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Registration number: 04440681

Space Living Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Space Living Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Space Living Limited

(Registration number: 04440681)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,086

677,175

Investment property

5

909,000

-

 

914,086

677,175

Current assets

 

Debtors

6

521,200

500,000

Cash at bank and in hand

 

42,926

193,963

 

564,126

693,963

Creditors: Amounts falling due within one year

7

(50,761)

(170,304)

Net current assets

 

513,365

523,659

Net assets

 

1,427,451

1,200,834

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

-

172,996

Other reserves

248,391

-

Retained earnings

1,178,960

1,027,738

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 24 December 2024 and signed on its behalf by:
 

Mr E B Lee
Director

   
     
 

Space Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tyn Y Mynydd
Old Llanfair Road
Gwynedd
LL46 2SU
Wales

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

674,175

160,688

834,863

Additions

-

4,337

4,337

Transfers to/from investment property

(660,609)

-

(660,609)

At 31 March 2024

13,566

165,025

178,591

Depreciation

At 1 April 2023

-

157,688

157,688

Charge for the year

-

2,251

2,251

Impairment

13,566

-

13,566

At 31 March 2024

13,566

159,939

173,505

Carrying amount

At 31 March 2024

-

5,086

5,086

At 31 March 2023

674,175

3,000

677,175

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

5

Investment properties

2024
£

Transfers to and from owner-occupied property

660,609

Fair value adjustments

248,391

At 31 March

909,000

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.

6

Debtors

Current

2024
£

2023
£

Trade debtors

21,200

-

Other debtors

500,000

500,000

 

521,200

500,000

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

15,113

23,841

Amounts owed to group undertakings

8

4,777

117,223

Accruals and deferred income

 

26,069

24,439

Other creditors

 

4,802

4,801

 

50,761

170,304

 

Space Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

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.

9

Parent and ultimate parent undertaking

The company's immediate parent is Space Group UK Limited, company number 03035200, incorporated in England and Wales. The registered office is Tyn Y Mynydd, Old Llanfair Road, Harlech, Gwynedd, LL46 2SU.