Registration number:
Space Living Limited
for the Year Ended 31 March 2024
Space Living Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Space Living Limited
(Registration number: 04440681)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
- |
172,996 |
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Other reserves |
248,391 |
- |
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Retained earnings |
1,178,960 |
1,027,738 |
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Shareholders' funds |
1,427,451 |
1,200,834 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Space Living Limited
(Registration number: 04440681)
Statement of Financial Position as at 31 March 2024
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Space Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Wales
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Space Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% straight line |
Office equipment |
25% straight line |
Investment property
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
- |
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Transfers to/from investment property |
( |
- |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the year |
- |
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Impairment |
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- |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is £Nil (2023 - £674,175) in respect of freehold land and buildings.
Space Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Investment properties |
2024 |
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Transfers to and from owner-occupied property |
660,609 |
Fair value adjustments |
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At 31 March |
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The investment properties class of fixed assets were revalued on 31 March 2024 by the directors of the company who are internal to the company. The basis of this valuation was on an open market basis. This class of assets has a current value of £909,000 (2023 - £874,000) and a carrying amount at historical cost of £660,609 (2023 - £609,605). The depreciation on this historical cost is £nil (2023 - £nil).
There has been no valuation of investment property by an independent valuer.
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Other creditors |
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Space Living Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Related party transactions |
Loans to companies under common control
Special Places Harlech Ltd
At the year end there was a balance due from Special Places Harlech Ltd of £250,000 (2023: £250,000). Interest is charged on this loan at a below market rate.
Renegade Developments Limited
At the year end there was a balance due from Renegade Developments Limited of £250,000 (2023: £250,000). Interest is charged on this loan at a below market rate.
Parent and ultimate parent undertaking |
The company's immediate parent is