Search 4 Space Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 04022643 (England and Wales)
Search 4 Space Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
Search 4 Space Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
4,808,250
4,808,250
Current assets
Debtors
4
5,098
4,553
Cash at bank and in hand
10,414
3,427
15,512
7,980
Creditors: amounts falling due within one year
5
(1,577,184)
(1,623,493)
Net current liabilities
(1,561,672)
(1,615,513)
Total assets less current liabilities
3,246,578
3,192,737
Creditors: amounts falling due after more than one year
6
(480,000)
(480,000)
Provisions for liabilities
(273,447)
(273,447)
Net assets
2,493,131
2,439,290
Capital and reserves
Called up share capital
7
85
85
Revaluation reserve
2,033,420
2,033,420
Profit and loss reserves
459,626
405,785
Total equity
2,493,131
2,439,290
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Search 4 Space Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
S. Downey
Director
Company Registration No. 04022643
Search 4 Space Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100
2,033,420
866,494
2,900,014
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(25,724)
(25,724)
Credit to equity for equity settled share-based payments
-
-
(435,000)
(435,000)
Redemption of shares
7
(15)
-
15
Balance at 31 March 2023
85
2,033,420
405,785
2,439,290
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
53,841
53,841
Balance at 31 March 2024
85
2,033,420
459,626
2,493,131
Search 4 Space Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 4
1
Accounting policies
Company information
Search 4 Space Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9B Chester Road, Borehamwood, Herts, WD6 1LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approval the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents rent receivable, net of value added tax, in respect of the property let to tenants under operating leases.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Search 4 Space Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
In accordance with the Financial Reporting Standards for Smaller Entities, deferred tax is recognised as a liability or asset if transactions or events that give the company the obligation to pay more tax in future or a right to pay less tax in future have occurred by the balance sheet date.
2
Employees
The average number of persons (including directors) employed by the company during the year was 0 (2023: 0).
Search 4 Space Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
4,808,250
The freehold properties are held for investment and are included at the directors' estimate of the open market value for existing use as at 31 March 2024 based on a valuation carried out on 30 April 2021 by qualified chartered surveyors.
The comparable amounts of land and buildings included above at valuation determined according to historical cost accounting rules are £2,567,010 (2023: £2,567,010), accumulated depreciation £nil (2023: nil) and net book value of £2,567,010 (2023: £2,567,010).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
162
Prepayments and accrued income
4,936
4,553
5,098
4,553
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
16,478
19,487
Other taxation and social security
16,443
13,244
Other creditors
1,498,210
1,545,749
Accruals and deferred income
46,053
45,013
1,577,184
1,623,493
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
480,000
480,000
Search 4 Space Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
85 Ordinary shares of £1 each
85
85
8
Related party transactions
The directors, Mr C. M. Bell and Mr S. Downey who are both directors of Bell Theatre Services Limited, a company which is a tenant of Search 4 Space Limited. Bell Theatre Services Limited have a rolling agreement with Search 4 Space Limited and during the period paid a market rent of £168,675 (2023: £168,675).
Search 4 Space Limited owes monies to Bell Theatre Services Limited of £1,978,210 (2023: £2,025,749) relating to a loan made by Bell Theatre Services Limited. The loan includes £480,000 (2023: £480,000) classified as due after one year and the balance is repayable on demand. Interest is accrued on the loan at Bank of England Base Rate plus 7.5%. During the year, the company was charged interest of £247,461 on the loan (2023: £179,618). The company has entered into a cross-guarantee arrangement in respect of the mortgage with Bell Theatre Services Limited.
During the period, property management fees of £21,900 (2023: £25,200) were paid to Bell Theatre Services Limited.
9
Controlling party
The immediate controlling party is Bell Theatre Services Limited, a company registered in the United Kingdom. The registered office is 9b Chester Road, Borehamwood, Hertfordshire, WD6 1LT.
The ultimate controlling party is Bell Theatre Services Employee Ownership Trust. The registered address is 9 Appold Street, London EC2A 2AP.