 January 2023

43,318

1,084

1,080

1,888

47,370

 

Your Space Developments Limited
(Registration number: 09382228)

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

6

Debtors

2024
£

2023
£

Other debtors

1,320

12

Prepayments and accrued income

96

-

Total current trade and other debtors

1,416

12

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,800

1,800

Other creditors

 

68,861

77,785

Accrued expenses

 

2,550

2,018

 

73,211

81,603

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

65,459

4,559

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

1,800

1,800

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

65,459

4,559