Company registration number 13253640 (England and Wales)
SUPPORTING SPACES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SUPPORTING SPACES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SUPPORTING SPACES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
11,256,856
11,201,913
Current assets
Debtors
4
1,185,258
580,272
Cash at bank and in hand
4,690
10,032
1,189,948
590,304
Creditors: amounts falling due within one year
5
(9,827,272)
(9,790,220)
Net current liabilities
(8,637,324)
(9,199,916)
Net assets
2,619,532
2,001,997
Capital and reserves
Called up share capital
1,250,101
1,250,101
Profit and loss reserves
1,369,431
751,896
Total equity
2,619,532
2,001,997

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
Mr P A Tilley
Director
Company registration number 13253640 (England and Wales)
SUPPORTING SPACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Supporting Spaces Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 - 9 The Avenue, Eastbourne, East Sussex, BN21 3YA.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 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 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

The above policy is enacted due to the investments not being publicly traded and fair value not being able to be reliably measured.

1.3
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.

1.4
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.

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 rate 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.

Classification of financial liabilities

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.

SUPPORTING SPACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

1.5
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.

1.6
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

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
SUPPORTING SPACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
385,334
275,913
Loans
10,871,522
10,926,000
11,256,856
11,201,913
Movements in fixed asset investments
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 April 2023
275,913
10,926,000
11,201,913
Additions
100,000
-
100,000
Valuation changes
9,421
-
9,421
Disposals
-
(54,478)
(54,478)
At 31 March 2024
385,334
10,871,522
11,256,856
Carrying amount
At 31 March 2024
385,334
10,871,522
11,256,856
At 31 March 2023
275,913
10,926,000
11,201,913
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
376,012
84,382
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
809,246
495,890
Total debtors
1,185,258
580,272
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
239,178
142,073
Other creditors
9,588,094
9,648,147
9,827,272
9,790,220
SUPPORTING SPACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Financial commitments, guarantees and contingent liabilities

The company has entered into a financing commitment to provide a loan facility of £4.4 million to be drawn upon when required. The facility attracts an annual interest rate of 5% and is available for draw down until 31 March 2025. The repayment of the facility will be at a date notified by the company with such notification not to take effect before 31 March 2025.

 

At the year-end the facility had a balance of £nil available for draw down.

7
Related party transactions

At the year end the company was owed £221,522 by Sheesh Finance LLP, an LLP of which Supporting Spaces Limited is a designated LLP member. Interest is accruing at a rate of 5% per annum and at the year end accrued interest and profits totalled £109,468.

8
Directors' transactions

At the balance sheet date the loan owed by the company to the director was £9,584,494 (2023 - £9,644,427). There is no fixed date for repayment and the loan is interest free.

 

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