Company registration number 9792937 (England and Wales)
SPACEZ PROPERTY GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SPACEZ PROPERTY GROUP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SPACEZ PROPERTY GROUP LTD (REGISTERED NUMBER: 9792937)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
51,499
51,286
Investment property
5
1,528,725
1,484,008
1,580,224
1,535,294
Current assets
Debtors
6
1,996
2,633
Cash at bank and in hand
86,626
13,502
88,622
16,135
Creditors: amounts falling due within one year
7
(1,439,161)
(1,330,436)
Net current liabilities
(1,350,539)
(1,314,301)
Total assets less current liabilities
229,685
220,993
Creditors: amounts falling due after more than one year
8
(117,102)
(130,111)
Provisions for liabilities
(28,487)
(23,308)
Net assets
84,096
67,574
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
9
62,254
63,122
Distributable profit and loss reserves
21,742
4,352
Total equity
84,096
67,574

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SPACEZ PROPERTY GROUP LTD (REGISTERED NUMBER: 9792937)
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 January 2025 and are signed on its behalf by:
Ms B Carlsson
Director
SPACEZ PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Spacez Property Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, United Kingdom, ME19 6JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of consideration received or receivable for the rental income

provided in the normal course of business. The following criteria must also be met before turnover is

recognised.

Turnover from a contract to provide services is recognised in the period in which the rental services

are provided in accordance with the stage of completion of the contract when all of the following

conditions are satisfied:

- The amount of turnover can be measured reliably

- It is probable that the company will receive the consideration due under the contract

- the stage of completion of the contract at the end of the reporting period can be measured

reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance
Computers
25% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SPACEZ PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment properties are not subject to depreciation.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SPACEZ PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
24,443
3,276
46,094
73,813
Additions
9,574
4,261
-
0
13,835
At 30 September 2024
34,017
7,537
46,094
87,648
Depreciation and impairment
At 1 October 2023
9,076
487
12,964
22,527
Depreciation charged in the year
4,367
972
8,283
13,622
At 30 September 2024
13,443
1,459
21,247
36,149
Carrying amount
At 30 September 2024
20,574
6,078
24,847
51,499
At 30 September 2023
15,367
2,789
33,130
51,286
5
Investment property
2024
£
Fair value
At 1 October 2023
1,484,008
Additions
44,717
At 30 September 2024
1,528,725

The properties have been valued at an amount of £1,528,725 (2023: £1,484,008) as per the directors best estimations.

SPACEZ PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,996
2,633
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
2,646
-
0
Other creditors
1,436,515
1,330,436
1,439,161
1,330,436
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
117,102
130,111
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
117,102
130,111
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
63,122
37,903
Non distributable profits in the year
(868)
25,219
At the end of the year
62,254
63,122
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