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Company registration number: 10605612







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


TECHSPACE LUK LIMITED






































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TECHSPACE LUK LIMITED
REGISTERED NUMBER:10605612



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Unaudited 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,130,270
1,374,954

  
1,130,270
1,374,954

Current assets
  

Debtors: amounts falling due after more than one year
 5 
483,975
483,940

Debtors: amounts falling due within one year
 5 
709,248
543,849

Cash at bank and in hand
  
183,856
361,163

  
1,377,079
1,388,952

Creditors: amounts falling due within one year
 6 
(2,543,609)
(3,821,914)

Net current liabilities
  
 
 
(1,166,530)
 
 
(2,432,962)

Total assets less current liabilities
  
(36,260)
(1,058,008)

Creditors: amounts falling due after more than one year
 7 
(1,970,271)
(812,779)

Provisions for liabilities
  

Other provisions
  
(33,671)
-

  
 
 
(33,671)
 
 
-

Net liabilities
  
(2,040,202)
(1,870,787)


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1
1

Profit and loss account
  
(2,040,203)
(1,870,788)

  
(2,040,202)
(1,870,787)


Page 1

 


TECHSPACE LUK LIMITED
REGISTERED NUMBER:10605612


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Directors' Report and Profit and Loss Account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D. Ponweera
Director
Date: 2 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


TECHSPACE LUK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Techspace LUK Limited is a private company limited by share capital, incorporated in England and Wales. The address of its registered office, which is the same as its principal place of business, is disclosed on the company information page. Techspace LUK has an additional place of business at 32 Scrutton Street, London, EC2A 4RQ.
The Company's functional and presentational currency is GBP and is rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

Total liabilities exceed current assets at the balance sheet date. The directors consider however that the Company has the ability to meet its liabilities as and when they fall due as the Company has sufficient support from its directors, shareholders and fellow Group companies. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis. 

 
2.3

Turnover

Turnover is in relation to income received from office workspace rentals. Turnover is measured based on the
consideration specified in a contract with a customer and excludes amounts collected on behalf of third
parties. The Company recognises turnover when it transfers control over a product or service to a customer.
Turnover is recognised on a straight-line basis over the term of the contract. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 


TECHSPACE LUK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the life of the lease
Fixtures and fittings
-
over five years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Financial instruments

The Company only enters into financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 4

 


TECHSPACE LUK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Total

£
£
£



Cost 


At 1 April 2023 (unaudited)
2,280,361
631,800
2,912,161


Additions
44,386
66,451
110,837


Disposals
-
(324,282)
(324,282)



At 31 March 2024

2,324,747
373,969
2,698,716



Depreciation


At 1 April 2023 (unaudited)
1,107,968
429,239
1,537,207


Charge for the year
261,207
94,314
355,521


Disposals
-
(324,282)
(324,282)



At 31 March 2024

1,369,175
199,271
1,568,446



Net book value



At 31 March 2024
955,572
174,698
1,130,270



At 31 March 2023 (unaudited)
1,172,393
202,561
1,374,954

Page 5

 


TECHSPACE LUK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
Unaudited 2023
£
£

Due after more than one year

Amounts owed by group undertakings
35
-

Other debtors
483,940
483,940

483,975
483,940


2024
Unaudited 2023
£
£

Due within one year

Trade debtors
222,898
34,802

Other debtors
86,506
44,143

Prepayments and accrued income
399,844
464,904

709,248
543,849



6.


Creditors: Amounts falling due within one year

2024
Unaudited 2023
£
£

Payment solutions
3,474
3,474

Trade creditors
551,170
451,037

Amounts owed to group undertakings
-
1,322,924

Other taxation and social security
180,293
177,394

Other creditors
496,498
1,091,472

Accruals and deferred income
1,312,174
775,613

2,543,609
3,821,914



7.


Creditors: Amounts falling due after more than one year

2024
Unaudited 2023
£
£

Amounts owed to group undertakings
1,076,799
-

Other creditors
893,472
812,779

1,970,271
812,779


Page 6

 


TECHSPACE LUK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Provisions





Dilapidations provision

£





Dilapidations
33,671



At 31 March 2024
33,671

Provision has been made for dilapidation works that are required at the end of the lease. 


9.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
Unaudited 2023
£
£


Not later than 1 year
1,662,490
1,663,573

Later than 1 year and not later than 5 years
4,691,223
5,724,984

Later than 5 years
211,983
840,712

6,565,696
8,229,269


10.


Related party transactions

The Company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.


11.


Controlling party

Techspace LUK Limited are consolidated by Techspace Group Limited, which is the smallest and largest group for which consolidated financial statements are drawn for. The consolidated financial statements of this group may be obtained from the registered office at 25 Luke Street, London, England, EC2A 4DS.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 2 September 2024 by Andrew Hookway FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7