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REGISTERED NUMBER: SC350359 (Scotland)















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: D Macritchie
D R Green





SECRETARY: D Macritchie





REGISTERED OFFICE: CIMC
56 Seaforth Road
Stornoway
Isle of Lewis
HS1 2SD





REGISTERED NUMBER: SC350359 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
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 59,430 79,750
Tangible assets 5 - -
59,430 79,750

CURRENT ASSETS
Stocks 6 8,720 2,400
Debtors 7 36,466 31,098
45,186 33,498
CREDITORS
Amounts falling due within one year 8 18,911 21,087
NET CURRENT ASSETS 26,275 12,411
TOTAL ASSETS LESS CURRENT
LIABILITIES

85,705

92,161

CREDITORS
Amounts falling due after more than one
year

9

20,000

20,000
NET ASSETS 65,705 72,161

CAPITAL AND RESERVES
Called up share capital 3,733 3,733
Share premium 102,275 102,275
Revaluation reserve 10 59,430 79,750
Retained earnings (99,733 ) (113,597 )
SHAREHOLDERS' FUNDS 65,705 72,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




D Macritchie - Director



D R Green - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% depreciation on cost

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 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 April 2023 79,750
Revaluations (20,320 )
At 31 March 2024 59,430
NET BOOK VALUE
At 31 March 2024 59,430
At 31 March 2023 79,750

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 1,132
DEPRECIATION
At 1 April 2023
and 31 March 2024 1,132
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

6. STOCKS
31.3.24 31.3.23
£    £   
Work-in-progress 8,720 2,400

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 32,119 22,704
Tax 4,347 8,394
36,466 31,098

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 93 11,132
Trade creditors 555 891
Social security and other taxes 536 546
Pensions c/a 158 158
VAT 10,764 4,902
Directors' current accounts 4,805 1,458
Accrued expenses 2,000 2,000
18,911 21,087

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 79,750
Revaluations in year (20,320 )

At 31 March 2024 59,430

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.