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REGISTERED NUMBER: 10758007 (England and Wales)









YOURSPACE PROJECTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


YOURSPACE PROJECTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: C S Davey





REGISTERED OFFICE: Churchgate House
3 Church Road
Whitchurch
Cardiff
SOUTH GLAMORGAN
CF14 2DX





REGISTERED NUMBER: 10758007 (England and Wales)






YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 82,804 79,691

CURRENT ASSETS
Stocks 214,000 77,253
Debtors 5 677,961 752,128
Cash at bank 282,052 105,588
1,174,013 934,969
CREDITORS
Amounts falling due within one year 6 757,215 584,906
NET CURRENT ASSETS 416,798 350,063
TOTAL ASSETS LESS CURRENT
LIABILITIES

499,602

429,754

CREDITORS
Amounts falling due after more than one
year

7

(124,020

)

(162,407

)

PROVISIONS FOR LIABILITIES 10 (20,701 ) (19,923 )
NET ASSETS 354,881 247,424

YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

BALANCE SHEET - continued
31 MAY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 354,781 247,324
SHAREHOLDERS' FUNDS 354,881 247,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 January 2025 and were signed by:





C S Davey - Director


YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Yourspace Projects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The director continues to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services:
Turnover represents the value of work done in the period, including estimate of amounts not invoiced net of VAT. Turnover in respect of long term contracts is recognised by reference to stage of completion.

The timing of income recognition for long term contracts is matched with the evaluation and completeness of work undertaken as detailed in the work in progress accounting policy

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Work in progress
Is valued on the basis of direct costs. Provisions are made for any foreseeable losses where appropriate. No element of profit is included in the value of work in progress.

The attributable profit on long term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised 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 trade and other debtors, loans to related companies and cash 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 1 ) .

YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 8,373 - 122,360 7,615 138,348
Additions - 2,137 32,765 4,628 39,530
Disposals - - (32,370 ) (2,918 ) (35,288 )
At 31 May 2024 8,373 2,137 122,755 9,325 142,590
DEPRECIATION
At 1 June 2023 1,266 - 52,352 5,039 58,657
Charge for year 1,777 109 25,247 2,263 29,396
Eliminated on disposal - - (25,349 ) (2,918 ) (28,267 )
At 31 May 2024 3,043 109 52,250 4,384 59,786
NET BOOK VALUE
At 31 May 2024 5,330 2,028 70,505 4,941 82,804
At 31 May 2023 7,107 - 70,008 2,576 79,691

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 117,860
Disposals (30,000 )
Transfer to ownership (15,855 )
At 31 May 2024 72,005
DEPRECIATION
At 1 June 2023 48,652
Charge for year 16,113
Eliminated on disposal (23,400 )
At 31 May 2024 41,365
NET BOOK VALUE
At 31 May 2024 30,640
At 31 May 2023 69,208

YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 621,403 726,386
Other debtors 56,558 25,742
677,961 752,128

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 102,620 79,028
Hire purchase contracts (see note 8) 8,387 13,174
Trade creditors 320,542 323,074
Taxation and social security 54,108 62,205
Other creditors 271,558 107,425
757,215 584,906

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 90,417 120,417
Hire purchase contracts (see note 8) 33,603 41,990
124,020 162,407

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 8,387 13,174
Between one and five years 33,603 41,990
41,990 55,164

YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 7,488 7,444

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 120,417 150,417
Hire purchase contracts 41,990 55,164
162,407 205,581

The bank loan has been secured personally by the director. Hire purchase liabilities have been secured against the assets to which they relate.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 20,701 19,923

Deferred
tax
£   
Balance at 1 June 2023 19,923
Accelerated capital allowances 778
Balance at 31 May 2024 20,701

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100

YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
C S Davey
Balance outstanding at start of year - -
Amounts advanced 36,258 -
Amounts repaid (16,250 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,008 -

All amounts due from the director are considered interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due within one year is an amount of nil (2023 - £10,000) owed to Sevenstones Developments Limited, a company under common control.

Included in creditors, amounts falling due within one year is an amount of £4,750 (2023 - £44,750) owed to Kyona Holdings Limited, the parent company.

Included in creditors, amounts falling due within one year is an amount of £50,000 (2023 - £30,000) owed to CAIO Properties Limited, a company under the control of a family member..

Included in creditors, amounts falling due within one year is an amount of nil (2023 - £17,000) owed to Keelson Ltd, a company under the control of a family member.

Included in current assets is an amount of £15,978 (2023 - £7,978) owed from SEEC Property Limited, a company under common control.

All amounts due to and from the company are considered interest free and repayable on demand.

During the year the company rendered services to the value of £230,000 (2023 - £83,000) to Landsker Projects Limited for construction and property development services, a company under common control.

During the year the company incurred management fees costs of £53,000 (2023 - £34,000) for management services provided, from Keelson Ltd.

During the year the company incurred other loan interest of £14,000 (2023 - £8,400) from CAIO Properties Limited.

YOURSPACE PROJECTS LIMITED (REGISTERED NUMBER: 10758007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

14. ULTIMATE CONTROLLING PARTY

100% of the share capital of Yourspace Projects Limited is owned by its immediate parent company, Kyona Holdings Limited.

The company and group is ultimately controlled by C S Davey, who owns 100% of the share capital of Kyona Holdings Limited.