Registered number
12565665
Space Property Management Limited
Unaudited Filleted Accounts
30 April 2024
Space Property Management Limited
Registered number: 12565665
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 192,433 191,900
Current assets
Debtors 4 392 393
Cash at bank and in hand 187,761 262,031
188,153 262,424
Creditors: amounts falling due within one year 5 (223,480) (298,598)
Net current liabilities (35,327) (36,174)
Total assets less current liabilities 157,106 155,726
Creditors: amounts falling due after more than one year 6 (138,070) (138,043)
Net assets 19,036 17,683
Capital and reserves
Called up share capital 100 100
Profit and loss account 18,936 17,583
Shareholders' funds 19,036 17,683
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Parkman
Director
Approved by the board on 26 January 2025
Space Property Management Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 4 years
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 191,845 220 192,065
Additions 588 - 588
At 30 April 2024 192,433 220 192,653
Depreciation
At 1 May 2023 - 165 165
Charge for the year - 55 55
At 30 April 2024 - 220 220
Net book value
At 30 April 2024 192,433 - 192,433
At 30 April 2023 191,845 55 191,900
4 Debtors 2024 2023
£ £
Other debtors 392 393
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 330 4,111
Other creditors 223,150 294,487
223,480 298,598
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 138,070 138,043
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 138,070 138,043
Secured bank loans 138,070 138,043
The loan is for a term of 25 years and commenced in November 2020. It is secured by a charge over the freehold building at 2A Fosse Road, Radstock, Bath. BA3 4RB and the interest rate is fixed at 3.99% for a period of five years.
8 Other information
Space Property Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
Heron House
Bleadney
Wells
Somerset
BA5 1PF
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