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REGISTERED NUMBER: 12488814 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29th February 2024

for

Spacelift Property Investments Ltd

Spacelift Property Investments Ltd (Registered number: 12488814)






Contents of the Financial Statements
for the year ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Spacelift Property Investments Ltd

Company Information
for the year ended 29th February 2024







DIRECTOR: Mrs L J Sheridan





SECRETARY: Mr S G Nicol





REGISTERED OFFICE: Black Bull House
353-355 Station Road
Bamber Bridge
Preston
Lancashire
PR5 6EE





REGISTERED NUMBER: 12488814 (England and Wales)





ACCOUNTANTS: Robin Oatridge & Co Limited
Chartered Certified Accountants
Black Bull House
353-355 Station Road
Bamber Bridge
Preston
Lancashire
PR5 6EE

Spacelift Property Investments Ltd (Registered number: 12488814)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 265,669 265,669

CURRENT ASSETS
Cash at bank 8,938 4,516

CREDITORS
Amounts falling due within one year 5 288,549 291,392
NET CURRENT LIABILITIES (279,611 ) (286,876 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(13,942

)

(21,207

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (14,042 ) (21,307 )
(13,942 ) (21,207 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th November 2024 and were signed by:





Mrs L J Sheridan - Director


Spacelift Property Investments Ltd (Registered number: 12488814)

Notes to the Financial Statements
for the year ended 29th February 2024

1. STATUTORY INFORMATION

Spacelift Property Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

No depreciation is provided in respect of the land and buildings which are held as investments. This treatment may be a departure from the requirements of the Companies Act 2006 regarding depreciation of fixed assets, but the directors consider this accounting policy is necessary for the accounts to give a true and fair view, as the land and buildings are held for investment not consumption.

This policy was adopted on 28th February 2021.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Spacelift Property Investments Ltd (Registered number: 12488814)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

2. ACCOUNTING POLICIES - continued

Going concern
At the balance sheet date, the company's net current liabilities exceeded its net current assets.

The company has received assurance from the directors that they will continue to give financial support to the company for the twelve months from the date of signing these financial accounts.

Should the financial support mentioned above not be forthcoming, the going concern basis used in the preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise.

On the above basis, the directors consider it appropriate to prepare the accounts on a going concern basis.

The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1st March 2023
and 29th February 2024 265,669
NET BOOK VALUE
At 29th February 2024 265,669
At 28th February 2023 265,669

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 186,383 186,383
Other creditors 102,166 105,009
288,549 291,392

6. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs L J Sheridan.