REGISTERED NUMBER: |
GREENSPACE LIVE LIMITED |
Financial Statements for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
GREENSPACE LIVE LIMITED |
Financial Statements for the Year Ended 31 March 2024 |
GREENSPACE LIVE LIMITED (REGISTERED NUMBER: SC350359) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GREENSPACE LIVE LIMITED |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
GREENSPACE LIVE LIMITED (REGISTERED NUMBER: SC350359) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GREENSPACE LIVE LIMITED (REGISTERED NUMBER: SC350359) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GREENSPACE LIVE LIMITED (REGISTERED NUMBER: SC350359) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Greenspace Live Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts are rounded to the nearest £1. |
Turnover |
Turnover represents net invoiced sales of goods and services, together with work in progress, excluding value added tax. |
Work in progress is valued as the amount of un-invoiced sales at the year-end date. |
Grant income is recognised as it becomes due to the company. |
Intangible assets - computer software |
The intangible assets were valued at 31 March 2014 and this is periodically reviewed and adjusted by the directors. |
Tangible fixed assets |
Computer equipment | - |
Stocks and work in progress |
Stocks are valued at the lower of cost and net realisable value. |
Work in progress is valued as the amount of un-invoiced sales at the year-end date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
GREENSPACE LIVE LIMITED (REGISTERED NUMBER: SC350359) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
GREENSPACE LIVE LIMITED (REGISTERED NUMBER: SC350359) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | INTANGIBLE FIXED ASSETS - continued |
Other intangible assets |
Up to 31 March 2016, the company prepared its accounts under the Financial Reporting Standard for Small Entities. This standard would normally require that a company did not capitalise internally generated goodwill and intangible assets. However, the directors were of the opinion that this approach would not give a true and fair view because it fails to recognise significant assets held by the company and therefore did not allow for a true and fair view of the company's financial position at the balance sheet date. |
From the year ended 31 March 2017 the company is under a new reporting framework, being Section 1A "Small Entities" of Financial Reporting Standard 102, as described in the Accounting Policies. This standard allows for the recognition of internally generated intangible assets that are in the Development Phase. The directors are satisfied that the assets that have been recognised, as set out below, meet this criteria. |
The treatment adopted by the directors is to recognise the value of Intellectual Property as calculated by Coller IP - www.colleripmanagement.com. |
This valuation was carried out in September 2014. The valuation at that stage was as follows: |
- Value of intangible assets (principally software) retained within company - £34,000 |
- Value of future income from software assigned to Rapiere Software Limited - £142,000 |
At the balance sheet date the directors are of the opinion that the valuation should be adjusted to: |
- Value of intangible assets (principally software) retained within company - £59,430 (2023 - £58,140) |
- Value of future income from software assigned to Rapiere Software Limited - £NIL (2023 - £21,610) |
Cost or valuation at 31 March 2024 is represented by: |
Other |
intangible |
assets |
£ |
Valuation in 2014 | 176,000 |
Valuation in 2016 | (20,550 | ) |
Valuation in 2017 | (25,867 | ) |
Valuation in 2018 | (26,873 | ) |
Valuation in 2019 | 9,280 |
Valuation in 2020 | 2,600 |
Valuation in 2021 | (13,230 | ) |
Valuation in 2023 | (21,610 | ) |
Valuation in 2024 | (20,320 | ) |
59,430 |
GREENSPACE LIVE LIMITED (REGISTERED NUMBER: SC350359) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Tax |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
Pensions c/a | 158 | 158 |
VAT | 10,764 | 4,902 |
Directors' current accounts | 4,805 | 1,458 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Directors' loan accounts | 20,000 | 20,000 |
GREENSPACE LIVE LIMITED (REGISTERED NUMBER: SC350359) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Revaluations in year | (20,320 | ) |
At 31 March 2024 |
11. | RELATED PARTY DISCLOSURES |
Included within creditors falling due within one year are the following balances due to directors: |
- D Macritchie - £4,805 (2023 - £1,458) |
There are no repayment terms in place and interest is not charged on the balance. |
Included within creditors falling due after one year are the following balances due to directors: |
- D Green - £20,000 (2023 - £20,000) |
There are no repayment terms in place and interest is not charged on the balance. |
12. | ULTIMATE CONTROLLING PARTY |
There was no ultimate controlling party during the year under review. |