Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3142023-01-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14682127 2022-12-31 14682127 2023-01-01 2023-12-31 14682127 2022-03-01 2022-12-31 14682127 2023-12-31 14682127 c:Director2 2023-01-01 2023-12-31 14682127 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 14682127 d:Buildings d:LongLeaseholdAssets 2023-12-31 14682127 d:FurnitureFittings 2023-01-01 2023-12-31 14682127 d:FurnitureFittings 2023-12-31 14682127 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14682127 d:OfficeEquipment 2023-01-01 2023-12-31 14682127 d:OfficeEquipment 2023-12-31 14682127 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14682127 d:ComputerEquipment 2023-01-01 2023-12-31 14682127 d:ComputerEquipment 2023-12-31 14682127 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14682127 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 14682127 d:OtherPropertyPlantEquipment 2023-12-31 14682127 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14682127 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14682127 d:CurrentFinancialInstruments 2023-12-31 14682127 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14682127 d:ShareCapital 2023-12-31 14682127 d:RetainedEarningsAccumulatedLosses 2023-12-31 14682127 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 14682127 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 14682127 d:OtherDeferredTax 2023-12-31 14682127 c:OrdinaryShareClass1 2023-01-01 2023-12-31 14682127 c:OrdinaryShareClass1 2023-12-31 14682127 c:FRS102 2023-01-01 2023-12-31 14682127 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 14682127 c:FullAccounts 2023-01-01 2023-12-31 14682127 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14682127 2 2023-01-01 2023-12-31 14682127 e:PoundSterling 2023-01-01 2023-12-31 14682127 d:ShareCapitalOrdinaryShares 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14682127














NEW YOUNG SPACE LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
NEW YOUNG SPACE LTD
REGISTERED NUMBER:14682127

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
1,789,298

  
1,789,298

Current assets
  

Debtors: amounts falling due within one year
 5 
599,265

Cash at bank
 6 
68,154

  
667,419

Creditors: amounts falling due within one year
 7 
(563,843)

Net current assets
  
 
 
103,576

Total assets less current liabilities
  
1,892,874

Provisions for liabilities
  

Deferred tax
 8 
(24,108)

  
 
 
(24,108)

Net assets
  
1,868,766


Capital and reserves
  

Called up share capital 
 9 
2,500,000

Profit and loss account
  
(631,234)

  
1,868,766


Page 1

 
NEW YOUNG SPACE LTD
REGISTERED NUMBER:14682127
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C W Pawson
Director

Date: 13 January 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NEW YOUNG SPACE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

New Young Space Ltd is a private company, limited by shares, registered in England and Wales, registration number 14682127. The registered office address is Rear of 85-87 South Gate Road, London, N1 3JS.
The company was incorporated on 22 February 2023 and commenced trading on the same date.

The principal activity of the company is that of that of letting and operating of office space and recording studio.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from letting and operating of office space and studio recognised when it is probable the company will receive the rights to the consideration due under the contract.
Recharged income is recognised when the corresponding expenses have been incurred on behalf of other entities.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
NEW YOUNG SPACE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
NEW YOUNG SPACE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
straight-line
Fixtures and fittings
-
20%
straight-line
Office equipment
-
33%
straight-line
Kitchen equipment
-
25%
straight-line
Studio equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, other creditors, and loans with related parties.

Page 5

 
NEW YOUNG SPACE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the period was 4.


4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Kitchen equipment
Computer equipment
Studio equipment

£
£
£
£
£



Cost


Additions
1,789,010
146,841
4,628
75,256
2,705



At 31 December 2023

1,789,010
146,841
4,628
75,256
2,705



Depreciation


Charge for the period
178,901
29,368
1,157
18,814
902



At 31 December 2023

178,901
29,368
1,157
18,814
902



Net book value



At 31 December 2023
1,610,109
117,473
3,471
56,442
1,803

Total

£



Cost


Additions
2,018,440



At 31 December 2023

2,018,440



Depreciation


Charge for the period
229,142



At 31 December 2023

229,142



Net book value



At 31 December 2023
1,789,298

Page 6

 
NEW YOUNG SPACE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

2023
£


Trade debtors
15,285

Amounts owed by group undertakings
562,833

Other debtors
7,312

Prepayments and accrued income
13,835

599,265



6.


Cash

2023
£

Cash at bank
68,154



7.


Creditors: amounts falling due within one year

2023
£

Trade creditors
20,438

Amounts owed to group undertakings
330,665

Other taxation and social security
7,464

Other creditors
2,306

Accruals and deferred income
202,970

563,843



8.


Deferred taxation



2023


£






Charged to profit or loss
24,108



At end of year
24,108

Page 7

 
NEW YOUNG SPACE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
8.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
£


Fixed assets timing differences
(212,988)

Short term timing differences
251

Losses and other deductions
188,629

(24,108)


9.


Share capital

2023
£
Allotted, called up and fully paid


2,500,000 Ordinary shares of £1.00 each
2,500,000


During the year, the company issued 2,500,000 ordinary shares at a nominal value of £1 per share.


10.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,651. Included in other creditors at the year end there is an amount payable of £1,006.


11.


Related party transactions

During the period, the company had net transactions of £62,833 in the normal course of business with the parent company. At the balance sheet date, £562,833 was owed by the parent company. 

 
Page 8