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Registration number: 14028917

Good Space Kernow Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Good Space Kernow Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Good Space Kernow Ltd

Company Information

Directors

Richard Manson

Suzanne Manson

Registered office

79-81 Boslowick Road
Falmouth
Cornwall
TR11 4QD

Accountants

Julia Evans Accountants Ltd 79-81 Boslowick Road
Falmouth
Cornwall
TR11 4QD

 

Good Space Kernow Ltd

(Registration number: 14028917)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,154,433

541,098

Investment property

5

684,388

684,388

 

1,838,821

1,225,486

Current assets

 

Debtors

6

2,094

4,122

Cash at bank and in hand

 

5,723

472

 

7,817

4,594

Creditors: Amounts falling due within one year

7

(11,176)

(6,588)

Net current liabilities

 

(3,359)

(1,994)

Total assets less current liabilities

 

1,835,462

1,223,492

Creditors: Amounts falling due after more than one year

7

(1,811,502)

(1,227,883)

Provisions for liabilities

(3,123)

(969)

Net assets/(liabilities)

 

20,837

(5,360)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

20,737

(5,460)

Shareholders' funds/(deficit)

 

20,837

(5,360)

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

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Good Space Kernow Ltd

(Registration number: 14028917)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 23 January 2025 and signed on its behalf by:
 

.........................................
Richard Manson
Director

.........................................
Suzanne Manson
Director

 

Good Space Kernow Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
79-81 Boslowick Road
Falmouth
Cornwall
TR11 4QD

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

 

Good Space Kernow Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet 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.

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% reducing balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Good Space Kernow Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

536,129

6,277

542,406

Additions

605,811

11,688

617,499

At 30 April 2024

1,141,940

17,965

1,159,905

Depreciation

At 1 May 2023

-

1,308

1,308

Charge for the year

-

4,164

4,164

At 30 April 2024

-

5,472

5,472

Carrying amount

At 30 April 2024

1,141,940

12,493

1,154,433

At 30 April 2023

536,129

4,969

541,098

Included within the net book value of land and buildings above is £1,141,940 (2023 - £536,129) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 May

684,388

At 30 April

684,388

Investment property is shown at cost price which matches the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

There has been no valuation of investment property by an independent valuer.

 

Good Space Kernow Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

62

3,015

Prepayments

709

-

Other debtors

1,323

1,107

 

2,094

4,122

 

Good Space Kernow Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

16

-

Trade creditors

 

3,511

2,552

Taxation and social security

 

4,556

-

Accruals and deferred income

 

2,335

4,036

Other creditors

 

758

-

 

11,176

6,588

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,811,502

1,227,883

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

301,672

301,697

Other borrowings

1,509,830

926,186

1,811,502

1,227,883

 

Good Space Kernow Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

16

-