IRIS Accounts Production v24.3.2.46 04481786 Board of Directors Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh044817862023-07-31044817862024-07-31044817862023-08-012024-07-31044817862022-07-31044817862022-08-012023-07-31044817862023-07-3104481786ns15:EnglandWales2023-08-012024-07-3104481786ns14:PoundSterling2023-08-012024-07-3104481786ns10:Director12023-08-012024-07-3104481786ns10:Director22023-08-012024-07-3104481786ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3104481786ns10:SmallEntities2023-08-012024-07-3104481786ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3104481786ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3104481786ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3104481786ns10:FullAccounts2023-08-012024-07-3104481786ns10:RegisteredOffice2023-08-012024-07-3104481786ns5:CurrentFinancialInstruments2024-07-3104481786ns5:CurrentFinancialInstruments2023-07-3104481786ns5:ShareCapital2024-07-3104481786ns5:ShareCapital2023-07-3104481786ns5:RetainedEarningsAccumulatedLosses2024-07-3104481786ns5:RetainedEarningsAccumulatedLosses2023-07-3104481786ns5:PlantMachinery2023-08-012024-07-3104481786ns5:PlantMachinery2023-07-3104481786ns5:PlantMachinery2024-07-3104481786ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3104481786ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3104481786ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-07-3104481786ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-07-3104481786ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2024-07-3104481786ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-07-3104481786ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-08-012024-07-31
REGISTERED NUMBER: 04481786 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

PAPER SPACE LIMITED

PAPER SPACE LIMITED (REGISTERED NUMBER: 04481786)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAPER SPACE LIMITED

COMPANY INFORMATION
for the Year Ended 31 July 2024







DIRECTORS: B Willis
Mrs K R Willis





REGISTERED OFFICE: Northumberland House
Main Street
Elvington
York
YO41 4AA





REGISTERED NUMBER: 04481786 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

PAPER SPACE LIMITED (REGISTERED NUMBER: 04481786)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 5 33,272 69,522
Cash at bank 527,355 499,382
560,627 568,904
CREDITORS
Amounts falling due within one year 6 109,653 132,586
NET CURRENT ASSETS 450,974 436,318
TOTAL ASSETS LESS CURRENT
LIABILITIES

450,974

436,318

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 450,972 436,316
SHAREHOLDERS' FUNDS 450,974 436,318

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

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

The directors acknowledge their 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.

PAPER SPACE LIMITED (REGISTERED NUMBER: 04481786)

BALANCE SHEET - continued
31 July 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by:




B Willis - Director



Mrs K R Willis - Director


PAPER SPACE LIMITED (REGISTERED NUMBER: 04481786)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

Paper Space Limited is a private company limited by shares and incorporated and domiciled in England. It has its registration no. 04481786. The registered office and principal place of business at Northumberland House, Main Street, Elvington, York, YO41 4AA.

The principal activity of the company is that of the letting and operating of own or leased real estate.

The presentational currency of the financial statements is 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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost


PAPER SPACE LIMITED (REGISTERED NUMBER: 04481786)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax 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 the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 546
DEPRECIATION
At 1 August 2023
and 31 July 2024 546
NET BOOK VALUE
At 31 July 2024 -

PAPER SPACE LIMITED (REGISTERED NUMBER: 04481786)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024


5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 33,272 36,250

Amounts falling due after more than one year:
Other debtors - 33,272

Aggregate amounts 33,272 69,522

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 3,552 2,180
Other creditors 106,101 130,406
109,653 132,586

7. RELATED PARTY TRANSACTIONS

Included within other creditors are amounts due to Mr & Mrs Willis. The amount outstanding as at 31st July 2024 was £103,541 (2023: £127,940) and the maximum balance outstanding during the year was £127,940 (2023: £127,940)

The above loan carries no interest and is repayable on demand.

8. RELATED PARTY DISCLOSURES

Brecks Holdings Limited

Mr Willis, a former director of the above company has a significant remaining interest in the company.

A year end loan is due to Paperspace of £33,272 (2023: £69,521) from The Brecks Company Ltd.a subsidiary of the above.
Movement in the loan balance relates to monthly repayments. Interest is charged at a reasonable market rate and the loan is repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The company is under the control of its directors, B Willis and Mrs K R Willis, as between them they hold 100% of the issued ordinary share capital.