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Registered number: 09467242
PROPERTY SPACES LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Director Mrs FARZANA BIBI
Company Number 09467242
Registered Office 73 Gowland Avenue
Newcastle Upon Tyne
NE4 9NJ
Accountants 500 Westgate Road
Newcastle Upon Tyne
NE4 9BL
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Page 2
Balance Sheet
Registered number: 09467242
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 12,199 16,097
12,199 16,097
CURRENT ASSETS
Debtors 6 3,440 3,401
Cash at bank and in hand 9,772 8,896
13,212 12,297
Creditors: Amounts Falling Due Within One Year 7 (2,036 ) (2,036 )
NET CURRENT ASSETS (LIABILITIES) 11,176 10,261
TOTAL ASSETS LESS CURRENT LIABILITIES 23,375 26,358
Creditors: Amounts Falling Due After More Than One Year 8 (29,224 ) (31,115 )
NET LIABILITIES (5,849 ) (4,757 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (5,850 ) (4,758 )
SHAREHOLDERS' FUNDS (5,849) (4,757)
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs FARZANA BIBI
Director
19/03/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
PROPERTY SPACES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 09467242 . The registered office is 73 Gowland Avenue, Newcastle Upon Tyne, NE4 9NJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%
Motor Vehicles 25%
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 1
As at 31 March 2024 1
Amortisation
As at 1 April 2023 1
As at 31 March 2024 1
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 2,158 28,055 30,213
As at 31 March 2024 2,158 28,055 30,213
Depreciation
As at 1 April 2023 897 13,219 14,116
Provided during the period 189 3,709 3,898
As at 31 March 2024 1,086 16,928 18,014
Net Book Value
As at 31 March 2024 1,072 11,127 12,199
As at 1 April 2023 1,261 14,836 16,097
6. Debtors
2024 2023
£ £
Due within one year
Director's loan account 3,440 3,401
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 1,436 1,436
Accruals and deferred income 600 600
2,036 2,036
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 29,224 31,115
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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