Company registration number 06966462 (England and Wales)
SPACE INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SPACE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
SPACE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,753,000
1,753,000
Current assets
Debtors
4
1,812
1,753
Cash at bank and in hand
10,901
16,221
12,713
17,974
Creditors: amounts falling due within one year
5
(36,981)
(37,989)
Net current liabilities
(24,268)
(20,015)
Total assets less current liabilities
1,728,732
1,732,985
Creditors: amounts falling due after more than one year
6
(1,171,515)
(1,124,535)
Provisions for liabilities
(110,316)
(110,316)
Net assets
446,901
498,134
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8
446,801
498,034
Total equity
446,901
498,134

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

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

The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr P Seaton
Director
Company registration number 06966462 (England and Wales)
SPACE INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
561,323
561,423
Year ended 31 March 2023:
Loss and total comprehensive income
-
(41,289)
(41,289)
Dividends
-
(22,000)
(22,000)
Balance at 31 March 2023
100
498,034
498,134
Year ended 31 March 2024:
Loss and total comprehensive income
-
(51,233)
(51,233)
Balance at 31 March 2024
100
446,801
446,901
SPACE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Space Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Theed Street, London, SE1 8ST.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

During truethe period the company had losses of £51,233 (2023: £63,289) and at the period end had amounts owed to group undertakings of £1,171,515 (2023: £1,124,535) however, the directors have confirmed the intention, ability and willingness of the parent undertaking, to maintain its financial support to enable the company to meet its liabilities as they fall due.

1.3
Turnover

Turnover represents rental income receivable. Rent is receivable in advance and deferred each month, and is accounted for when it relates to the current period.

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SPACE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

SPACE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,753,000

The fair value of the investment property has been arrived at on the basis of reference to market evidence of transaction prices for similar properties. The directors consider this valuation to be appropriate as at 31 March 2024.

SPACE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
614
Amounts owed by group undertakings
100
100
Other debtors
1,712
1,039
1,812
1,753
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,629
1,784
Corporation tax
2,861
6,953
Other creditors
22,491
29,252
36,981
37,989
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1,171,515
1,124,535
7
Security

Securities in favour of HSBC include:

 

1. Composite Company Unlimited Multilateral Guarantee dated 26 July 2012 given by The Passion Property Group Limited, Lindenhurst Limited, Hill View Lettings Limited, Space Investments Limited, Chantry Court Limited and Victoria Road (Havering) Limited.

 

2. First Legal Charge dated 24 April 2015 over the leasehold property known as 672 a and b, Old Kent Road, London, SE15 1JF.

 

3. Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and First Floating Charge over all assets and undertaking both present and future dated 24 April 2015.

 

4. Shares, Security Receipt Only.

8
Profit and loss reserves

Included within profit and loss reserves is an amount of £429,774 (2023: £429,774) relating to unrealised revaluation gains on investment properties.

SPACE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Luke Metson
Statutory Auditor:
Gravita Audit II Limited
Date of audit report:
17 January 2025
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Interest payable
Dividends paid
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
82,500
54,600
-
18,800

Interest is charged on amounts owed to related parties at 7.5%. After a minimum period of twelve months the loans become repayable on demand.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,171,515
1,124,535

 

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
100
-
SPACE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Directors' transactions
No dividends (2023 - £2,200) were paid in the year in respect of shares held by the company's directors.
12
Parent company

The immediate parent company is The Passion Property Group Ltd, a company registered in England and Wales, and the ultimate parent company is BATS Holdings Ltd, a company registered in England and Wales. The registered offices are 15 Theed Street, London, SE1 8ST.

 

BATS Holdings Limited and its subsidiary companies form a small group and are therefore exempt from the requirement to prepare consolidated financial statements.

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